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市場調查報告書
商品編碼
2019268

全球飛機渦輪扇引擎市場：依應用、引擎類型、推力範圍、零件及地區進行分析－市場規模、產業趨勢、機會分析及2026-2035年預測

Global Aircraft Turbofan Engine Market: Analysis By Application, Engine Type, Thrust Range, Component, Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2026-2035
出版日期: | 出版商: Astute Analytica | 英文 260 Pages | 商品交期: 最快1-2個工作天內

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簡介目錄

全球飛機渦輪扇引擎市場正經歷強勁且持續的成長，這反映了民用航空的擴張以及對更高效、更環保技術的追求。 2025年，該市場規模為1,125.8億美元，預計到2035年將達到1,861.9億美元，2026年至2035年預測期間的複合年成長率（CAGR）為5.16%。這一成長主要得益於飛機交付的增加，航空公司為了提高營運效率和減少環境影響，紛紛用新一代飛機替換老舊飛機。

從區域來看，北美市場主導，這得益於其作為製造商和航空公司集中地的優勢。該地區是研發和生產的重要中心，鞏固了其在全球渦輪扇引擎行業的主導地位。競爭格局由CFM國際公司、普惠公司、通用電氣航空集團和羅爾斯·羅伊斯公司等主要企業組成，它們憑藉技術創新、廣泛的服務網路和長期穩定的客戶關係，各自保持著顯著的市場佔有率。

顯著的市場趨勢

飛機渦輪扇引擎市場由少數幾家主要企業組成，這些企業擁有極強的市場影響力。其中，GE航空航太公司、普惠公司（RTX）、羅爾斯·羅伊斯公司和賽峰飛機引擎公司等一級製造商處於領先地位。這些公司獨立營運或透過策略合資企業（例如CFM國際公司和引擎聯盟公司）開展業務，合計佔據了商用渦輪扇引擎市場約90%的佔有率。

這一強大的市場地位得益於幾個關鍵因素。首先，設計和製造現代高涵道比渦輪扇引擎所需的研發成本極其高昂，通常一個研發週期就需要數十億美元。其次，領先的製造商擁有廣泛的智慧財產權組合，包括專利、專有製造技術和專業技術，這些都是競爭對手難以模仿的。

最後，數十年來從數千台運作中的引擎累積的運行數據，使這些公司在預測性維護、引擎最佳化和性能提升方面擁有顯著優勢。利用這龐大的資料集，它們能夠持續提升引擎的效率、可靠性和安全性，進一步鞏固其市場主導地位，並使新進入者難以立足。

主要成長要素

截至2026年，受全球機隊現代化進程的推動，飛機渦輪扇引擎的需求將顯著成長。世界各地的航空公司正在加速以新一代機型取代老舊、低效的飛機。這項轉變是由多種相互關聯的因素共同驅動的，包括應對燃油成本波動、遵守日益嚴格的國際碳排放法規，以及將永續航空燃料（SAF）作為更廣泛環保舉措的一部分。現代引擎不僅提高了燃油效率，還降低了排放氣體，使其成為航空公司永續發展策略的重要組成部分。

新機會的趨勢

數位雙胞胎技術的興起為飛機維修、修理和大修 (MRO) 領域帶來了巨大的發展機會。數位雙胞胎是實體引擎的精確虛擬副本，並持續更新即時運行數據。透過反映引擎的實際性能和狀態，數位雙胞胎為 MRO 工程師提供了強大的預測性維護工具。工程師不再僅依賴標準的維護計劃，而是可以利用數位雙胞胎技術模擬磨損和損傷的影響，並根據特定航空公司的航線情況進行客製化。

最佳化障礙

儘管需求強勁，但航空渦輪扇引擎市場正面臨近年來最嚴重的供應鏈危機之一。 2025年，由於航太級鈦合金和特殊高溫合金等關鍵原料供應瓶頸，該市場將面臨重大限制。這些原料是製造高強度、耐高溫零件（如渦輪葉片和壓縮機盤）所必需的。這些材料的供應有限，而且通常需要較長的開採、提煉和認證前置作業時間。此外，缺乏製造大型、高可靠性引擎零件所需的大規模鍛造和鑄造能力，也進一步加劇了這個問題。

