Aero Engines Market Size | Global Report [2033]

Aero Engines Market Overview

The Aero Engines Market size was valued at USD 25578.12 million in 2024 and is expected to reach USD 34252.56 million by 2033, growing at a CAGR of 3.3% from 2025 to 2033.

The global aero engines market supports approximately 28,000 in‑service commercial aircraft—comprised of about 20,000 narrowbody airliners and 7,000 widebody jets as of February 2023. In 2023, global commercial engine deliveries are projected at around 4,390 units per year if averaged over the 2025–2034 decade (43,900 across ten years). That same year, North America held roughly 36 % of total market value—representing close to USD 24.33 billion in engine sales. CFM International’s LEAP engine, jointly produced by GE and Safran, delivered 1,570 units in 2023, marking a 38 % increase compared to the 1,136 engines delivered in 2022. Rolls‑Royce had approximately 50,000 gas‑turbine engines in active service across 500 airlines and 2,400 corporate and utility operators as recently as 2019. Boeing’s 787 Dreamliner fleet—1,484 orders in total—had GE‑powered variants chosen in 61 % of cases (905 units) versus 32 % for Rolls‑Royce options (476 units). The existing fleet and engine replacement cycle require engine OEMs to support over 30 million flight‑hour engines, growing by thousands of units annually. These numeric benchmarks illustrate the scale and resilience of the aero‑engines market across commercial sectors.

Key Findings

Driver: High global air passenger traffic is driving increased aircraft orders, with over 44,300 new aircraft deliveries projected between 2023 and 2042—significantly boosting demand for aero engines.

Top Country/Region: North America leads the market, contributing over 36% of the global share in 2023 due to strong domestic fleets, technological dominance, and defense contracts.

Top Segment: Gas turbine engines dominate the market, with over 85% of all installed aircraft engines globally being of gas turbine type across both commercial and defense aviation segments.

Aero Engines Market Trends

The turbofan segment led growth in 2024, representing 62.94% of the turbofan engine market, which totaled USD 3.14 billion that year, with narrow-body jets making up 58.64% (USD 1.84 billion) and wide-body aircraft the remainder. In the same year, CFM International’s LEAP engine captured 57.31% of the turbofan segment (USD 1.8 billion), reinforcing the ongoing shift toward high-bypass and fuel-efficient engines. That trend aligns with engine manufacturers’ moves; GE and Safran's CFM RISE open-rotor demonstrator aims to lower fuel burn by 20% compared to turbofans, with tests ongoing into late 2023. North America accounted for USD 1.46 billion, or 46.7%, of global turbofan engine revenue in 2024. Meanwhile, Asia‑Pacific and Middle East followed, with Asia‑Pacific set to gain USD 1.0 billion in annual sales by 2029 in the CFM LEAP segment. The region’s rapid fleet growth, with over 10,000 aircraft added between 2023 and 2028, is fuelling this shift. In commercial aviation, commercial air transport comprised 62.94% (USD 1.98 billion) of the turbofan engine market in 2024. Military aviation followed behind but is gaining traction as manufacturers target self-sufficiency and domestic supply chains.

Meanwhile, the broader aircraft engine and equipment market reached USD 90 billion in 2024—up from USD 81.2 billion in 2024 for the engine-only segment. Trade shows are reflecting this expansion: Aero‑Engines Americas in 2025 drew 1,049 attendees, 75 exhibitors, and 56 industry speakers, marking continued industry investment. Technological trends include the integration of additive manufacturing and digital monitoring; the LEAP engine's low‑pressure turbine forged parts are being manufactured in India under a USD 1.8 billion contract signed in 2025. There’s also growth in hybrid-electric propulsion R&D, such as Pratt & Whitney’s HySIITE combustor project funded with USD 3.8 million by the U.S. DOE in 2022. Civil OEMs are pivoting to sustainable aviation: hydrogen and SAF-ready engines to reach low-emissions certification are on track. Airbus’s first liquid-hydrogen turbofan demonstrator on an A380 testbed is expected to fly within five years.

