The global turbofan engines market is expected to be worth US$ 1.05 Billion in fiscal year 2022, up from US$ 988 Million in fiscal year 2021. The industry increased by 6.3% year on year during the last year. Turbofan Engines sales are expected to grow at a CAGR of 17.2% from 2022 to 2032, reaching a value of US$ 5.1 Billion by the end of 2032, supported by:
In 2020, the COVID-19 pandemic impacted worldwide air passenger travel, lowering flight activity and affecting airline cash flows. As a result, the majority of airlines opted to cancel or postpone their aircraft purchases. As the pandemic reduced demand for new planes, demand for turbofan engines also reduced.
However, the turbofan engines industry gradually rebounded in 2021, resulting in a large rise in aircraft deliveries over 2020. Airbus and Boeing delivered 951 aircraft in 2021, compared to 723 in 2020. Furthermore, passenger traffic is predicted to return by 2024. As a result, the prognosis for the turbofan engines sector is likely to be favourable over the projection period.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2022 | US$ 1.05 Billion |
| Projected Market Value in 2032 | US$ 5.1 Billion |
| Growth Rate (2022 to 2032) | 17.2% CAGR |
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North America is predicted to be the most profitable market for turbofan engines, owing to the ever-increasing need for innovative technology in the aviation industry as well as the growing desire for efficient engines. Over the projection period, the region's turbofan engine market is predicted to rise significantly.
The United States is North America's largest market for turboprop aircraft, followed by Canada. The United States is expected to develop steadily in the following decade, thanks to an increase in orders and delivery of turboprop aircraft in the commercial, military, and general aviation sectors.
The introduction of a new aircraft model will increase the region's penetration of aircraft manufacturers. Textron Aviation, for example, performed successful test runs of the Cessna 408 'SkyCourier,' a twin-engine turboprop aircraft scheduled for certification in 2021, in March 2020.
Turbofan engines are utilised in commercial transport aircraft and business jets. Turbofan engines are employed in fighter planes and transport aircraft in the military.
The commercial category is expected to be the largest and fastest-growing market, owing to rising demand for technologically sophisticated engines to replace conventional engines. Furthermore, the growing number of passengers has increased the need for new commercial aircraft.
The number of passengers in commercial aircraft has more than doubled in the previous 15 years. Commercial aviation growth has witnessed an incredible rejuvenation process over the previous decade, with operating costs cut and less emission-efficient aircraft grounded.
Demand for turbofan engines in the commercial segment will continue to thrive, while demand for turbofan engines in wide-body aircraft will proliferated at an impressive rate during the 2022-2032 period of assessment. The North American region will dominate the global market.
Principal Consultant
The growing urbanization and increasing global passenger traffic need a faster and more comfortable way to travel. To fulfil this need, the airline industry is continuously growing at a significant rate. Additionally, the growing transportation sector also needs a faster way to transport goods.
Air transportation is the most efficient method. The growing airline industry is increasing the demand for new technologies and fuel-efficient engines. This factor is expected to drive the turbofan engines market at a significant rate over the forecast period.
Furthermore, in the military sector, the demand for next-generation engines and improved technologies is increasing which is expected to increase the demand for turbofan engines over the forecast period.
Despite several advantages, turbofan engines tend to have some disadvantages as well such as inefficiency at very high altitudes and having larger frontal areas, which are expected to hinder the growth of the turbofan engines market over the forecast period. Moreover, turbofan engines have high manufacturing costs as compared to other aircraft engine types
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North America is expected to be the most lucrative market for turbofan engines owing to the continuously growing demand for new technologies in airline industries and the increasing demand for efficient engines. The region is expected to register significant growth in the turbofan engines market over the forecast period.
The United States is the foremost market for turboprop aircraft in North America followed by Canada. The United States is set to observe steady growth in the upcoming decade, owing to the upsurge in orders and deliveries of turboprop aircraft in commercial, military, and general aviation sectors.
The launch of a new aircraft model will augment the penetration of aircraft manufacturers in the region. For instance, in March 2020, Textron Aviation completed the successful test runs of the Cessna 408 'SkyCourier', a twin-engine turboprop aircraft expecting certification in 2021.
