Global Aircraft Turbojet Engine Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031
Report ID: MS-10 | Aerospace and Defence | Last updated: Sep, 2024 | Formats*:
The worldwide aircraft turbojet engine market includes the processes of development, manufacture, and supply of control/propulsion systems installed into aircraft. Turbojet engines are types of jet engines that generate thrust by compressing air, burning fuel, and expanding a turbine. Such engines are widely installed into commercial and military aeroplanes, as their purpose is to provide thrust and control the movement of the aircraft. Since more people wish to travel by air and more aeroplane technologies are developed, the market for aircraft turbojet engines is projected to grow due to factors such as an increase in passenger airlines, new aircraft models introduced into the market, and demand for greener engines.
Aircraft Turbojet Engine Report Highlights
Report Metrics | Details |
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Forecast period | 2019-2031 |
Base Year Of Estimation | 2023 |
Growth Rate | CAGR of 10.62% |
By Product Type | Rotorcraft, Fixed-Wing |
Key Market Players |
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By Region |
Aircraft Turbojet Engine Market Trends
At present, the aircraft turbojet engine sector is witnessing several changes, such as improvements in fuel efficiency and emission reduction, due to concern for the environment and government regulations. Researching advanced technologies like additive manufacturing and new materials is helping manufacturers enhance the performance of an engine by reducing weight and fuel consumption. Besides, it is becoming important to design more efficient turbojet engines as operators want to reduce their operational costs due to the pressure on emission levels. The other important change is the growing need for military and defense applications where effective turbojet engines have found their way into sophisticated fighter aircraft and drones. It has become necessary with the existing global military power modernization associated with harmonized strategic wars. It is also observed that considerable attention is now being paid towards the development of hybrid systems and electric power plants because the latter will revolutionize aircraft engines, more so the turbojets, considering that currently there is a search for greener options for driving machines instead of relying on fossil fuels.Aircraft Turbojet Engine Market Leading Players
The key players profiled in the report are Honeywell Aerospace, General Electric Aviation, Pratt & Whitney, Rolls-Royce, Snecma, CFM International, Williams International, MTU Aero Engines, Mitsubishi Heavy Industries, Aero Engine Corporation of China (AECC), Klimov, Aviadvigatel, Engine Alliance, IHI CorporationGrowth Accelerators
The market for aircraft turbojet engines is mainly propelled by the upsurge in need for efficient and powerful engines for both civil and military air traffic. As airlines and defence forces implement measures to improve efficiencies and cut down on fuel use, there is always the demand for better turbojet engines that have a better thrust-to-weight ratio and fewer emissions. Also, the developments in air travel and growth in numbers of airline fleets, especially those of developing countries, have focused the demand on new aircraft fitted with modern turbojet engines. In addition, the recent tightening of the policies on noise and exhaust emissions and an increased emphasis on environmental issues have led to more investments by the aerospace sector in the development of cleaner engines. This upsurge in air traffic, together with the performance expectations and restrictions imposed by legislation, continues to positively influence aircraft turbojet engine market growth.Aircraft Turbojet Engine Market Segmentation analysis
The Global Aircraft Turbojet Engine is segmented by Type, Application, and Region.By Type, the market is divided into Distributed Rotorcraft, Fixed-Wing . The Application segment categorizes the market based on its usage such as Military Aviation, Civil & Commercial Aviation. Geographically, the market is assessed across key Regions like {regionNms} and others, each presenting distinct growth opportunities and challenges influenced by the regions.