目錄

第1章執行摘要：全球飛機渦流扇引擎市場

第2章：調查方法與研究框架

  • 研究目標
  • 產品概述
  • 市場區隔
  • 定性研究
    • 一手和二手資訊
  • 量化研究
    • 一手和二手資訊
  • 按地區分類的主要調查受訪者組成
  • 本研究的前提
  • 市場規模估算
  • 數據三角測量

第3章：全球飛機渦輪扇引擎市場概覽

  • 產業價值鏈分析
    • 原料供應商（鈦、鎳合金、複合材料）
    • 零件製造商（風扇葉片、壓縮機、渦輪機）
    • 引擎OEM（設計和組裝）
    • MRO服務供應商（維修、修理和大修）
    • 飛機製造商（OEM整合）
    • 航空公司和租賃公司
    • 監管機構（FAA、EASA、DGCA）
  • 產業展望
    • 全球航空客運量增加
    • 擴大飛機機隊
    • 節能引擎的需求日益成長
    • 新一代引擎（齒輪傳動渦輪扇引擎、超風扇引擎）的出現
    • 更嚴格的排放氣體和噪音法規
    • 對窄體飛機的需求增加
    • 廉價航空公司（LCC）的成長
    • 全球MRO業務拓展
  • PESTLE分析
  • 波特五力分析
    • 供應商的議價能力
    • 買方的議價能力
    • 替代品的威脅
    • 新進入者的威脅
    • 競爭強度
  • 市場動態和趨勢
    • 成長要素
    • 抑制因子
    • 機會
    • 主要趨勢
  • 市場成長及前景
    • 市場獲利估算與預測（2020-2035）
    • 價格趨勢分析

第4章：競爭對手儀錶板

  • 市場集中度
  • 企業市場占有率分析（以金額為準，%），2025 年
  • 競爭格局分析與基準測試
  • Start-Ups生態系分析
  • 併購和資金籌措趨勢

第5章：全球飛機渦輪扇引擎市場分析

  • 關鍵見解
  • 市場規模及預測（2020-2035）
    • 按引擎類型
      • 高涵道比渦流扇
      • 低旁通渦輪風扇
      • 齒輪傳動式渦輪扇引擎（GTF）
    • 透過使用
      • 民航
      • 軍事航空
      • 商務及通用航空
    • 按組件
      • 風扇壓縮機
      • 渦輪
      • 燃燒室
      • 變速箱
      • 排氣系統
    • 按推力範圍
      • 小於20,000磅力
      • 20,000～50,000 lbf
      • 超過50,000磅力
    • 按地區
      • 北美洲
        • 美國
        • 加拿大
        • 墨西哥
      • 歐洲
        • 西歐
          • 英格蘭
          • 德國
          • 法國
          • 義大利
          • 西班牙
          • 其他西歐國家
        • 東歐
          • 波蘭
          • 俄羅斯
          • 其他東歐國家
      • 亞太地區
        • 中國
        • 印度
        • 日本
        • 韓國
        • 澳洲和紐西蘭
        • ASEAN
          • 印尼
          • 馬來西亞
          • 泰國
          • 新加坡
          • 其他東協國家
        • 其他亞太地區
      • 中東和非洲
        • 阿拉伯聯合大公國
        • 沙烏地阿拉伯
        • 南非
        • 其他中東和非洲
      • 南非，美國
        • 阿根廷
        • 巴西
        • 南美洲其他地區

第6章：北美飛機渦輪扇引擎市場分析

第7章：歐洲飛機渦輪扇引擎市場分析

第8章：亞太地區飛機渦輪扇引擎市場分析

第9章：中東和非洲飛機渦輪扇引擎市場分析

第10章：南美飛機渦輪扇引擎市場分析

第11章：公司簡介

  • Aviadvigatel
  • CFM International
  • GE Aerospace
  • Honeywell Aerospace
  • IHI Corporation
  • Kawasaki Heavy Industries
  • MTU Aero Engines
  • Pratt &Whitney
  • Rolls-Royce
  • Safran
  • Other Prominent Players

第12章附錄

簡介目錄
Product Code: AA04261751

The global aircraft turbofan engine market is witnessing strong and sustained growth, reflecting both the expansion of commercial aviation and the push for more efficient, environmentally responsible technologies. Valued at USD 112.58 billion in 2025, the market is projected to reach USD 186.19 billion by 2035, representing a compound annual growth rate (CAGR) of 5.16% over the forecast period from 2026 to 2035. This growth is largely fueled by rising aircraft deliveries as airlines replace older fleets with next-generation aircraft, increasing operational efficiency and reducing environmental impact.

