Aircraft engines market seen doubling by 2031

By AI, Created 2:16 PM UTC, June 02, 2026, /AGP/ – Global aircraft engine demand is projected to nearly double by 2031 as passenger traffic rebounds, airlines modernize fleets and manufacturers push new production technologies. Asia-Pacific remains the largest market and the fastest-growing region, while supply chain shifts and additive manufacturing are reshaping competition.

Why it matters: - The aircraft engines market is being pulled by rising global passenger traffic, airline fleet modernization and aviation infrastructure investment. - Manufacturers are also under pressure to improve fuel efficiency and cut carbon emissions. - The market’s competitive landscape is changing as companies shift supply chains and adopt new manufacturing methods.

What happened: - Allied Market Research estimated the global aircraft engines market at $79.10 million in 2021 and projected it to reach $158.46 billion by 2031. - The report forecasts a 7.4% CAGR from 2022 to 2031. - Asia-Pacific held nearly one-third of the market in 2021. - Asia-Pacific is projected to keep the largest revenue share in 2031 and post the fastest CAGR at 8.0% during the forecast period. - The report also covers North America, Europe and LAMEA.

The details: - Global passenger traffic surged 65% from January to April 2022 compared with 2021. - Airline seat capacity increased 32% in the same period. - April 2020 was described as an exceptionally difficult month because global passenger travel fell nearly 90%. - Additive manufacturing and laser sintering are expected to reduce research, development and testing costs. - Those technologies also allow engineers to pursue more aggressive and complex engine designs. - GE Aviation received approval in March 2022 to use additive manufacturing for commercial jet engine components at its Loyang facility in Singapore. - The approval is expected to support broader applications while lowering operating costs. - The report identifies General Electric, Rolls Royce, Safaran, Honeywell International Inc, Textron, MTU Aero Engines, Raytheon Technologies, IHI Corporation, MHI and Lycoming Engines as leading players. - The report says these companies are using product development, product launches, collaborations and acquisitions to expand portfolios and regions.

Between the lines: - The Russia-Ukraine war is pushing major aircraft engine manufacturers away from the Russian market. - Boeing, General Electric, Rolls Royce and CFM International have withdrawn from Russia. - Those companies are seeking raw material suppliers in Africa, Asia-Pacific and North America to reduce dependence on Europe. - The shift suggests competitive advantage will increasingly depend on supply chain resilience as much as engine performance.

What’s next: - The report expects post-pandemic travel demand to keep supporting market growth. - Aircraft modernization contracts in commercial and military aviation should add to engine demand. - Ongoing R&D is likely to remain focused on fuel efficiency and lower emissions. - Regional governments are expected to keep backing indigenous manufacturing capacity, which could reshape sourcing and competition.

The bottom line: - The aircraft engines market is growing, but the next phase will be defined by technology shifts, regional manufacturing ambitions and supply chain realignment.