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The aircraft engine compressor market size is estimated to grow at a CAGR of 6.61% between 2023 and 2028. The market size is forecast to increase by USD 11,729.33 million. The growth of the market depends on several factors, such as the increase in aircraft deliveries the development of lightweight materials to enhance fuel economy, and the development of technologically advanced and next-generation engines. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by type (heavy duty, medium, and light), application (commercial and business aircraft and military aircraft), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Aircraft Engine Compressor Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Several low-cost carriers and regional airlines have revolutionized the airline business by launching innovative low-fare business models. In addition, the demand in the air travel industry is anticipated to increase due to the rising affluence of the middle class in emerging economies. Furthermore, commercial aircraft manufacturers are actively involved in the development of new-generation, fuel-efficient aircraft.
Moreover, the demand for commercial aircraft will witness an increase due to the growth in air travel in key countries such as China, Russia, India, Indonesia, and the US. In addition, the year-over-year increase in air traffic has necessitated airline companies to induct new aircraft to facilitate the growing demand. As a result, this will simultaneously stimulate the demand for aircraft engine compressors. Hence, such factors drive the market growth during the forecast period.
There has been a significant evolution of the global aircraft engine compressor market on a global scale as more electric and hybrid aircraft are being deployed. In addition, the goal of this cutting-edge technology is to increase fuel efficiency while lowering pollution. For example, the all-electric Pipistrel Velis Electro has drawn recognition for its environmentally responsible operations, leading the way in the shift to sustainable aviation.
Moreover, hybrid solutions, such as the Ampaire Electric EEL, combine conventional and electric propulsion to increase range and lessen their negative effects on the environment. In addition, for urban air mobility, prominent players such as Boeing and Airbus are investing in electric vertical takeoff and landing (eVTOL) aircraft. Furthermore, the dedication of the global aircraft engine compressor market to upholding strict environmental standards and promoting a more sustainable future is reflected in the adoption of electric and hybrid aircraft. Hence, such factors drive the market growth during the forecast period.
The development of a new engine or new engine technology needs significant R&D and cost. In addition, the cost of an aircraft engine is directly proportional to associated development and production costs. Therefore, to ensure the desired results of such time and capital investment, rigorous testing and documentation are carried out before rolling out an engine.
Moreover, rigorous testing does not ensure the proper working of engines once implemented in aircraft, which can result in numerous challenges. For example, though Rolls-Royce invested significant capital and time in the development of Trent 1000 engines, technical glitches led to the grounding of several aircraft. This was due to excessive wear and tear of blades and compressors in the engine. Hence, such incidents are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The heavy duty segment is estimated to witness significant growth during the forecast period. There has been a significant growth in the demand for heavy-duty aircraft engine compressors over the years. In addition, these compressors, which are essential parts of jet engines, are made for high-pressure uses in both military and commercial aircraft. Furthermore, the emphasis on economy and innovation by manufacturers has increased demand for heavy-duty compressors.
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The heavy duty segment was the largest segment and valued at USD 11,253.25 million in 2018. Moreover, prominent companies such as General Electric Aviation have launched sophisticated heavy-duty compressors. In addition, modern compressors are used in Pratt and Whitney geared turbofan engines to increase efficiency, while Rolls-Royce Trent engines are renowned for their dependability and high-pressure compressors. Furthermore, the global aircraft engine compressor market is mostly dependent on heavy-duty compressor types since they are essential for improving engine performance, cutting emissions, and raising overall aircraft efficiency in the constantly changing aviation industry. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on application, the segment is classified into commercial and business aircraft and military aircraft. Airlines across the world are inducting new-generation commercial aircraft to cater to the growing number of air passengers. In addition, the demand for commercial aircraft is consistently increasing with the expanding airport network and enhanced connectivity. Furthermore, airline operator preference for incorporating advanced engines to reduce operational costs by enhancing the efficiency of their aircraft is fuelling the demand for engines. Therefore, the growing demand for new-generation engines is fuelling the demand for compressors that are used in commercial and business aircraft engines which in turn drives the market growth during the forecast period.
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Europe is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Europe is a significant market in the aircraft industry, with considerable production of aircraft engines, civil aircraft, military aircraft, helicopters, and aircraft components. In addition, the aircraft manufacturing industry in Europe is concentrated in the UK, Germany, France, Italy, Russia, Spain, Poland, and Sweden. Moreover, with the presence of major aircraft manufacturers such as Airbus, the region is witnessing a high demand for aircraft. For instance, Airbus has various sites in Europe, which are located in France, Germany, Spain, and the UK. Europe also has well-established domestic airport connectivity, which contributed to the demand for aircraft in 2023. Hence, such factors drive the market growth in Europe during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global aircraft engine compressor market witnessed a significant slowdown due to restrictions on travel and a decline in air travel in Europe. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of airline travel.Such factors are expected to drive the market during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bet Shemesh Engines Ltd: The company offers aircraft engine compressors such as PT6A 114A engine, PT6A 67D engine, and PT6A 34AG engine.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Bharat Forge Ltd., Compressed Air Systems Inc, EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., IHI Aerospace Co. Ltd., JSC Klimov, Melrose Industries Plc, MTU Aero Engines AG, OC Oerlikon Corp. AG, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, The Williams Co. Inc., Turbocam Inc., and UEC Aviadvigatel JSC.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The aircraft engine compressor market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Aircraft Engine Compressor Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.61% |
Market Growth 2024-2028 |
USD 11,729.33 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.41 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, Canada, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bet Shemesh Engines Ltd., Bharat Forge Ltd., Compressed Air Systems Inc, EuroJet Turbo GmbH, General Electric Co., Honeywell International Inc., IHI Aerospace Co. Ltd., JSC Klimov, Melrose Industries Plc, MTU Aero Engines AG, OC Oerlikon Corp. AG, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, The Williams Co. Inc., Turbocam Inc., and UEC Aviadvigatel JSC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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