This market research report presents a comprehensive analysis of the key drivers, challenges, and upcoming trends that influence market growth. It also outlines the market shares for key regions like the Americas, EMEA, and APAC. The prominent vendors analyzed in this market study are Airmaster, Dowty Propellers, Hartzell Propeller, McCauley, and UTC Aerospace Systems.
Technavio’s market research analysts estimate the global commercial aircraft propeller systems market to grow at a CAGR of 4% between 2016 and 2020. Of late, the turboprop engine and aircraft manufacturers are developing and expanding the market for turboprop aircraft and engines, which has stimulated the growth of propeller systems. With a rise in global fuel prices, turboprop will become more popular among the regional airlines and low-cost carriers that operate in point-to-point short haul routes. EMEA is expected to be the largest market for commercial aircraft propeller systems globally, owing to the augmented procurement of aircraft fleet in the Middle East.
The new market research report from Technavio provides a breakdown and analysis of the aircraft propeller segments by technology.
“APAC is emerging as one of the potential markets for turboprop aircraft. This has pushed manufacturers to focus their new product launch targeting this region. For instance, ATR has recently launched two new versions of its ATR 72-600 in APAC, where the end-users for both the versions of its ATR 72-600 are from APAC: Cebu Pacific from Philippines and Air Niugini from Papua New Guinea. Moreover, the market is also expected to witness the consolidation of aircraft part manufacturers and suppliers, for broader offerings and second easy capital availability,” says Abhay Singh, Lead Analyst, Aerospace & Defense, Technavio Research
Factors such as the global economic recovery and the advent of improved aviation policies will lead to an increase in the number of air travelers during the forecast period. In 2014, approximately 21,600 aircraft were operational on a global scale, and the number is expected to grow at a CAGR of 4% annually by 2034. Also, with the advent of new technologies, vendors have had the opportunity to develop turboprop engines for the general aviation sector. For instance, GE Aviation, one of the major engine manufacturers, is expecting to observe $1 billion annual sales of such engines by 2020. The augmented sale of such engines will contribute towards the growth of this market over the next few years.
The leading vendors in the global commercial aircraft propeller systems market include Airmaster, Dowty Propellers, Hartzell Propeller, McCauley, and UTC Aerospace Systems. In 2015, GE Aviation teamed up with Textron to produce new turboprop engines for the general aviation market. The primary objective for the development of such an engine was to replace the PT6 turboprop engine. Similarly, other international players are also expected to launch similar products with investments in upgrading existing technologies. The competitive environment of this market is expected to intensify with an increase in R&D innovations and M&A in the coming years.
A more detailed analysis is available in the Technavio report, Global Commercial Aircraft Propeller Systems Market 2016-2020.
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