The commercial aviation sector is witnessing a notable rise in the preference for turboprop engine-powered aircraft, driven by the launch of new regional routes. Turboprop engines, known for their high efficiency in short-distance and low-altitude flights, are becoming increasingly popular. This growth trend extends beyond commercial aviation, with the military and general aviation segments also seeing heightened demand.
NEWARK, DE / ACCESSWIRE / July 16, 2024 / According to Future Market Insights (FMI), the worldwide turboprop engine market is anticipated to reach USD 1.2 billion in 2024 and USD 2.2 billion by 2034. The market is projected to rise at a CAGR of 6.2% by 2034.
The turboprop engine market is experiencing a surge in demand due to its capability to cover short routes, low altitude capability, and cost efficiency. Rising progressions in engine technology are transforming turboprops, improving noise, reducing pollutants, and increasing fuel efficiency.
Demand for turboprop engine-powered aircraft in commercial aviation is rising due to new regional routes and their efficiency in low-altitude flying. This trend is also marked in the military and general aviation sectors.
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The adoption of aerodynamics and composite materials is making light, long-distance turboprops more competitive, drawing in new consumer groups and opening new access points. Long-term research and development investments are projected to lead to significant advancements in these technologies, resulting in high fuel economy and low emissions.
Key Takeaways from the Turboprop Engine Market Report:
The turboprop engine market is projected to reach a valuation of USD 2.2 billion by 2034.
The market is projected to surge at a CAGR of 6.2% by 2034.
Japan's turboprop engine market is estimated to grow at a CAGR of 7.4% by 2034.
The United Kingdom is projected to reach a valuation of USD 89.7 million in 2034.
Based on type, the single shaft segment is set to surge at 6% CAGR through 2034.
"Turboprop-powered aircraft are vital for connecting small cities to key hubs, supporting economic growth and tourism. As defense budgets increase and military requirements evolve, there's a growing demand for modernizing and upgrading turboprop-powered military aircraft, fueling growth." - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape:
Pratt & Whitney, Rolls-Royce Plc, GENERAL ELECTRIC, Honeywell International Inc., and Heron Engines are key turboprop engine manufacturers listed in the report. The turboprop engine market is dominated by several OEMs, with long-term contracts making it difficult for new players to enter.
Significant investments in research, development, advanced technologies, automation, and AI are projected to boost production capacity and support the growth of leading manufacturers. This will help the key companies to ramp up their production capacity and maintain competitive share.
Industry Updates-
In September 2023, Rolls-Royce received official certification from the FAA for its Pearl® 700 engine for Gulfstream G700™ and Gulfstream G800™ business aircraft.
In February 2023, GA-ASI partnered with Hindustan Aeronautics Limited (HAL) to offer maintenance, repair, and overhaul services for the MQ-9B aircraft's turbo-propeller engines.
11 Key Companies of the Turboprop Engine Market:
Pratt & Whitney
Rolls-Royce Plc
GENERAL ELECTRIC
Honeywell International Inc.
PBS AEROSPACE
TurbAero
Heron Engines
Turbotech
Textron Aviation Inc.
SAFRAN
PILATUS AIRCRAFT LTD
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Key Segments of Turboprop Engine Market Report:
By Type:
The segment includes two leading types, namely, single shaft and free turbine.
By Application:
The leading applications are commercial aviation, military aviation, and general aviation.
By Technology:
The prominent technologies are conventional engines and electric/hybrid engines.
By Region:
Analysis of the target industry has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
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