Geographically, the market is dominated by North America, which benefits from a strong concentration of both manufacturers and airline operators. The region serves as a key hub for research, development, and production, reinforcing its leading position in the global turbofan engine industry. The competitive landscape is shaped by major players such as CFM International, Pratt & Whitney, GE Aviation, and Rolls-Royce, all of which maintain significant market share through a combination of technological innovation, extensive service networks, and long-standing customer relationships.

Noteworthy Market Developments

The competitive landscape of the aircraft turbofan engine market is dominated by a tightly controlled oligopoly, marked by a few powerful players holding substantial market influence. At the forefront are the Tier 1 prime manufacturers: GE Aerospace, Pratt & Whitney (RTX), Rolls-Royce, and Safran Aircraft Engines. These companies, either operating independently or through strategic joint ventures such as CFM International and Engine Alliance, collectively command nearly 90% of the commercial turbofan engine market.

This strong market position is underpinned by several critical factors. First, the research and development costs required to design and produce modern high-bypass turbofan engines are extraordinarily high, often reaching billions of dollars over a single development cycle. Second, the leading manufacturers possess extensive intellectual property portfolios, encompassing patents, proprietary manufacturing techniques, and specialized knowledge that competitors cannot easily replicate.

Finally, decades of accumulated operational data from thousands of engines in service provide these companies with a significant advantage in predictive maintenance, engine optimization, and performance refinement. By leveraging this rich dataset, they can continuously improve engine efficiency, reliability, and safety, further solidifying their market dominance and making it extremely challenging for new entrants to gain a foothold.

Core Growth Drivers

As of 2026, the demand for aircraft turbofan engines is experiencing a notable surge, fueled by a global emphasis on fleet modernization. Airlines worldwide are accelerating the replacement of older, less efficient aircraft with next-generation models. This shift is driven by several interconnected factors, including the need to manage volatile fuel costs, comply with increasingly strict international carbon emission regulations, and adopt Sustainable Aviation Fuel (SAF) as part of broader environmental commitments. Modern engines offer not only improved fuel efficiency but also reduced emissions, making them an essential component of airlines' sustainability strategies.

Emerging Opportunity Trends

The rise of digital twins represents a significant and emerging opportunity for growth within the aviation maintenance, repair, and overhaul (MRO) sector. A digital twin is a precise virtual replica of a physical engine, continuously updated with real-time operational data. By mirroring the engine's actual performance and condition, digital twins provide MRO engineers with a powerful tool for predictive maintenance. Rather than relying solely on standard maintenance schedules, engineers can use the digital twin to simulate the effects of wear and tear tailored to specific airline route profiles.

Barriers to Optimization

Despite strong demand, the aircraft turbofan engine market is grappling with one of the most severe supply chain crises in recent history. In 2025, the market faces significant constraints due to bottlenecks in critical raw materials, particularly aerospace-grade titanium and specialized superalloys, which are essential for high-strength, high-temperature components such as turbine blades and compressor disks. These materials are limited in availability, often requiring long lead times for extraction, refinement, and certification. Compounding the issue is a shortage of heavy forging and casting capacities needed to produce large, high-integrity engine parts.

Detailed Market Segmentation

By component, the fan and compressor segment held a significant share of the global aircraft turbofan engine market in 2025, contributing approximately 31.27% to total market revenue. This dominance can be attributed to both the substantial physical scale of these components and their critical role in engine performance, which necessitates regular maintenance and replacement over the engine's operational life. As primary stages in the turbofan engine, the fan and compressor are at the forefront of aerodynamic engineering, converting airflow into the high-pressure air needed for combustion while sustaining the initial thrust for the aircraft.