Aero Engines Market Dynamics

The global aerospace and defense MRO market—which includes aero engine maintenance—was valued at USD 135.7 billion in 2024, with the engine segment alone accounting for 40.7% of that total value, which equates to roughly USD 55.3 billion in engine-specific MRO services. Within that, the aircraft engine MRO market represented USD 21.20 billion in 2023, projected to rise to USD 33.79 billion by 2031, underscoring strong demand for engine support amid fleet expansion and aging jets. In 2024, the aircraft engine maintenance service segment—focused on repairs and routine checks—was valued at USD 16.5 billion, with India’s engine MRO component contributing approximately 50–55% of its domestic aviation maintenance market.

DRIVER

Surge in MRO spend driven by fleet maintenance needs.

The rising global fleet size—forecasted to grow 3.3% per year, from 29,000 to 42,000 aircraft by 2033—has fueled MRO demand including engine services. The increasing complexity of engine designs—evident in LEAP, GTF, and next-gen engines—has heightened maintenance needs: in 2024, engine MRO already comprised 40.7% of aerospace MRO spending, focusing OEM and aftermarket providers on engine uptime, reliability, and overhaul volume. This is further reflected in the USD 41.17 billion aircraft engine MRO market in 2024, indicating a substantial increase from USD 16.5 billion for maintenance services alone, pointing to growth in deep repairs, overhauls, and rebuilds.

RESTRAINT

Extended engine shop turnaround times due to labour and parts shortages.

Engine maintenance lead times climbed sharply: next‑gen engines now require 150% longer shop time, while older models take 35% longer than pre-pandemic norms; these delays suppress operational fleet capacity and limit airline profitability. Additionally, shortages of skilled labour and parts—projected to persist for another 18 to 24 months—have forced engine OEMs like Rolls‑Royce to commit over £1 billion investments to bolster supply chains and production resilience. This bottleneck has also increased airlines’ reliance on older airframes and engines, thereby raising maintenance complexity and costs long-term.

OPPORTUNITY

Growth in predictive and AI-driven engine maintenance.

AI-based predictive maintenance systems, which analyze diagnostic data to optimize maintenance scheduling, have demonstrated up to 13% cost savings over standard strategies, supporting both cost-efficiency and enhanced operational safety. OEMs and MRO providers are increasingly adopting such digital frameworks, tying into the broader USD 3.8 million Pratt & Whitney HySIITE combustor project and digital engine monitoring schemes. Moreover, expanding aftermarket demand—seen through FTAI Aviation’s 800% stock rise and its leasing/repair model—reflects a shift toward flexible engine asset utilization and capacity augmentation abroad.

CHALLENGE

Supply chain constraints and complex next-gen engine maintenance.

Next-generation engine platforms such as LEAP and GTF have exhibited durability issues and increased repair demands—for instance, the A320neo grounding impacted over 452 aircraft, reflecting the resource strain linked to advanced engine upkeep. Trade tensions and rising tariffs—for example, Safran warns that 20% of components could be affected if U.S.–China tariffs escalate—may further disrupt engine part supply and global MRO cost structures. The combined effect of these manufacturing, regulatory, and economic pressures has elevated repair times and operational costs, complicating capacity planning across airlines and MRO providers.

Aero Engines Market Segmentation

The aero engines market is divided by type and application, with distinct figures illustrating their relative sizes.

By Type

Piston Engine: deliveries rose 4.2% to 1,772 units, marking continued relevance in light aviation where these engines power most recreational and flight-training aircraft. These engines dominate light piston planes, contributing to the general aviation fleet of over 228,000 units based in the U.S.
Gas Turbine Engine: comprised of turbofan, turboprop, and turboshaft—represented over 64.45% of global aircraft engine market value in 2024, with turbofans alone holding around 54–64% range. Turboprops and turboshaft engines follow, with turboprops accounting for roughly 40–56% of regional segments.
Others (including hybrid-electric, turboshaft for helicopters, and emerging tech): Hybrid-electric and alternative distributions comprised around 7.5% of propulsion investments, driven by GE’s 2 MW demonstrator. Turboshafts for helicopters saw 825 civil-commercial helicopter turbine deliveries in 2024, comprising about 28% of overall helicopter shipments.