The Asia Pacific is anticipated to have significant growth in the turbofan engines market, owing to emerging economies such as China, India, and Japan. The growing population and air traffic are projected to increase the demand for fuel-efficient engines in aircraft.
The increasing number of airports and the demand for new aircraft with better and more efficient engines for transportation as well as travel are expected to significantly increase the demand for turbofan engines in the region.
China is likely to surpass the United States as the world's largest aviation market by 2024, according to IATA. As traditional airplanes are being phased out in favor of more fuel-efficient models, aircraft pump makers are gradually focused on high-pressure lightweight features.
As per the FMI’s recent analysis, the APAC turbofan market is projected to exceed US$ 16 Bn by 2032 end, registering a 5.3% CAGR over the conjecture period.
In the commercial segment, turbofan engines are used in transport aircraft and business jets. In the military segment, turbofan engines are used in fighter jets and transport aircraft.
The commercial segment is estimated to be the largest and fastest-growing segment, attributed to the increasing demand for the replacement of conventional engines with technologically advanced engines. Moreover, the rising number of passengers has generated demand for new commercial aircraft.
In the last 15 years, the number of passengers in commercial aviation has doubled. During the last decade, commercial aviation growth has experienced an extraordinary renewal process: operating costs have been reduced, and less emission-efficient aircraft have been grounded.
Development in the number of domestic and international air travel passengers, noteworthy growth in global GDP, technological progressions, and the tourism sector, are significant drivers for growth in the commercial aircraft market.
Additionally, modernization in commercial aircraft design enhanced features, and an eco-friendly approach is catalysts for development in commercial aircraft with turbofan engines, while wide-body aircraft are likely to experience enormous demand from Asia-Pacific markets as they have the competence to carry great volumes of load over long-haul routes.
Prominent turbofan engine providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 17.2% from 2022 to 2032 |
| Market Value (2022) | US$ 1.05 Billion |
| Market Value (2032) | US$ 5.1 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
As of 2021, FMI estimated the turbofan engines market to have reached US$ 988 Million
By 2022, FMI expected demand for Turbofan Engines to reach US$ 1.05 Billion
From 2022 to 2032, Turbofan Engines demand is likely to surge at a 4% CAGR
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Type, 2017-2021
5.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Type, 2022-2032
5.3.1. Wide Body Aircrafts
5.3.2. Narrow Body Aircrafts
5.4. Y-o-Y Growth Trend Analysis By Type, 2017-2021
5.5. Absolute $ Opportunity Analysis By Type, 2022-2032
6. Global Market Analysis 2017-2021 and Forecast 2022-2032, By End Use
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By End Use, 2017-2021
6.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By End Use, 2022-2032
6.3.1. Commercial
6.3.2. Transportation Aircrafts
6.3.3. Business Jets
6.3.4. Military
6.3.5. Transport Aircrafts
6.3.6. Fighter Jets
6.4. Y-o-Y Growth Trend Analysis By End Use, 2017-2021
6.5. Absolute $ Opportunity Analysis By End Use, 2022-2032
7. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Region, 2017-2021
7.3. Current Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Region, 2022-2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. East Asia
7.3.5. South Asia & Pacific
7.3.6. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017-2021 and Forecast 2022-2032, By Country
