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The global aircraft engine market is projected to reach USD 118.89 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.8% between 2025 and 2030. This growth is fueled by several key factors, including the rising demand for air cargo, expansion in the military aviation sector, and an increase in global air passenger traffic.
Overview
The global aircraft engine market is projected to reach USD 118.89 billion by 2030, growing at a CAGR of 9.8% between 2025 and 2030. The market, also referred to as the aviation engine market, is expanding steadily due to multiple growth factors, including increasing air freight demand, expansion in military aviation, and the continual rise in global air passenger traffic.
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One of the key drivers of market growth is the rising demand for air cargo. As global logistics networks grow and e-commerce continues to flourish, airlines are investing in more advanced and efficient engines with higher payload capacity. This trend is prompting aircraft manufacturers to develop propulsion systems that offer greater fuel efficiency and performance to support expanded cargo operations.
The expansion of the defense sector is also significantly fueling the aircraft engine market. Many nations are actively modernizing their air forces by procuring new-generation military aircraft. This surge in defense spending is driving the need for sophisticated, high-performance engines that can meet the evolving requirements of modern warfare and defense strategies.
Furthermore, rising global air passenger traffic is contributing to the increased demand for commercial aircraft engines. Airlines worldwide are experiencing a sharp rebound in travel demand, prompting the need for reliable, fuel-efficient, and higher-capacity engines to support growing flight frequencies and meet passenger expectations for safety and efficiency.
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Despite these strong growth drivers, the market faces a significant challenge in the form of high development costs. Designing and manufacturing advanced aircraft engines requires substantial investment in research, development, testing, and certification. These high costs pose barriers for new entrants and can slow the pace of innovation within the industry.
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However, the market also presents a promising opportunity with the adoption of hydrogen-powered engines. These engines are gaining attention due to their potential to deliver high performance while producing near-zero carbon emissions. As the aviation industry intensifies efforts to achieve sustainability goals, hydrogen propulsion systems are expected to play a crucial role in the future of flight, opening up new avenues for growth.
Regionally, North America dominates the aircraft engine market and is expected to maintain its leading position throughout the forecast period. The strong defense infrastructure in the region, alongside increased investments in military aviation, are key contributors to this dominance. Advanced engine upgrades are being pursued to enhance operational performance, fuel efficiency, and integration with next-generation military platforms.
On the other hand, the Asia-Pacific region is anticipated to experience consistent growth during the forecast period. The surge in air cargo traffic and increasing demand for commercial air travel in countries like China, India, and Southeast Asia is pushing airlines to upgrade their fleets with more efficient engines. This trend is contributing significantly to regional market expansion.
The competitive landscape of the aircraft engine market includes a mix of established global companies and emerging innovators. Key players include Mitsubishi Heavy Industries, Ltd., Honeywell International Inc., General Electric Company, Rolls-Royce Holdings plc, Safran S.A., Textron Inc., Hanwha Group, ZeroAvia, Inc., MTU Aero Engines AG, Pratt & Whitney Inc., CFM International, Rotax GmbH & Co KG, Continental Aerospace Technologies, and Lycoming Engines. These companies are focusing on strategic initiatives such as product launches, technological innovations, and strategic collaborations to strengthen their market presence and address evolving industry demands.
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