Market Overview

Aircraft Engines Market Size, Share & Trends Analysis Report By Type (Turboprop, Turbofan, Turboshaft, Piston Engine), By Wing Position (Fixed Wing, Rotary Wing), By End-user (Commercial Aviation, Military Aviation, Others) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Forecast 2024-2032.

Global Aircraft Engines Market size was valued at USD 60.83 Billion in 2024 and is projected to reach USD 93.92 Billion by 2032, growing at a CAGR of 8.92% from 2024 to 2032 according to a new report by Intellectual Market Insights Research.

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Top 10 companies leading in the market

General Electric Aviation

Headquarters: Cincinnati, Ohio, USA

Founded: 1917

Regional Influence: Global

Profile: A major player in the aircraft engine market, GE Aviation is renowned for its innovative and fuel-efficient engines used in both commercial and military aircraft. With a strong presence worldwide, GE Aviation’s engines power a variety of popular aircraft models, and it is heavily involved in developing sustainable aviation technologies.

Rolls-Royce Holdings plc

Headquarters: London, United Kingdom

Founded: 1906

Regional Influence: Global

Profile: Known for its high-performance engines, Rolls-Royce is a leading supplier of power systems for large civil and military aircraft. The company has a strong focus on sustainability, with significant investments in hybrid-electric engines and alternative fuel systems, serving customers across Europe, Asia, and North America.

Pratt & Whitney (A division of Raytheon Technologies)

Headquarters: East Hartford, Connecticut, USA

Founded: 1925

Regional Influence: Global

Profile: Pratt & Whitney is known for its pioneering geared turbofan technology, offering engines with high fuel efficiency and reduced emissions. A major player in both the commercial and military sectors, Pratt & Whitney engines are used on aircraft worldwide, with a strong focus on North America, Europe, and Asia.

Safran Aircraft Engines

Headquarters: Paris, France

Founded: 1905 (originally SNECMA, now part of Safran Group)

Regional Influence: Europe, North America, Asia

Profile: Safran Aircraft Engines, part of the Safran Group, is renowned for its high-performance engines, including the popular LEAP engine produced in partnership with GE. Safran is an innovator in fuel efficiency and sustainable aviation technologies, with a strong focus on both commercial and military applications globally.

CFM International

Headquarters: Cincinnati, Ohio, USA, and Paris, France (Joint venture between GE and Safran)

Founded: 1974

Regional Influence: Global

Profile: A leading name in narrow-body commercial aircraft engines, CFM International is best known for its CFM56 and LEAP engine series, which power numerous Airbus and Boeing models. The joint venture between GE Aviation and Safran Aircraft Engines combines the technological expertise of both companies, establishing a strong global presence in aviation.

MTU Aero Engines AG

Headquarters: Munich, Germany

Founded: 1934

Regional Influence: Europe, North America, Asia

Profile: MTU Aero Engines is Germany’s leading aircraft engine manufacturer, specializing in the development, manufacturing, and maintenance of engines for commercial and military aircraft. MTU Aero Engines partners with other major engine manufacturers and is known for its innovative engine maintenance services and technology, with a focus on Europe and North America.

Honeywell Aerospace

Headquarters: Phoenix, Arizona, USA

Founded: 1885

Regional Influence: Global

Profile: Honeywell Aerospace is a key player in aircraft engines and auxiliary power units (APUs) for commercial, business, and military aircraft. Known for its focus on safety, fuel efficiency, and innovative technology, Honeywell’s engine systems are used in diverse applications, making it a well-established name in the global market.

International Aero Engines AG (IAE)

Headquarters: East Hartford, Connecticut, USA (Consortium led by Pratt & Whitney)

Founded: 1983

Regional Influence: Global

Profile: International Aero Engines is a consortium involving Pratt & Whitney, Japanese Aero Engines Corporation, MTU Aero Engines, and others. Known for the V2500 engine, which powers Airbus A320 family aircraft, IAE serves commercial airlines worldwide, with a focus on reliable and efficient engine performance.

Kawasaki Heavy Industries Ltd.

Headquarters: Kobe, Japan

Founded: 1896

Regional Influence: Asia, North America

Profile: Kawasaki Heavy Industries specializes in the development of engines for military aircraft, as well as in partnerships for commercial engine components. Its experience in high-performance engineering and partnerships with companies like Rolls-Royce contribute to its reputation in Asia and beyond.

Williams International

Headquarters: Pontiac, Michigan, USA

Founded: 1955

Regional Influence: North America, Europe

Profile: Williams International is recognized for its small gas turbine engines, primarily for business jets, light aircraft, and military UAVs. Known for its high-performance, compact engines, Williams International has carved out a niche within the aerospace market, especially in North America and Europe.

Regional Market Insights

• North America: North America is one of the largest markets for aircraft engines, driven by high demand from the military, defense, and commercial sectors. Companies like GE Aviation, Pratt & Whitney, and Honeywell lead this market, supported by government contracts and a well-established aerospace infrastructure.
• Europe: Europe is a prominent market for aircraft engines, led by strong players like Rolls-Royce, Safran, and MTU Aero Engines. The region’s focus on sustainability and fuel efficiency has accelerated investments in hybrid and electric propulsion systems, which aligns with the goals of the European Union’s Green Deal.
• Asia-Pacific: Asia-Pacific is the fastest-growing region for aircraft engines, driven by rising air travel demand and increased defense spending in countries like China, Japan, and India. Kawasaki Heavy Industries and Safran are expanding in this region, which represents a lucrative market for both commercial and military aircraft engines.
• Latin America and Middle East/Africa: These emerging markets are seeing growth due to increased air travel, government investments in aerospace, and defense expansion. Companies like Rolls-Royce and Honeywell are expanding their presence to cater to rising demand in these regions.

Market Trends in 2024

1. Sustainable Aviation: With growing emphasis on reducing carbon emissions, companies are investing heavily in developing engines with lower fuel consumption and exploring electric and hybrid propulsion systems. Rolls-Royce and GE Aviation, among others, are leading the charge in sustainable aviation technology.
2. Digitalization and Predictive Maintenance: Digital tools, data analytics, and IoT integration are transforming engine maintenance and monitoring. Companies like MTU Aero Engines and Honeywell are incorporating predictive maintenance solutions to reduce downtime and improve operational efficiency.
3. Military and Defense Demand: Increased military budgets globally are boosting the demand for advanced fighter jet engines. Companies such as Pratt & Whitney and Kawasaki are active in this space, providing engines for fighter jets and UAVs.
4. Collaborations and Partnerships: The complexity and high development costs of modern engines have led to increased partnerships among major players. Joint ventures like CFM International and collaborations among companies like Pratt & Whitney and MTU Aero Engines are a testament to the industry’s collaborative nature.