8.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
8.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
8.2.1. By Country
8.2.1.1. U.S.
8.2.1.2. Canada
8.2.2. By Type
8.2.3. By End Use
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Type
8.3.3. By End Use
8.4. Key Takeaways
9. Latin America Market Analysis 2017-2021 and Forecast 2022-2032, By Country
9.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
9.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
9.2.1. By Country
9.2.1.1. Mexico
9.2.1.2. Brazil
9.2.1.3. Rest of Latin America
9.2.2. By Type
9.2.3. By End Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type
9.3.3. By End Use
9.4. Key Takeaways
10. Europe Market Analysis 2017-2021 and Forecast 2022-2032, By Country
10.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
10.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. Italy
10.2.1.3. France
10.2.1.4. U.K.
10.2.1.5. Spain
10.2.1.6. BENELUX
10.2.1.7. Russia
10.2.1.8. Rest of Europe
10.2.2. By Type
10.2.3. By End Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type
10.3.3. By End Use
10.4. Key Takeaways
11. East Asia Market Analysis 2017-2021 and Forecast 2022-2032, By Country
11.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
11.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.2. By Type
11.2.3. By End Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type
11.3.3. By End Use
11.4. Key Takeaways
12. South Asia & Pacific Market Analysis 2017-2021 and Forecast 2022-2032, By Country
12.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
12.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
12.2.1. By Country
12.2.1.1. India
12.2.1.2. ASEAN
12.2.1.3. Australia and New Zealand
12.2.1.4. Rest of South Asia & Pacific
12.2.2. By Type
12.2.3. By End Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type
12.3.3. By End Use
12.4. Key Takeaways
13. MEA Market Analysis 2017-2021 and Forecast 2022-2032, By Country
13.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
13.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. Turkey
13.2.1.3. South Africa
13.2.1.4. Rest of MEA
13.2.2. By Type
13.2.3. By End Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Type
13.3.3. By End Use
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. U.S.
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Type
14.1.2.2. By End Use
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Type
14.2.2.2. By End Use
14.3. Mexico
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Type
14.3.2.2. By End Use
14.4. Brazil
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Type
14.4.2.2. By End Use
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Type
14.5.2.2. By End Use
14.6. Italy
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Type
14.6.2.2. By End Use
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Type
14.7.2.2. By End Use
14.8. U.K.
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Type
14.8.2.2. By End Use
14.9. Spain
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Type
14.9.2.2. By End Use
14.10. BENELUX
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Type
14.10.2.2. By End Use
14.11. Russia
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Type
14.11.2.2. By End Use
14.12. China
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Type
14.12.2.2. By End Use
14.13. Japan
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Type
14.13.2.2. By End Use
14.14. South Korea
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Type
14.14.2.2. By End Use
14.15. India
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Type
14.15.2.2. By End Use
14.16. ASEAN
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Type
14.16.2.2. By End Use
14.17. Australia and New Zealand
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Type
14.17.2.2. By End Use
14.18. GCC Countries
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2021
14.18.2.1. By Type
14.18.2.2. By End Use
14.19. Turkey
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2021
14.19.2.1. By Type
14.19.2.2. By End Use
14.20. South Africa
14.20.1. Pricing Analysis
14.20.2. Market Share Analysis, 2021
14.20.2.1. By Type
14.20.2.2. By End Use
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Type
15.3.3. By End Use
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Market
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.1.5.2. Product Strategy
16.1.1.5.3. Channel Strategy
16.1.2. Rolls-Royce plc
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.2.5.2. Product Strategy
16.1.2.5.3. Channel Strategy
16.1.3. United Technologies Corporation
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.3.5.2. Product Strategy
16.1.3.5.3. Channel Strategy
16.1.4. CFM International
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.4.5.2. Product Strategy
16.1.4.5.3. Channel Strategy
16.1.5. Engine Alliance LLC
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.5.5.2. Product Strategy
16.1.5.5.3. Channel Strategy
16.1.6. Pratt & Whitney
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.6.5.2. Product Strategy
16.1.6.5.3. Channel Strategy
16.1.7. Williams International
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.7.5.2. Product Strategy
16.1.7.5.3. Channel Strategy
16.1.8. SE Ivchenko-Progress
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.8.5.2. Product Strategy
16.1.8.5.3. Channel Strategy
16.1.9. EUROJET Turbo GmbH
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.9.5.2. Product Strategy
16.1.9.5.3. Channel Strategy
16.1.10. United Engine Corporation
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.10.5.2. Product Strategy
16.1.10.5.3. Channel Strategy
16.1.11. IHI Corporation
16.1.11.1. Overview
16.1.11.2. Product Portfolio
16.1.11.3. Profitability by Market Segments
16.1.11.4. Sales Footprint
16.1.11.5. Strategy Overview
16.1.11.5.1. Marketing Strategy
16.1.11.5.2. Product Strategy
16.1.11.5.3. Channel Strategy
16.1.12. Safran SA
16.1.12.1. Overview
16.1.12.2. Product Portfolio
16.1.12.3. Profitability by Market Segments
16.1.12.4. Sales Footprint
16.1.12.5. Strategy Overview
16.1.12.5.1. Marketing Strategy
16.1.12.5.2. Product Strategy
16.1.12.5.3. Channel Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Turbofan Engines Market
