Global Aircraft Turbofan Engine Market | Which is Witness a Striking Growth over USD 42,000 million by 2023

“Aircraft Turbofan Engine Market”
Aircraft Turbofan Engine Market Information Report by Aircraft Type (Narrowbody, Widebody, and others) by Application (Commercial air transport and military aviation), and by Regions (Americas, APAC, and EMEA) – Global Forecast To 2023

Market Highlights:

The turbofan engine is basically a type of jet engine, which is widely used for aircraft propulsion. Increasing demand for fuel efficient and lightweight aircraft is expected to result in increasing investments on technologically advanced turbofan engines and simultaneously contribute towards the growth of the market. In addition, with major manufacturers accruing several thousand backlogs of fuel efficient aircraft, which would simultaneously translate into several subsequent years of the production of turbofan engines.

Over the years, extensive investments have been made in the development of commercial aerospace engines. For example, the GE9X engine, a next-generation aircraft engine, developed by GE Aviation, offers better performance than traditional engines. It is expected to be in service by 2020. The leading edge aviation propulsion (LEAP) engine that will power many Airbus A320neo upgrades and conversions, is the most fuel-efficient engine available in the market, and had received more than USD 100 million in orders by 2015, which has propelled the market for aircraft engines. CFM International, a partnership between GE Aviation and the French firm Safran, is expected to dominate the market, owing to their highly successful CFM56 engine, which powers thousands of Boeing and Airbus single-aisle twins. Rolls-Royce is expected to continue the production of their reliable Trent engines until 2030 with production value of more than USD 211.4 million. GE Aviation would be a major beneficiary of the flourishing Aircraft Turbofan Engine Market as it will provide F110, F404, and F414 engines to power the current-generation fighters. 

The Aircraft Turbofan Engine Market is highly concentrated among the top four market players i.e. CFM (with an estimated 35% market share), Pratt & Whitney (21%), Rolls-Royce (18.5%) and GE (18.3%). With the major manufacturers leading the charge with heavy investments in R&D, in order to develop high quality products, the market for next-generation turbofan engines, is expected to be highly lucrative during the forecast period.

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Major Key Players

  • GE Aviation,
  • Pratt & Whitney,
  • Safran Aircraft Engines,
  • CFM International,
  • International Aero Engines AG,
  • Rolls Royce,
  • MTU Aero Engines,
  • Honeywell International,
  • Engine Alliance,
  • EuroJet,
  • Aviadvigatel.

Although, the airline industry is among the fastest growing industries across the globe, the industry is carbon-intensive and generates a large quantity of greenhouse gas emissions. Apart from CO2, the aircraft emit a number of other compounds such as Nitrogen dioxides (NOx), Volatile organic compounds (VOCs), and carbon monoxide (CO), Black carbon (BC), and Organic carbon (OC). As a result, various governments and the private sector are focused on lowering the greenhouse gas emissions in the aviation sector. For example, the European Union (EU) initiated the Renewable Energy Directive (RED), due to the increasing air pollution by aircraft. It mandated the minimum usage of 8% renewable content (biofuel) in aviation fuels, by 2020. Biofuels are the primary means of reducing carbon footprints. It helps reduce fuel emissions and increase the fuel efficiency. It also reduces dependence on fossil fuels.

Concurrently, it would stimulate the usage of Aircraft Turbofan Engines as these engines improve aircraft efficiency, lower fuel consumption, and reduce carbon emissions to a large extent. Therefore, the increasing usage of biofuels can be a big opportunity for the engine manufacturers.

Industry/ Innovation/ Related News:

June 2017:- Rolls-Royce won a major order from Ethiopian Airlines, to provide Trent XWB engines, for ten new Airbus A350-900 aircraft, with TotalCare service support. In addition, the order included TotalCare for 14 of the aircraft already in service or on order. In total, the deal was valued at USD 1.5 million.

May 2017:- GE Aviation Wales was awarded a contract worth USD 25.8 million. Its plant in Nantgarw repairs and overhauls GE’s range of turbofan jet engines and under this contract the plant would provide maintenance and repair services for the GE9X engines.

November 2016:-   Pratt and Whitney won a contract worth USD93 million, for the sustainment of the US Air Force’s F119 engine. The F119-PW-100 turbofan engines power the US Air Force’s F-22 Raptor.

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Regional Analysis

In 2016, the Americas were leading the global aircraft turbofan engine market. A number of the major engine manufacturers (such as Pratt & Whitney and GE Aviation) are present in the region, gaining the region a high market share. The Americas are home to few of the world’s most renowned commercial aircraft and business jet manufacturers, i.e., Boeing, Bombardier, Gulfstream, and Embraer. The U.S., in particular, is making substantial investments in producing advanced turbofan engines, which will be integrated across modern fighter jets and MEA such as Boeing 787. Although, Brazil and Canada make some investments in the development of these engines, yet the market is primarily dominated by the US.

In addition, Asia, an emerging region in the long-haul international market, relies heavily on the small and medium widebody aircraft. As a result, a number of airlines such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia, have been entering into service, lately. Over the years, with the increasing incomes, there has been a high demand for air travel in the region, which stimulated larger developments in airplanes and aircraft engines. It is expected that by 2035, more than 16,000 commercial aircraft would be delivered in the region.

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