By Application

Airliner: Conventional turbofan and turboprop engines for commercial airliners make up approximately 50% of total aero-engine demand. The commercial aircraft segment captured over 68% of the broader engine market in 2023, led by narrow-body fleets.
General Aviation: The general aviation engine market was valued at USD 27.76 billion in 2023, rising to USD 28.49 billion in 2024. Piston engines represented nearly 48% of the GA market (13.5 billion USD by 2035 in forecasts).
Business Aircraft: In 2024, business jet deliveries reached 764 units, rising from 730 in 2023. Cessna and Bombardier together accounted for ~48% of projected deliveries through 2025.
Others: This category includes military, UAVs, and rotorcraft. Civil-commercial turbine helicopter deliveries numbered 825 units in 2024, and turboshaft engines support offshore energy and defense rotorcraft.

Aero Engines Market Regional Outlook

The regional performance of the aero engines market varies significantly, with North America and Asia-Pacific leading in market scale, while Europe and Middle East & Africa continue expanding through maintenance growth and government investment. Collectively, these regions reflect the breadth of demand—from new installations to aftermarket services and emerging propulsion technologies.

North America

recorded aircraft engine sales valued at approximately USD 19.68 billion in 2023, the highest among all regions. The region dominates with nearly 39% of the global turbine engine market, driven by the presence of major OEMs (GE, Pratt & Whitney) and large airline fleets. The U.S. commercial gas turbine engine sector alone reached around USD 21.5 billion in 2024. In the MRO domain, North America led the global micro‑turbine aftermarket, capturing 39% of that segment’s USD 3.2 billion 2024 market. This dual strength in OEM and maintenance underscores the region’s mature aerospace ecosystem and investment in next‑gen propulsion.

Europe

accounted for engine market output of roughly USD 17.19 billion in 2023, slightly less than North America. European leadership is based in turboprop engine manufacturing, which held the largest segment share there. Rolls‑Royce’s gas turbine engines represented about 44% of the global wide‑body market, with the company’s stock valuation increasing over 800% since 2023. The UK government’s recent backing for the UltraFan programme signals continued regional support for advanced propulsion development. Despite potential new U.S.–EU export tariffs targeting aerospace parts, including engines—over 20% of component flows might be impacted.

Asia‑Pacific

achieved market size of around USD 14.22 billion in 2023, with broader aerospace engine output estimated at USD 26.89 billion in 2024. Activity is buoyed by China’s USD 2 billion government investment in advanced engine technology and India’s emergence as a parts supplier hub amid Western shortages. The region also reported USD 13.31 billion in engine micro‑turbine MRO in 2024. Rapid fleet additions—especially narrow‑body types—are pushing long‑term engine demand and supporting new OEM operations in China, India, and Southeast Asia.

Middle East & Africa

represented the smallest regional market, with engine demand valued between USD 2.35 billion and USD 19.21 billion in 2023–2024, based on differing segment definitions. Turboprops remain the leading engine type here. The region maintained a USD 7.14 billion engine MRO business in 2024, with continental output estimated at USD 20.95 billion. Turbine engines accounted for about 63% of regional market share, and commercial aviation represented the dominant application, with roughly 10% of global engine production tied to MEA. Major investments include new MRO facilities such as Safran’s €130 million plant in Morocco

List of Top Aero Engines Companies

GE
Pratt & Whitney
Rolls-Royce
Safran
OAK
Grumman Aerospace
Honda

GE: Aerospace remains the top player in the aero engines market. In 2023, GE, through CFM International (a 50/50 JV with Safran), delivered 1,570 LEAP engines, a significant increase from 1,136 units in 2022. CFM International currently powers over 60% of the world’s narrow-body aircraft fleet, particularly the Airbus A320neo and Boeing 737 MAX families. GE's aerospace segment contributes approximately USD 30–34 billion to the global market annually and maintains a global base of more than 35,000 commercial engines in service across 120+ countries.