By application, the commercial aviation segment dominated the aircraft turbofan engine market in 2025, accounting for approximately 65.94% of the global share. This dominance is largely driven by the strong post-pandemic recovery in global passenger air traffic, which has prompted airlines to ramp up operations, restore flight frequencies, and modernize fleets. Both mega-carriers and low-cost carriers (LCCs) are investing heavily in fleet expansions and replacements, driving sustained demand for turbofan engines designed specifically for commercial aircraft.

By thrust range, the above 50,000 lbf segment dominated the aircraft turbofan engine market, capturing approximately 50.23% of the global share. This category of engines is specifically engineered to power widebody aircraft such as the Boeing 787 Dreamliner, Boeing 777X, and Airbus A350, which are among the largest and most technologically advanced commercial airplanes in operation today. The dominance of this segment is largely attributable to the high cost, engineering complexity, and significant profit margins associated with these powerful engines, which make them a major contributor to overall market valuation.

By engine type, the high bypass turbofan segment dominated the aircraft turbofan engine market, holding an impressive share of approximately 78%. This commanding position is primarily due to the segment's unmatched efficiency and performance characteristics, which have made it the preferred choice for modern commercial aviation. High bypass turbofan engines are designed to maximize thrust while minimizing fuel consumption, delivering superior thermodynamic and propulsive efficiency compared to other engine types.

Segment Breakdown

By Engine Type

  • High Bypass Turbofan
  • Low Bypass Turbofan
  • Geared Turbofan (GTF)

By Application

  • Commercial Aviation
  • Military Aviation
  • Business & General Aviation

By Component

  • Fan & Compressor
  • Turbine
  • Combustor
  • Gearbox
  • Exhaust System

By Thrust Range

  • Below 20,000 lbf
  • 20,000-50,000 lbf
  • Above 50,000 lbf

By Region

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
  • Middle East & Africa (MEA)
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA
  • South America
  • Argentina
  • Brazil
  • Rest of South America

Geography Breakdown

  • In 2025, North America held the largest share of the aircraft turbofan engine market, accounting for approximately 36.54% of the global market. This dominance is largely driven by the region's well-established aerospace ecosystem, which includes a concentration of leading original equipment manufacturers (OEMs) such as GE Aerospace and Pratt & Whitney, alongside an extensive domestic aviation network. The combination of advanced manufacturing capabilities, technological expertise, and a mature commercial aviation infrastructure has allowed North America to maintain a stronghold in turbofan engine production and innovation.
  • In contrast, the Asia Pacific region is poised to experience the fastest growth between 2026 and 2035, reflecting a distinct trajectory from the Western market. The surge in demand is fueled by the region's rapidly expanding commercial aviation sector, driven by growing middle-class populations, increased air travel, and government investments in airport infrastructure and aviation modernization.
  • This geographical distribution illustrates a tale of two dynamics: entrenched industrial dominance in the West versus explosive demographic-driven demand in the East. While North America continues to lead in technological sophistication, research and development, and established aerospace supply chains, the commercial center of gravity is decisively shifting eastward.

Leading Market Participants

  • Aviadvigatel
  • CFM International
  • GE Aerospace
  • Honeywell Aerospace
  • IHI Corporation
  • Kawasaki Heavy Industries
  • MTU Aero Engines
  • Pratt & Whitney
  • Rolls-Royce
  • Safran
  • Other Prominent Players

Table of Content

Chapter 1. Executive Summary: Global Aircraft Turbofan Engine Market

Chapter 2. Research Methodology & Research Framework

  • 2.1. Research Objective
  • 2.2. Product Overview
  • 2.3. Market Segmentation
  • 2.4. Qualitative Research
    • 2.4.1. Primary & Secondary Sources
  • 2.5. Quantitative Research
    • 2.5.1. Primary & Secondary Sources
  • 2.6. Breakdown of Primary Research Respondents, By Region
  • 2.7. Assumption for Study
  • 2.8. Market Size Estimation
  • 2.9. Data Triangulation

