The Aircraft Engine Market size is projected to grow from USD 60.8 billion in 2021 to USD 92.9 billion by 2026, at a CAGR of 8.9% from 2021 to 2026. The market is driven by various factors, such as rise in commercial aviation industry, growing narrow-body aircraft type segment and increasing investment in the defense aviation industry.
General Electric Company (US), MTU Aero Engines (Germany), Honeywell International Inc. (US), Safran SA (France), and Rolls Royce PLC (UK), among others, are some of the leading players operating in the aircraft engine market. These players have adopted various organic and inorganic growth strategies to strengthen their position in the market. These include contracts, agreements, and research & development (R&D) activities further to expand their presence in the aircraft engine market.
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General Electric Company (US) is the leading player in the aircraft engine market. The company has a global presence and is currently focusing on increasing and gaining clients worldwide, and because of this they have made a partnership with Safran SA (France) by which they are working together in producing aircraft engine with advanced and cutting edge technology. With this partnership, they are targeting towards producing most fuel-efficient aircraft engine, which is the current demand worldwide.
Rolls Royce PLC (UK) is ranked second in the aircraft engine market. The organization has a global chain of customer. The major strength of company revenue generator is the civil aerospace business segment. The company has also focused on developing hybrid aircraft engines which they say will be the demand for the future. They are also focusing on expanding the business in the fastest-growing economies such as China and India. They have also partnered with Infosys (India) in order to develop an R&D service to develop their civil aerospace business segment in the country.
Safran SA (France) is ranked third in the aircraft engine market. The organization has a very strong presence in the European and North American markets. Safran is totally focused on providing its customer with aircraft solution and has divided its business segment into the parts which are aerospace propulsion, equipment, defence and aero system and aircraft interiors. The organization have also partnered with MTU Aero Engines (Germany) in order to make its presence in the European market even more strong.
Aircraft Engine Market by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed wing, Rotary Wing, UAV), Component(Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Region - Forecast to 2026
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