The Commercial Aircraft Gas Turbine Engine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Aircraft Gas Turbine Engine Global Market Report 2024, The commercial aircraft gas turbine engine market size has grown rapidly in recent years. It will grow from $48.97 billion in 2023 to $57.53 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to air travel demand growth, fuel efficiency requirements, globalization and connectivity needs, regulatory emissions standards, airline fleet modernization.
The commercial aircraft gas turbine engine market size is expected to see rapid growth in the next few years. It will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to continued air travel expansion, stringent environmental regulations, rising demand for wide-body aircraft, technological innovations in engine design, increasing focus on sustainable aviation. Major trends in the forecast period include application of advanced cooling technologies, focus on noise reduction solutions, integration of artificial intelligence (ai) in engine control, expansion of sustainable aviation fuels (saf), global shift toward more efficient engine architectures.
The increasing demand for a new generation of fuel-efficient airplanes is expected to propel the growth of the commercial aircraft gas turbine engine market in the coming future. Fuel-efficient airplanes refer to airplane engines or airplanes that consume less fuel than comparable engines or airplanes. The increasing demand for a new generation of fuel-efficient airplanes drives the commercial aircraft gas turbine engine market as greater fuel efficiency, ultimately contributing to lower prices and emissions resulting in environmental damage. For instance, in April 2021, according to ThinkPaper published by Eurocontrol, a Belgium-based government agency, predicted that by 2030, up to 4,286kg of CO2 emissions (25.8%) might be avoided in every flight compared to 2019, out of a total flight CO2 of 16,632 kilograms in the ECAC the region, an enormous advancement towards a perfect green getaway. Furthermore, 10% SAF use by 2030 would result in a CO2 savings of 1,331 kg or 8%. Therefore, increasing demand for a new generation of fuel-efficient airplanes drives the market.
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The commercial aircraft gas turbine engine market covered in this report is segmented –
1) By Type: Narrow-Body, Wide-Body, Regional Jet
2) By Propulsion: Electric Based Commercial Aircraft, Special Fuel Based Commercial Aircraft
3) By Technology: Turbofan, Turbojet, Turboprop, Other Technology
4) By Aircraft Type: Light Commercial Aircraft, Heavy Commercial Aircraft, Passenger Based Aircraft, Cargo Based Multi-Model Aircraft
5) By Application: Commercial, Military
Technological advancements are the key trend gaining popularity in the commercial aircraft gas turbine engine market. Major companies operating in the commercial aircraft gas turbine engine market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2022, Airbus SE, a Netherlands-based aircraft manufacturing corporation, revealed hydrogen-powered fuel cell engine development as hydrogen combustion in a gas turbine. The propulsion system is being examined as one of the viable alternatives for equipping its zero-emission aircraft, which is expected to enter service by 2035. The A380 MSN1 flight test aircraft is now being adapted to hold liquid hydrogen tanks and their related distribution systems for future hydrogen technologies.
The commercial aircraft gas turbine engine market report table of contents includes:
1. Executive Summary
2.Commercial Aircraft Gas Turbine Engine Market Characteristics
3. Commercial Aircraft Gas Turbine EngineMarket Trends And Strategies
4. Commercial Aircraft Gas Turbine EngineImpact ON market analysis
5. Commercial Aircraft Gas Turbine EngineMarket Size And Growth
6. Commercial Aircraft Gas Turbine EngineSegmentation
7. Commercial Aircraft Gas Turbine EngineRegional And Country Analysis
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27. Commercial Aircraft Gas Turbine EngineCompetitive Landscape And Company Profiles
28. Commercial Aircraft Gas Turbine EngineKey Mergers And Acquisitions
29.Commercial Aircraft Gas Turbine Engine Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- GE Aviation LLC
- GKN Aerospace Services Ltd.
- Honeywell International Inc.
- MTU Aero Engines AG
- Raytheon Technologies Corporation
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