Chapter 3. Global Aircraft Turbofan Engine Market Overview

  • 3.1. Industry Value Chain Analysis
    • 3.1.1. Raw Material Suppliers (Titanium, Nickel Alloys, Composites)
    • 3.1.2. Component Manufacturers (Fan Blades, Compressors, Turbines)
    • 3.1.3. Engine OEMs (Design & Assembly)
    • 3.1.4. MRO Service Providers (Maintenance, Repair & Overhaul)
    • 3.1.5. Aircraft Manufacturers (OEM Integration)
    • 3.1.6. Airlines & Leasing Companies
    • 3.1.7. Regulatory Authorities (FAA, EASA, DGCA)
  • 3.2. Industry Outlook
    • 3.2.1. Rising Global Air Passenger Traffic
    • 3.2.2. Increasing Aircraft Fleet Expansion
    • 3.2.3. Growing Demand for Fuel-Efficient Engines
    • 3.2.4. Emergence of Next-Generation Engines (Geared Turbofan, UltraFan)
    • 3.2.5. Stringent Emission & Noise Regulations
    • 3.2.6. Increasing Demand for Narrow-Body Aircraft
    • 3.2.7. Growth in Low-Cost Carriers (LCCs)
    • 3.2.8. Rising MRO Activities Globally
  • 3.3. PESTLE Analysis
  • 3.4. Porter's Five Forces Analysis
    • 3.4.1. Bargaining Power of Suppliers
    • 3.4.2. Bargaining Power of Buyers
    • 3.4.3. Threat of Substitutes
    • 3.4.4. Threat of New Entrants
    • 3.4.5. Degree of Competition
  • 3.5. Market Dynamics and Trends
    • 3.5.1. Growth Drivers
      • 3.5.1.1. Increasing Demand for Fuel Efficiency is drive the market growth
    • 3.5.2. Restraints
    • 3.5.3. Opportunity
    • 3.5.4. Key Trend
  • 3.6. Market Growth and Outlook
    • 3.6.1. Market Revenue Estimates and Forecast (US$ Mn), 2020 - 2035
    • 3.6.2. Price Trend Analysis

Chapter 4. Competition Dashboard

  • 4.1. Market Concentration Rate
  • 4.2. Company Market Share Analysis (Value %), 2025
  • 4.3. Competitor Mapping & Benchmarking
  • 4.4. Startup Ecosystem Analysis
  • 4.5. M&A and Funding Landscape

Chapter 5. Global Aircraft Turbofan Engine Market Analysis

  • 5.1. Key Insights
  • 5.2. Market Size and Forecast, 2020-2035 (US$ Mn)
    • 5.2.1. By Engine Type
      • 5.2.1.1. High Bypass Turbofan
      • 5.2.1.2. Low Bypass Turbofan
      • 5.2.1.3. Geared Turbofan (GTF)
    • 5.2.2. By Application
      • 5.2.2.1. Commercial Aviation
      • 5.2.2.2. Military Aviation
      • 5.2.2.3. Business & General Aviation
    • 5.2.3. By Component
      • 5.2.3.1. Fan & Compressor
      • 5.2.3.2. Turbine
      • 5.2.3.3. Combustor
      • 5.2.3.4. Gearbox
      • 5.2.3.5. Exhaust System
    • 5.2.4. By Thrust Range
      • 5.2.4.1. Below 20,000 lbf
      • 5.2.4.2. 20,000-50,000 lbf
      • 5.2.4.3. Above 50,000 lbf
    • 5.2.5. By Region
      • 5.2.5.1. North America
        • 5.2.5.1.1. The U.S.
        • 5.2.5.1.2. Canada
        • 5.2.5.1.3. Mexico
      • 5.2.5.2. Europe
        • 5.2.5.2.1. Western Europe
          • 5.2.5.2.1.1. The UK
          • 5.2.5.2.1.2. Germany
          • 5.2.5.2.1.3. France
          • 5.2.5.2.1.4. Italy
          • 5.2.5.2.1.5. Spain
          • 5.2.5.2.1.6. Rest of Western Europe
        • 5.2.5.2.2. Eastern Europe
          • 5.2.5.2.2.1. Poland
          • 5.2.5.2.2.2. Russia
          • 5.2.5.2.2.3. Rest of Eastern Europe
      • 5.2.5.3. Asia Pacific
        • 5.2.5.3.1. China
        • 5.2.5.3.2. India
        • 5.2.5.3.3. Japan
        • 5.2.5.3.4. South Korea
        • 5.2.5.3.5. Australia & New Zealand
        • 5.2.5.3.6. ASEAN
          • 5.2.5.3.6.1. Indonesia
          • 5.2.5.3.6.2. Malaysia
          • 5.2.5.3.6.3. Thailand
          • 5.2.5.3.6.4. Singapore
          • 5.2.5.3.6.5. Rest of ASEAN
        • 5.2.5.3.7. Rest of Asia Pacific
      • 5.2.5.4. Middle East & Africa
        • 5.2.5.4.1. UAE
        • 5.2.5.4.2. Saudi Arabia
        • 5.2.5.4.3. South Africa
        • 5.2.5.4.4. Rest of MEA
      • 5.2.5.5. South America
        • 5.2.5.5.1. Argentina
        • 5.2.5.5.2. Brazil
        • 5.2.5.5.3. Rest of South America

