The High Speed Engine market is estimated to be valued at US$ 19.83 Bn in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
High speed engines, also known as aero-engines, are jet or turbofan engines used for propelling aircraft that require a high thrust-to-weight ratio, high efficiency, robustness, and reliability. These aircraft include commercial airliners, corporate jets, fighter jets, bombers, and other military aircraft. High-speed engines deliver high propulsive power by burning fuel with oxygen in the air, generating hot combustion gases that are then expanded through the turbine, powering the fans or drive propellers for thrust. Owing to their compact design and lightweight materials, these engines allow aircraft to achieve cruising speeds ranging from 430 mph to 1,350 mph.
Two major drivers are expected to boost growth of the high speed engine market over the forecast period. Firstly, increasing global population and economic growth have substantially increased demand for faster transportation solutions like high-speed trains and advanced aircraft. Secondly, there is a growing need for cleaner and sustainable energy solutions amid rising concerns regarding the environmental impact of fossil fuels. Major high speed engine manufacturers are investing heavily in developing hybrid-electric and hydrogen-powered engine technologies to meet this growing need. Additionally, ongoing technological advancements in engine design through advanced computational fluid dynamics (CFD) models, additive manufacturing techniques, composite materials, and digitalization are helping improve engine efficiency, reduce maintenance costs, and enhance performance.
The high speed engine market is primarily segmented into aviation, marine and land-based segments. The aviation segment currently dominates the market, driven by increasing passenger and freight traffic globally. The segment accounts for over 50% of the market share owing to demand for efficient aircraft engines operating at high rpm.
Political: Favorable government policies supportimg expansion of aviation and marine fleets across major economies are boosting demand.
Economic: Strong GDP growth in developing nations is driving passenger traffic and retail sales, benefiting engine manufacturers. Additionally, global trade is augmenting marine transportation.
Social: Rising incomes and cheaper airfares are propelling air travel, especially in Asia Pacific. Additionally, water transportation is gaining traction for freight.
Technological: Advancements in materials and design allow engines to operate at higher temperatures and pressures with improved fuel efficiency. Digitalization is also enabling remote monitoring of engine performance.
The global High Speed Engine Market Share is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing investments in fleet expansion globally. Regionally, Asia Pacific is estimated to be the fastest growing market owing to robust infrastructure development and manufacturing activity.
The Asia Pacific region is projected to exhibit the highest CAGR during the forecast period, backed by increasing defense budgets and expanding commercial aviation sector across China and India. China accounts for a majority share as the government is aggressively pushing for development of indigenous aircraft programs.
Key players operating in the high speed engine market incorporate GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, Ansaldo Energia. GE and Rolls-Royce collectively account for over 40% of the market share due to their early mover advantage and innovative product portfolio for aviation as well as industrial applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it