July 20, 2024

Shifting Focus On Aviation Industry Is Anticipated To Open Up The New Avenue For High Speed Engine Market

The High Speed Engine Market is estimated to be valued at Us$ 19.83 Bn or in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

High speed engines are used in aircrafts, helicopters, UAVs and ships that require more power output. These engines operate at very high rotational speeds ranging between 6,000 to over 40,000 rpm. They are used in applications where weight and size are critical factors like military, commercial and marine applications. Key products in this market include turbojets, turbofan and turboprops.

Market Dynamics:

Aviation industry growth: Rising air passenger traffic coupled with increasing aircraft fleet size especially in emerging economies is a key driver for demand of high speed aircraft engines in the coming years. According to International Air Transport Association (IATA), The global commercial fleet is expected to double in size over the next 20 years.

Military modernization programs: Many countries are undertaking military modernization programs to replace their aging fleets of fighter aircrafts, helicopters, UAVs and ships. This includes procurement of new generation fighter jets, helicopters, UAVs and ships which will require high powered and efficient engines thus driving demand.

Segment Analysis

The high-speed engine market can be segmented into aircraft, marine, power generation and others. The aircraft segment currently dominates the market owing to increasing air passenger traffic and demand for new fuel efficient aircrafts across the globe.

PEST Analysis

Political: Stable political policies regarding aviation emissions and use of sustainable fuel types favour the growth of high efficiency aircraft engines.

Economic: Rising disposable income and globalization has increased passenger and freight air travel over last few decades, supporting the demand of new aircrafts with high speed engines.

Social: Growing environmental concerns and emphasis on reducing carbon footprint is driving innovation in engine technologies leading to better fuel efficiency.

Technological: Continuous innovation and R&D in materials, design and combustion technologies has improved engine performance and helped reduce fuel consumption.

Key Takeaways

The Global High Speed Engine Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing air passenger traffic globally. Air travel within Asia Pacific is growing rapidly which makes it the fastest growing regional market for high speed aircraft engines. Key players operating in the high speed engine market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, Ansaldo Energia. GE dominated the market with over 30% share owing to its jet engine technologies powering most popular narrow body and wide body aircraft fleets. The market size for high speed engine was US$ 19.83 Bn in 2023.

Regional analysis

The Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by increasing aircraft orders from airlines to match rising air travel demand in countries like China and India. North America currently holds the largest share in the aircraft engine segment led by US aerospace giants. Europe is another major market supported by presence of leading engine manufacturers Rolls Royce and MTU.

Key players

Key players operating in the high speed engine market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, Ansaldo Energia. GE dominated the market with over 30% share owing to its jet engine technologies powering most popular narrow body and wide body aircraft fleets like CFM, GEnx and LEAP.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it