Competitive Landscape
The aircraft turbojet engine industry's competitive dynamics can be described through a combination of both new and existing companies that fight for their share of the market through innovative ways, new technologies, and collaboration. General Electric, Pratt & Whitney, Rolls-Royce, and Safran are some of the prominent manufacturers that have a large market share due to their many years of experience in aerospace engineering and having strong R&D departments. These companies primarily work on technologies aimed at better fuel economy, lower emissions, and increased efficiency of the engines in place of the growing demand for commercial and military aircraft. A rise in competition is also drawn from smaller companies and new market participants who focus on specific areas; for example, they target certain product groups like regional jets and UAVs. It is also common for technology providers and manufacturers to collaborate towards the provision of technology, a product, or a kit so that product development time is reduced. In conclusion, this market is fluid with a great deal of focus on sustainability, efficiency, and performance.Challenges In Aircraft Turbojet Engine Market
The aircraft turbojet engine market is under significant pressure from a host of internal and external factors that include regulatory requirements typically prescribed by aviation authorities. Such measures require big resources to be invested in research, development, and testing in order to meet such requirements, which is likely to deter new players and smaller companies in the market. Furthermore, once again in this market, there are external factors like fuel prices that have a great impact on the operations; the increase in the prices affects the market; for instance, the number of new aircraft ordered may decrease, and also the fitting of existing planes with more fuel-efficient turbojet engines. Another major issue to be tackled concerns the public’s demand for more efficient and clean engine technologies. As the problem of climate change starts becoming more pronounced over the years, people are demanding engines that do not emit too many gases and those that are less noisy. Most importantly, this change calls for a huge investment in cutting-edge technologies and materials, which are expensive and take time to develop.Risks & Prospects in Aircraft Turbojet Engine Market
The global market for aircraft turbojet engines has substantial growth potential because of the surge in need for fuel-efficient and high-performance engines in the commercial and military aviation niches. With the rising operational costs occasioned by increased fuel costs, airlines have become more enthusiastic about advanced turbojet technologies, which are fuel efficient and have low emissions. This trend is reinforced by well-structured environmental regulations that require engine manufacturers to strategies and come up with advanced clean engines because of the encouraging global sustainability. Moreover, the introduction of new materials and processes, including but not limited to laser printing and light composite construction, opens up opportunities to not only design more economical engines but also those that can perform better. As such, the dynamics of the turbojet engine market are likely to be favorable because the players in the market are putting more focus on R&D.Key Target Audience
The aviation turbojet engine industry has a primary focus on the original equipment manufacturers (OEMs) and the aerospace sector that designs and builds jet engines for aircraft. These parties are mainly concerned with developing better turbojets that can provide good economy, dependability, and performance for both commercial and military aircraft. With the increasing need for lighter and faster aircraft, the OEMs are always in the search for better engine technology that adheres to the modern economic and performance demands.,, Also, another sizeable portion of the market encompasses airlines and militaries that use turbojet engines to operate their fleets. These entities consider the engine characteristics that include overall performance as well as maintenance costs and efficiency when choosing the engines of their aircraft. Maintenance, repair, and overhaul (MRO) service providers are other important market participants since they enable on- and off-wing engine maintenance and overhaul services.Merger and acquisition
Taking into account the recent M&A activities taking place in the aircraft turbojet engine market, it appears as though there is an intentional goal of reducing competition within the industry in order to develop and commercialize new products. To this effect, General Electric (GE) announced the successful completion of its acquisition of the aerospace segment of one of the engine manufacturers in early 2023. The purchase enables GE to tap into advanced modelling technologies applied in the designing and building of jet engines. This effectively narrows the gap even further where GE is concerned, especially in the matter of the turbojet engine market, and adds to the spectrum of high-performance engines that the firm has identified both in the commercial and military sectors. In the other notable transaction, Rolls-Royce invested in a developed dynamic engine parts manufacturing company. This investment can be seen as part of the broader Investment in New Technologies—Defense Agenda pursued by Rolls-Royce, aimed at achieving more efficient jet engine technologies. Additionally, alliances such as that between Pratt & Whitney and a myriad of aerospace corporations have birthed several joint ventures sought towards the design and production of the next generation of turbojet engines. These actions and activities show the aspects of innovation, environmentalism, and rivalry that characterize various economies in the changing world of airspace.- 1.1 Report description
