Jet Engines Market Expected to Reach $140 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Jet Engines Market," The jet engine industry was valued at $66.90 billion in 2022, and is estimated to garner $140 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.

Technological developments, environmental concerns, and changing consumer needs foster transformative trends in the global turbojet engine market. The constant quest for improved effectiveness and performance is one such trend. To maximize fuel efficiency and increase thrust-to-weight ratios, manufacturers are investing in materials such as lightweight composites and sophisticated aerodynamics, which is expected to lead to the creation of turbojet engines that are more potent and efficient.

Eco-friendly solutions are developed as a result of the crucial focus on environmental sustainability. Sustainable aviation fuels (SAFs) are among the alternative fuels that turbojet engines are converting to lessen their environmental impact. Concerned about lowering carbon emissions, the aviation sector is also exploring electric and hybrid-electric power systems more, particularly for smaller aircraft.

The surge in advancements in sensor technology and the rise in demand for unmanned aerial vehicles. UAVs, or unmanned aerial vehicles, are vital in today's military. Globally, there is an increase in need for combat unmanned aerial vehicles due to the escalation of asymmetric warfare tactics and territorial conflicts. In addition, a variety of commercial and civil uses for these turbofans and turbojets are being embraced. As a result, the market will probably see profitable expansion due to the increase in demand for these electric vehicles.

These jet engines enable high-speed flight and efficient propulsion. Some types of jet engines such as turbojets offer high speeds, while turbofans prioritize fuel efficiency for commercial aircraft. Jet engines are vital for military aviation and powering fighters & bombers. Their versatility extends to maritime and industrial applications, showcasing adaptability across diverse fields. These engines illustrate efficiency, engineering excellence, combining power, and reliability to drive modern air travel and various technological advancements. Such factors drive the demand in the jet engine market.

In several regions of North America and Europe, the jet engine industry has expanded the use of unmanned aerial vehicles. Some key players including Honeywell International, Rolls Royce PLC, and Safran, put commercial and military drones through a rigorous testing process to see if they can replace aircraft in a way that is both safe and effective. The number of jet engines in the unmanned aerial vehicle segment is expected to rise in the future due to the rise in pilot operations to the point where these aircraft are needed for improved operational efficiency. During the projection period, these factors are anticipated to propel the expansion of jet engines.

OEMs and aircraft manufacturers are concentrating on creating fuel-efficient jet engines to lower fuel usage. The emphasis that manufacturers have placed on airplane fuel efficiency is a result of rising fuel prices. One way to improve an aircraft's fuel economy is to reduce its overall weight. In order to lower the aircraft's overall weight, a number of manufacturers have created lightweight engines. makes use of lightweight materials such as carbon fiber. The aircraft engine market is growing due to composite materials such lightweight, high-strength reinforced polymers.

The jet engine industry is segmented into type application and region. On the basis of type, the market is bifurcated into turbofan and turbojet. On the basis of application, the market is segmented into civil aviation and military aviation. Region wise, the jet engine market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

KEY FINDINGS OF THE STUDY

• The turbofan segment was the highest revenue contributor with $37.0 billion in 2022, and is estimated to reach $83.0 billion by 2032, with a CAGR of 8.46%.
• The civil aviation segment is estimated to reach $90.0 billion by 2032, at a significant CAGR of 8.15% during the forecast period.
• Asia-Pacific was the highest revenue contributor, accounting for $21.0 billion in 2022, and is estimated to reach $50.0 billion by 2032, with a CAGR of 9.05%.

The key players profiled in the jet engine industry report include GE Honda; Safran Group; Roll Royce; Honeywell Corporation; Kawasaki; Williams International; MTU Aeroengines; PBS Group; PRATT & WHITNEY; IHI Corporation. The key strategies adopted by the major players of the global jet engine market include product launch and mergers & acquisitions.