Chapter 6. North America Aircraft Turbofan Engine Market Analysis

  • 6.1. Market Dynamics and Trends
    • 6.1.1. Growth Drivers
    • 6.1.2. Restraints
    • 6.1.3. Opportunity
    • 6.1.4. Key Trends
  • 6.2. Market Size and Forecast, 2020-2035 (US$ Mn)
    • 6.2.1. By Engine Type
    • 6.2.2. By Application
    • 6.2.3. By Component
    • 6.2.4. By Thrust Range
    • 6.2.5. By Country

Chapter 7. Europe Aircraft Turbofan Engine Market Analysis

  • 7.1. Market Dynamics and Trends
    • 7.1.1. Growth Drivers
    • 7.1.2. Restraints
    • 7.1.3. Opportunity
    • 7.1.4. Key Trends
  • 7.2. Market Size and Forecast, 2020-2035 (US$ Mn)
    • 7.2.1. By Engine Type
    • 7.2.2. By Application
    • 7.2.3. By Component
    • 7.2.4. By Thrust Range
    • 7.2.5. By Country

Chapter 8. Asia Pacific Aircraft Turbofan Engine Market Analysis

  • 8.1. Market Dynamics and Trends
    • 8.1.1. Growth Drivers
    • 8.1.2. Restraints
    • 8.1.3. Opportunity
    • 8.1.4. Key Trends
  • 8.2. Market Size and Forecast, 2020-2035 (US$ Mn)
    • 8.2.1. By Engine Type
    • 8.2.2. By Application
    • 8.2.3. By Component
    • 8.2.4. By Thrust Range
    • 8.2.5. By Country

Chapter 9. Middle East & Africa Ground Aircraft Turbofan Engine Market Analysis

  • 9.1. Market Dynamics and Trends
    • 9.1.1. Growth Drivers
    • 9.1.2. Restraints
    • 9.1.3. Opportunity
    • 9.1.4. Key Trends
  • 9.2. Market Size and Forecast, 2020-2035 (US$ Mn)
    • 9.2.1. By Engine Type
    • 9.2.2. By Application
    • 9.2.3. By Component
    • 9.2.4. By Thrust Range
    • 9.2.5. By Country

Chapter 10. South America Aircraft Turbofan Engine Market Analysis

  • 10.1. Market Dynamics and Trends
    • 10.1.1. Growth Drivers
    • 10.1.2. Restraints
    • 10.1.3. Opportunity
    • 10.1.4. Key Trends
  • 10.2. Market Size and Forecast, 2020-2035 (US$ Mn)
    • 10.2.1. By Engine Type
    • 10.2.2. By Application
    • 10.2.3. By Component
    • 10.2.4. By Thrust Range
    • 10.2.5. By Country

Chapter 11. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)

  • 11.1. Aviadvigatel
  • 11.2. CFM International
  • 11.3. GE Aerospace
  • 11.4. Honeywell Aerospace
  • 11.5. IHI Corporation
  • 11.6. Kawasaki Heavy Industries
  • 11.7. MTU Aero Engines
  • 11.8. Pratt & Whitney
  • 11.9. Rolls-Royce
  • 11.10. Safran
  • 11.11. Other Prominent Players

Chapter 12. Annexure

  • 12.1. List of Secondary Sources
  • 12.2. Macro-Economic Outlook/Indicators