Turbofan Engines Market

Turbofan Engines Market Outlook (2022 to 2032)

The global turbofan engines market is expected to be worth USD 1.05 Billion in fiscal year 2022, up from USD 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 USD 5.1 Billion by the end of 2032, supported by:

• With increasing urbanisation and worldwide passenger traffic, a quicker and more pleasant mode of transportation is required. To meet this demand, the airline sector is expanding at a rapid pace. Furthermore, the expanding transportation industry requires a speedier means of transporting commodities.
• The most efficient mode of transportation is air travel. As the aviation business expands, so does the demand for innovative technology and fuel-efficient engines. This aspect is projected to significantly boost the turbofan engines market throughout the forecast period.
• Demand for next-generation engines and enhanced technology is rising in the military sector, which is likely to drive demand for turbofan engines throughout the forecast period.

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	USD 1.05 Billion
Projected Market Value in 2032	USD 5.1 Billion
Growth Rate (2022 to 2032)	17.2% CAGR

Development of Turbofan Engines Market in the North America

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.

Opportunities abound in the Commercial Aircrafts Segment

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 to 2032 period of assessment. The North American region will dominate the global market.

Key Drivers Stimulating Turbofan Engines Industry Expansion

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.

Key Challenges to Turbofan Engines Industry Expansion

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

Country-wise Analysis

How Opportunistic are Growth Prospects across the North America Market?

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.

Why are Turbofan Engines Providers Venturing into the Asia Pacific?

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 USD 16 Billion by 2032 end, registering a 5.3% CAGR over the conjecture period.

Category-wise Insights

Which End-use Type is Most Preferred in the Turbofan Engines Market?

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.

By Type, which Turbofan Engines are expected to Dominate?

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.

Competitive Landscape

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 Scope

Report Attribute	Details
Growth Rate	CAGR of 17.2% from 2022 to 2032
Market Value (2022)	USD 1.05 Billion
Market Value (2032)	USD 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	Type, End Use, Region
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Poland, Russia, Australia & New Zealand, China, India, ASEAN, GCC, South Africa
Key Companies Profiled	GE Aviation; Rolls-Royce Plc.; United Technologies Corporation - Pratt & Whitney Division; CFM International; Engine Alliance LLC; International Aero Engines; Williams International; SE Ivchenko-Progress; United Engine Corporation; EUROJET Turbo GmbH; IHI Corporation; Safran SA
Customization	Available Upon Request

Key Segments Covered in the Turbofan Engines Industry Survey

Turbofan Engines Market by Type:

• Wide Body Aircrafts
• Narrow Body Aircrafts

Turbofan Engines Market by End Use:

• Turbofan Engines for Commercial Aircrafts
• Turbofan Engines for Transportation Aircrafts
• Turbofan Engines for Business Jets
• Turbofan Engines for Military Aircrafts
• Turbofan Engines for Transport Aircrafts
• Turbofan Engines for Fighter Jets

Turbofan Engines Market by Region:

• North America Turbofan Engines Market
• Latin America Turbofan Engines Market
• Western Europe Turbofan Engines Market
• Eastern Europe
• APEJ Turbofan Engines Market
• Japan Turbofan Engines Market
• Middle East & Africa Turbofan Engines Market

Frequently Asked Questions

What was the market worth for turbofan engines in 2021?

As of 2021, FMI estimated the turbofan engines market to have reached USD 988 Million

What is the expected worth of the turbofan engines industry in 2022?

By 2022, FMI expected demand for Turbofan Engines to reach USD 1.05 Billion

What is the expected forecast CAGR for Turbofan Engines from 2022-to 2032?

From 2022 to 2032, Turbofan Engines demand is likely to surge at a 4% CAGR