Commercial Aircraft Gas Turbine Engine Market size is set to grow by USD 96.10 billion from 2024-2028, Advancements in engine technologies boost the market, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global commercial aircraft gas turbine engine market size is estimated to grow by USD 96.10 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 26.05%  during the forecast period. 

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Market Driver

Ceramic-matrix composites (CMCs) are lighter and capable of higher operating temperatures than nickel superalloys, making them valuable in gas turbine engines. CFM International's LEAP engines, which use CMC-coated products, can operate efficiently at 2,400 degree F. This innovation is expected to boost engine efficiency through reduced cooling air requirements or lower fuel consumption. CFM's success with LEAP engines may lead to increased orders and wider CMC adoption in the commercial aircraft gas turbine engine market. 

The Commercial Aircraft Gas Turbine Engine market is experiencing significant growth, driven by increasing demand for air travel and advancements in engine technology. Key players in this industry include manufacturers of carbon fiber components, materials for high-temperature applications, and providers of maintenance, repair, and overhaul services.

Trends include the use of 3D printing for engine parts, the development of more fuel-efficient engines, and the integration of digital technologies for predictive maintenance. The market is also seeing an uptick in the adoption of electric and hybrid engines, as well as the implementation of new regulations for emissions reduction. Overall, the Commercial Aircraft Gas Turbine Engine market is poised for continued expansion in the coming years. 

Market Challenges

• The commercial aircraft gas turbine engine market has witnessed significant developments, with Pratt & Whitney's PurePower line of geared turbofan engines being a notable advancement. However, concerns over safety and reliability issues with the PW1100G series engines, used in Airbus A320neos and other aircraft, have emerged.
• These problems, including uneven cooling and potential part deformation, have led to costly retrofits and engine halts. Boeing's 737 Max electrical issues are a recent example, causing delivery delays and revenue losses for operators. Pratt & Whitney's response to resolve these issues has affected expansion plans and grounded fleets, impacting the commercial aircraft gas turbine engine market.
• The Commercial Aircraft Gas Turbine Engine market faces several challenges. These include the need for fuel efficiency and low emissions, increasing competition, and the high cost of research and development. Carbon fiber composites and advanced materials are used to reduce weight and improve engine performance.
• The trend towards larger engines and the use of open rotor designs also presents challenges in terms of noise reduction and regulatory compliance. Additionally, the industry must adapt to changing consumer preferences and evolving technologies, such as electric and hybrid engines. Despite these challenges, the market continues to grow due to the increasing demand for air travel and the continuous advancements in engine technology.

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Segment Overview 

1. Technology 
• 1.1 Turbofan
• 1.2 Turboprop
2. Type 
• 2.1 Narrow-body aircraft
• 2.2 Widebody aircraft
• 2.3 Regional aircraft
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Turbofan-  The Commercial Aircraft Gas Turbine Engine Market is experiencing significant growth due to increasing air travel demand. Major players include General Electric, Rolls-Royce, and Pratt & Whitney. These companies focus on producing fuel-efficient engines to reduce operating costs for airlines. Additionally, advancements in engine technology lead to longer engine lifespan and improved performance. Overall, the market is driven by the need for reliable and cost-effective engines to meet growing air travel demand.

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Research Analysis

The Commercial Aircraft Gas Turbine Engine Market encompasses the production, sales, and maintenance of gas turbine engines used in commercial aircraft. Mechanical energy from these engines powers modern aviation, including Turbofan, Turbojet, and Turboprop engines. Superchargers and fuel energy are essential components, enhancing engine performance. The market includes various accessories and plays a significant role in craft leasing activities.

Pre-pandemic levels of investment and funding facilities were robust, driven by the demand for new aircraft orders. However, travel restrictions, disruptions in passenger demand, and financial losses have impacted the market. Engine maintenance, replacement projects, and cargo and freight continue to drive market growth. GTF engine technology represents a key trend, offering improved fuel efficiency and reduced emissions.

Market Research Overview

The Commercial Aircraft Gas Turbine Engine Market encompasses the production, sales, and installation of gas turbine engines used in commercial aircraft. These engines convert fuel into thrust, enabling airplanes to fly long distances efficiently. The market is driven by factors such as increasing air travel demand, technological advancements, and growing fleet size. Composite materials and advanced coatings are used to enhance engine performance and durability.

The market is segmented based on engine type, application, and region. Major applications include narrow-body and wide-body aircraft. The market is competitive, with players constantly innovating to improve fuel efficiency and reduce emissions. The future of the market lies in the development of more sustainable and efficient engines.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• Turbofan
• Turboprop
• Type
• Narrow-body Aircraft
• Widebody Aircraft
• Regional Aircraft
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio