Jet Engines Market Poised To Garner Maximum Revenues During 2023 - 2032

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jet engine market

The global jet engine market is driven by factors such as rise in application of turbofan and surge in preference for civil aviation

WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 10, 2024 /EINPresswire / -- The global Jet Engines Market is driven by factors such as increasing operations in commercial aircraft industry, which fuels the demand for jet engines. In addition, the market is influenced by growth in commercial aircraft deliveries. However, high cost of jet engine hampers the market growth to a certain extent. Moreover, unmanned aerial vehicle industry provides lucrative opportunities for market growth. The global jet engines marketsize was valued at $66.9 billion in 2022, and is projected to reach $140 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.

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Eco-friendly solutions are developed as a result of the crucial focus on environmental sustainability. Sustainable aviation fuels (SAFs) are among the alternative fuels that turbojet engines are converting to lessen their environmental impact. Concerned about lowering carbon emissions, the aviation sector is also exploring electric and hybrid-electric power systems more, particularly for smaller aircraft.

The key players profiled in this report include

IHI Corporation, MTU Aeroengines, PBS Group, Williams International, Safran Group, GE Honda Aero Engines, PRATT & WHITNEY, Roll Royce, Kawasaki, Honeywell Corporation

The report provides a detailed analysis of these key players in the global jet engine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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These jet engines enable high-speed flight and efficient propulsion. Some types of jet engines such as turbojets offer high speeds, while turbofans prioritize fuel efficiency for commercial aircraft. Jet engines are vital for military aviation and powering fighters & bombers. Their versatility extends to maritime and industrial applications, showcasing adaptability across diverse fields. These engines illustrate efficiency, engineering excellence, combining power, and reliability to drive modern air travel and various technological advancements. Such factors drive the demand in the jet engine market.

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fourth of the global jet engine market revenue and is likely to dominate the market during the forecast period. The booming aviation industries in the Asia-Pacific region have fuelled the demand for jet engine. Asia-Pacific is expected to witness highest growth in forecast period owing to increase in aviation demand in the emerging markets of India and China. However, the same region is expected to witness the fastest CAGR of 9.05% from 2023 to 2032.

OEMs and aircraft manufacturers are concentrating on creating fuel-efficient jet engines to lower fuel usage. The emphasis that manufacturers have placed on airplane fuel efficiency is a result of rising fuel prices. One way to improve an aircraft's fuel economy is to reduce its overall weight. In order to lower the aircraft's overall weight, a number of manufacturers have created lightweight engines. makes use of lightweight materials such as carbon fiber. The aircraft engine market is growing due to composite materials such lightweight, high-strength reinforced polymers.

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The jet engine industry is segmented into type application and region. On the basis of type, the market is bifurcated into turbofan and turbojet. On the basis of application, the market is segmented into civil aviation and military aviation. Region wise, the jet engine market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

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By type, the turbofan segment held the highest market share in 2022, accounting for more than half of the global jet engine market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rapid urbanization and industrialization in the developing countries including India and China drives the growth of this market, primarily fostering the growth of the overhead segment. The rise in efforts to develop indigenous turbofan engines by developing nations in Asia Pacific region to support the segment demand. Properties like ease of maintenance and better fuel efficiency has allowed the turbofan engine to cater a wider market.

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Allied Market Research
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