Aircraft Engine Market Size, Share, Trends, Growth, Report
2025-2034

The global aircraft engine market, valued at USD 81.2
billion in 2024, is projected to expand at a CAGR of 8.7% from 2024 to 2032.

A key driver of this growth is the increasing emphasis on
modernizing defense aircraft. As nations invest in upgrading their military
fleets, there is a growing demand for advanced engines to power fighter jets
and other aircraft. These new engines are designed to improve fuel efficiency,
enhance performance, and meet evolving defense requirements.

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Aircraft engine manufacturers are adapting their offerings
to cater to the distinct needs of both military and commercial sectors. They
are developing engines specifically tailored for challenging conditions,
including high altitudes and extreme weather environments. Additionally, the
market is witnessing a rise in flexible maintenance contracts and service
options as companies focus on lifecycle management services such as
maintenance, repair, and overhaul (MRO). The increasing complexity of modern
engines extends service intervals, creating a thriving aftermarket and further
driving demand.

The aircraft engine market is categorized by engine type
into turboprop, turbofan, turboshaft, and piston engines. Among these, the
turboshaft segment is expected to experience the fastest growth, with a
projected CAGR of 8.5% by 2032. These engines are widely used in helicopters
and unmanned aerial vehicles (UAVs) for both military and commercial
applications. Their high power-to-weight ratio and reliability in diverse
environments make them ideal for missions requiring agility and precision.

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Technology-wise, the aircraft engine market is divided into
conventional and hybrid segments. In 2023, conventional engines held the
largest market share, accounting for 57%. This segment is anticipated to
maintain strong growth as airlines continue to modernize their fleets. By
replacing older aircraft with newer, more fuel-efficient models, airlines are
driving demand for conventional engines that offer better fuel efficiency and
reduced emissions. These engines help airlines comply with environmental regulations
while also lowering operational costs. As these engines provide improved
specific fuel consumption (SFC), they are benefiting both airlines and the
environment.

North America is the leading region in the aircraft engine
market, with projections indicating the market will generate USD 80.2 billion
by 2032. Demand is being driven by military modernization efforts, particularly
the integration of advanced propulsion systems into fighter jets and unmanned
systems. The region's robust defense contracts are fueling market growth,
prompting manufacturers to innovate and meet the high-performance needs of
modern military aircraft.

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