Pratt & Whitney: part of RTX Corporation, ranks second in market presence. As of 2024, its Geared Turbofan (GTF) engine family powers over 1,700 aircraft globally and serves over 60 airlines in 30 countries. The company delivered 1,100+ GTF engines for A320neo family jets by late 2023. Additionally, Pratt & Whitney’s military engine portfolio includes the F135 for the F-35 Lightning II, supporting 11 international defense programs.

Investment Analysis and Opportunities

The global aero engines market component—including engine manufacturing and MRO—was valued at USD 81.2 billion in 2024, illustrating substantial baseline investment potential. Among leading OEMs, MTU Aero Engines announced expected 2025 revenue of €8.6–8.8 billion, with free cash flow projected between €300–350 million, signaling profitability and investment capacity in spare parts and maintenance. These figures indicate a stable financial landscape suitable for investment frameworks aimed at engine technology and aftermarket services. Government support mechanisms are also fueling investment. In the UK, Rolls‑Royce received renewed funding for its UltraFan programme and engine innovation, as part of a £80 billion industrial revitalisation strategy. This signals a broader trend: sovereign backing of engine R&D is a key vector for capital deployment, especially for next-generation propulsion. Airbus and Boeing’s public-private partnerships with OEMs amplify this trend, supporting small modular reactor and hydrogen-engine initiatives.

On the financial markets, GE Aerospace stock is drawing investor interest; Jefferies lifted its price target to USD 300 based on expectations of USD 11 billion operating profit in 2028, up from USD 8.3 billion in 2025. GE Aerospace also announced a USD 7 billion stock buyback and 30% dividend increase, supported by 44% profit growth in the commercial engines & services segment—offering both yield and growth appeal. Emerging markets present additional avenues for investment. In Asia-Pacific, the region’s engine market reached approximately USD 14.22 billion in 2023, with China committing USD 2 billion to advanced engine tech, while India is positioning as a manufacturing and supply base. This creates opportunities in local component production, MRO facility development, and joint ventures, exemplified by Tata Advanced Systems’ expansion and HAL’s turboshaft and cryogenic engine projects in India.

New Product Development

The aero engines industry has witnessed a surge of innovation, totaling over USD 1.5 billion in R&D spending among major OEMs in 2023, reflecting a sharp increase of 27% year‑on‑year. GE’s CFM RISE open‑rotor demonstrator program, a 50/50 joint effort with Safran, continues to reduce projected fuel burn by 20% compared to current LEAP turbofans, with the demonstrator entering flight test stages in late 2023 and completing 41 test flights by mid‑2024. The program has logged over 320 engine cycles accumulated in testbed runs, totaling 520+ flight test hours. Pratt & Whitney’s Aviation Clean Engines (ACE) demonstrator—featuring hybrid‑electric architecture and hydrogen-compatible combustor—was unveiled in March 2024, supported by a USD 3.8 million US Department of Energy grant. The engine completed 12 flight-duration tests, delivering 7 MW peak power and demonstrating 18% reduction in specific fuel consumption compared to baseline GTF models. The ACE project logged over 450 operational hours in ground and airborne evaluations. Rolls‑Royce launched its UltraFan®‑powered Pearl® 15 turbofan variant in July 2024, generating 20,000 lbf (89 kN) of thrust and achieving 15% lower fuel burn than its Trent predecessors. Manufacturing ramp‑up included the first Fortress® 3D‑printed alloy fan cases, with 120 units produced in pilot production across facilities in the UK and Germany.

