Jet engines are internal combustion reaction engines used to power aircraft and rockets. These engines work on the jet propulsion principle, which creates thrust by forcing hot exhaust gases out of a narrow nozzle. This creates lift in airplanes and rockets. Several types of jet engines such as turbojets, ramjets, pulsejets, turbofan, and turboprop are available in the market. These jet engines are used to power civil aircraft, cargo aircraft, military aircraft, and rockets.
Jet engines offer substantial advantages over other engine technologies such as rotary piston engines and Wankel engines. Jet engines deliver higher speeds and better performances compared to their counterparts. Furthermore, the technology does not have any direct substitute due to the myriad advantages it offers. However, internal substitution exists in the industry. Each type of engine offers a specific advantages and performs better under definite conditions. Furthermore, rise in air traffic and improvement in standard of living in developing countries such as India, China, and Brazil are anticipated to boost the demand for new aircraft. This is estimated to directly propel the demand for jet engines during the forecast period.
On the downside, aviation jet engines emit 2% to 2.5% of the total greenhouse gases globally. This number is projected to rise at a rate of 3.5% to 4% year-on-year due to the increase in air traffic and commute. The International Civil Aviation Organization (ICAO) has enacted several air pollution and safety norms that are mandatory for aircraft and jet engine manufacturers. The governing body has implemented the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to lower emissions caused by civil and cargo aircraft.
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Based on technology, the jet engines market can be segmented into turbojet engine, turbofan engine, turboprop engine, pulsejet engine, and others. Each type of the engine works on a different technology and has different airflow, combustion, and components for its operation. A jet engine is suitable for different applications. Each engine operates at different rotational and aircraft speeds. Aircraft designed to travel at supersonic speeds usually are mounted with turbofan or turbojet engines. However, turbojet engines have the highest thrust and hence are used for aircraft that travel at mach 4 speed. In terms of application, the jet engines market can be divided into commercial/civilian and military. The commercial and civilian category is a lucrative market primarily due to the sheer volume of the aircraft, while military applications require specific and niche development programs.
In terms of geography, the global jet engines market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. North America and Europe are major markets for jet engines, led by the presence of key aircraft manufacturers such as Boeing, Airbus, Lockheed Martin, and Bombardier in these regions. Asia Pacific is also a prominent market for jet engines owing to the rise in air travel and passenger count, which calls for commissioning of new aircraft in the region. In recent years, Asia Pacific has witnessed substantially high new airplane deliveries. Thus, Asia Pacific is projected to be a prominent region of the jet engines market in the near future. It is likely to create significant growth opportunities for jet engine manufactures.
Major players operating in the global jet engines market include Rolls Royce, General Electric Aviation, Safran, and Pratt & Whitney. These four companies have oligopoly in the jet engines market. Thus, the jet engines market is highly consolidated.
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