- 1.2 Key market segments
- 1.3 Key benefits to the stakeholders
2: Executive Summary
- 2.1 Aircraft Turbojet Engine- Snapshot
- 2.2 Aircraft Turbojet Engine- Segment Snapshot
- 2.3 Aircraft Turbojet Engine- Competitive Landscape Snapshot
3: Market Overview
- 3.1 Market definition and scope
- 3.2 Key findings
- 3.2.1 Top impacting factors
- 3.2.2 Top investment pockets
- 3.3 Porter’s five forces analysis
- 3.3.1 Low bargaining power of suppliers
- 3.3.2 Low threat of new entrants
- 3.3.3 Low threat of substitutes
- 3.3.4 Low intensity of rivalry
- 3.3.5 Low bargaining power of buyers
- 3.4 Market dynamics
- 3.4.1 Drivers
- 3.4.2 Restraints
- 3.4.3 Opportunities
4: Aircraft Turbojet Engine Market by Type
- 4.1 Overview
- 4.1.1 Market size and forecast
- 4.2 Rotorcraft
- 4.2.1 Key market trends, factors driving growth, and opportunities
- 4.2.2 Market size and forecast, by region
- 4.2.3 Market share analysis by country
- 4.3 Fixed-Wing
- 4.3.1 Key market trends, factors driving growth, and opportunities
- 4.3.2 Market size and forecast, by region
- 4.3.3 Market share analysis by country
5: Aircraft Turbojet Engine Market by Application / by End Use
- 5.1 Overview
- 5.1.1 Market size and forecast
- 5.2 Military Aviation
- 5.2.1 Key market trends, factors driving growth, and opportunities
- 5.2.2 Market size and forecast, by region
- 5.2.3 Market share analysis by country
- 5.3 Civil & Commercial Aviation
- 5.3.1 Key market trends, factors driving growth, and opportunities
- 5.3.2 Market size and forecast, by region
- 5.3.3 Market share analysis by country
6: Competitive Landscape
- 6.1 Overview
- 6.2 Key Winning Strategies
- 6.3 Top 10 Players: Product Mapping
- 6.4 Competitive Analysis Dashboard
- 6.5 Market Competition Heatmap
- 6.6 Leading Player Positions, 2022
7: Company Profiles
- 7.1 Honeywell Aerospace
- 7.1.1 Company Overview
- 7.1.2 Key Executives
- 7.1.3 Company snapshot
- 7.1.4 Active Business Divisions
- 7.1.5 Product portfolio
- 7.1.6 Business performance
- 7.1.7 Major Strategic Initiatives and Developments
- 7.2 General Electric Aviation
- 7.2.1 Company Overview
- 7.2.2 Key Executives
- 7.2.3 Company snapshot
- 7.2.4 Active Business Divisions
- 7.2.5 Product portfolio
- 7.2.6 Business performance
- 7.2.7 Major Strategic Initiatives and Developments
- 7.3 Pratt & Whitney
- 7.3.1 Company Overview
- 7.3.2 Key Executives
- 7.3.3 Company snapshot
- 7.3.4 Active Business Divisions
- 7.3.5 Product portfolio
- 7.3.6 Business performance
- 7.3.7 Major Strategic Initiatives and Developments
- 7.4 Rolls-Royce
- 7.4.1 Company Overview
- 7.4.2 Key Executives
- 7.4.3 Company snapshot
- 7.4.4 Active Business Divisions
- 7.4.5 Product portfolio
- 7.4.6 Business performance
- 7.4.7 Major Strategic Initiatives and Developments
- 7.5 Snecma
- 7.5.1 Company Overview
- 7.5.2 Key Executives
- 7.5.3 Company snapshot
- 7.5.4 Active Business Divisions
- 7.5.5 Product portfolio
- 7.5.6 Business performance
- 7.5.7 Major Strategic Initiatives and Developments
- 7.6 CFM International
- 7.6.1 Company Overview
- 7.6.2 Key Executives
- 7.6.3 Company snapshot
- 7.6.4 Active Business Divisions
- 7.6.5 Product portfolio
- 7.6.6 Business performance
- 7.6.7 Major Strategic Initiatives and Developments
- 7.7 Williams International
- 7.7.1 Company Overview
- 7.7.2 Key Executives
- 7.7.3 Company snapshot
- 7.7.4 Active Business Divisions
- 7.7.5 Product portfolio
- 7.7.6 Business performance
- 7.7.7 Major Strategic Initiatives and Developments
- 7.8 MTU Aero Engines
- 7.8.1 Company Overview
- 7.8.2 Key Executives
- 7.8.3 Company snapshot
- 7.8.4 Active Business Divisions
- 7.8.5 Product portfolio
- 7.8.6 Business performance
- 7.8.7 Major Strategic Initiatives and Developments
- 7.9 Mitsubishi Heavy Industries
- 7.9.1 Company Overview
- 7.9.2 Key Executives
- 7.9.3 Company snapshot
- 7.9.4 Active Business Divisions
- 7.9.5 Product portfolio
- 7.9.6 Business performance
- 7.9.7 Major Strategic Initiatives and Developments
- 7.10 Aero Engine Corporation of China (AECC)
- 7.10.1 Company Overview
- 7.10.2 Key Executives
- 7.10.3 Company snapshot
- 7.10.4 Active Business Divisions
- 7.10.5 Product portfolio
- 7.10.6 Business performance
- 7.10.7 Major Strategic Initiatives and Developments
- 7.11 Klimov
- 7.11.1 Company Overview
- 7.11.2 Key Executives
- 7.11.3 Company snapshot
- 7.11.4 Active Business Divisions
- 7.11.5 Product portfolio
- 7.11.6 Business performance
- 7.11.7 Major Strategic Initiatives and Developments
- 7.12 Aviadvigatel
- 7.12.1 Company Overview
- 7.12.2 Key Executives
- 7.12.3 Company snapshot
- 7.12.4 Active Business Divisions
- 7.12.5 Product portfolio
- 7.12.6 Business performance
- 7.12.7 Major Strategic Initiatives and Developments
- 7.13 Engine Alliance
- 7.13.1 Company Overview
- 7.13.2 Key Executives
- 7.13.3 Company snapshot
- 7.13.4 Active Business Divisions
- 7.13.5 Product portfolio
- 7.13.6 Business performance
- 7.13.7 Major Strategic Initiatives and Developments
- 7.14 IHI Corporation
- 7.14.1 Company Overview
- 7.14.2 Key Executives
- 7.14.3 Company snapshot
- 7.14.4 Active Business Divisions
- 7.14.5 Product portfolio
- 7.14.6 Business performance
- 7.14.7 Major Strategic Initiatives and Developments
8: Analyst Perspective and Conclusion
- 8.1 Concluding Recommendations and Analysis
- 8.2 Strategies for Market Potential
Scope of Report
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Report Licenses
Frequently Asked Questions (FAQ):
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