This report explores value creation in the aviation business between 2000 and 2019 and highlights pertinent breakthroughs. Innovation-savvy aviation professionals were chosen and asked to respond to a poll that listed the top inventions in the sector. By providing a list of developments and a discussion of technological path dependency and value proposition with examples, this paper adds to the history of recent aviation. This summary helps practitioners and scholars confirm how these technologies have reshaped the global industry, making it safer, more sustainable, nimble, and efficient. The inventions that were chosen include both established technologies and new ones that were introduced during the suggested timeframe. 33 innovations primarily related to incremental and technical typologies that add value to products were mapped. In addition, this study provides insightful findings by classifying the value created for the aviation sector into five innovation clusters: (1) aircraft technology, adding value in terms of efficiency and sustainability; (2) innovation in passenger services, creating more personalized services and enhancing the customer experience; (3) innovation in flying, adding value in terms of safety and the security environment; (4) business and operational management, improving procedures and revenue; (5) and general applications, adding value in terms of Aviation 4.0 (increases in automation and data exchange, including cyber-physical systems, the Internet of Things (IOT) and cloud computing).