The Global Aircraft Engine Market Is Powered by Increasing Air Passenger Traffic
The aircraft engine market comprises jet engines that are designed to propel various types of aircraft including commercial airlines, military aircraft, business jets, helicopters, and unmanned aerial vehicles. Aircraft engines offer advantages like high thrust and power to weight ratio required for aircraft propulsion. Growing air passenger traffic has increased the demand for aircrafts and aircraft components like engines. The aircraft engines market provides different types of engines such as turbojet engines, turbofan engines, turboprop engines and turboshaft engines based on the aircraft application.
The aircraft engine market is estimated to be valued at USD 109.83 Bn in 2024 and is expected to reach USD 187.05 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.
The global geopolitical landscape has witnessed significant shifts and uncertainties in recent times which is impacting the Aircraft Engine Market as well. The ongoing conflicts and political tensions between major economies like US-China trade war and Russia-Ukraine conflict have disrupted supply chains and international cooperation. This has made OEMs and engine makers wary about investments and expansion plans in politically volatile regions. However, greater autonomy in defense procurements and "Make in India" initiatives are opening up new opportunities for engine manufacturers in areas like India and Middle East.
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