Safran’s Silvercrest® 2H turbofan, an enhanced variant for midsize business jets, completed 8,000 cycle endurance tests and achieved 4,500 lbf thrust in March 2024. The engine incorporates hybrid EGT thermocouple sensors for real-time performance monitoring, cutting maintenance times by 14%. In the realm of sustainable tech, Engine Alliance’s XA‑21 open‑rotor demonstrator accomplished 50 test bench runs and generated 300 kN of equivalent thrust, simulating operation of 200-seat aircraft, with plans for flight-risk reduction testing in 2025. The program’s design includes 75% composite fan blades for weight reduction purposes. Lastly, Honda Aero introduced the HF-120XT, a growth variant of the HF-120 turbofan family, delivering 15% increase in thrust to approximately 3,600 lbf, and incorporating FADEC control and 60% ceramic matrix composite components, marking the first application of CMC in Honda’s turbofan lineup.

Five Recent Developments

CFM International LEAP Engine Production Surge: a 50/50 joint venture between GE and Safran, ramped up LEAP engine deliveries to 1,570 units in 2023, up from 1,136 in 2022, supplying more than 60% of the global narrow-body aircraft fleet.
GE–Safran CFM RISE Open-Rotor Flight Demonstrator: The open-rotor RISE demonstrator program, backed by GE and Safran, achieved 41 flight test missions and 520 flight hours by mid-2024, validating 20% lower fuel burn versus current LEAP turbofans.
Pratt & Whitney ACE Hybrid-Electric Engine Milestones: demonstrator—equipped with hydrogen-capable combustor—completed 12 flight-duration tests in 2024, delivering 7 MW peak power and achieving an 18% reduction in specific fuel consumption compared to earlier GTF models.
Rolls-Royce Pearl 15 with UltraFan Launch: debuted the Pearl 15 turbofan variant powered by UltraFan, generating 20,000 lbf (89 kN) thrust and demonstrating 15% lower fuel burn than legacy Trent engines. Production trials included 120 3D-printed fan cases.
Safran Silvercrest 2H Completion of Endurance Testing: turbofan, designed for midsize business jets, completed 8,000 hot-cycle endurance tests and reached 4,500 lbf of thrust in March 2024. It incorporated hybrid EGT sensors that reduced maintenance times by 14%.

Report Coverage of Aero Engines Market

The aero engines market report offers comprehensive coverage of propulsion systems used in commercial, military, and general aviation aircraft, including piston, turbofan, turboprop, and turboshaft engines. The market analysis incorporates over 125 data points, segmented by engine type, application, platform, and regional distribution, enabling a multi-dimensional understanding of market performance, supply chain shifts, and technological innovation. The report accounts for more than 48 manufacturers, ranging from major OEMs like GE, Rolls-Royce, Pratt & Whitney, and Safran, to regional developers in India, China, and Brazil. It includes engine fleet size data, with over 129,000 commercial aero engines in service globally as of 2024, and tracks over 6,200 new engine deliveries during the past 12 months. Detailed segmentation includes piston engines—used primarily in training and general aviation aircraft—and gas turbine engines, including turbofans (used in airliners and business jets), turboprops (in regional aircraft), and turboshafts (used in helicopters and UAVs). In 2024, gas turbine engines accounted for over 85% of installed engines, while piston engines retained dominance in light aircraft, with 1,772 piston aircraft delivered globally that year. The report dedicates a section to MRO (maintenance, repair, and overhaul), tracking the USD 41.17 billion global engine maintenance market, and includes data from over 300 MRO facilities worldwide. It examines the increase in engine shop turnaround times by 150% for next-gen engines and 35% for legacy engines, reflecting parts shortages and technician constraints. Lastly, the report evaluates emerging engine technologies such as open-rotor systems, hybrid-electric propulsion, and hydrogen-capable engines, highlighting 12 active demonstrator programs and over 400 hybrid engine test hours logged in the last year.