The turboprop engine global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Turboprop Engine Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The turboprop engine market size has grown strongly in recent years. It will grow from $3.13 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to introduction of turboprop technology, military applications, development of regional aircraft, efficiency in short-haul operations, global economic growth.
The turboprop engine market size is expected to see strong growth in the next few years. It will grow to $4.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing regional connectivity, environmental sustainability, fuel efficiency and cost savings, demand for versatile aircraft, rising business aviation. Major trends in the forecast period include sustainable aviation, electrification, regional air mobility, adoption of advanced materials, autonomous and unmanned aircraft.
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Scope Of Turboprop Engine Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Turboprop Engine Market Overview
Market Drivers –
The increasing demand for newer aircraft models is expected to propel the growth of the turboprop engine market in the coming years. Newer aircraft models generally refer to the latest generations of aircraft that have been recently designed, developed, and manufactured by aerospace companies. Turboprop engines are used in aircraft that require good fuel efficiency, short takeoff and landing capabilities, and the ability to operate from airports with shorter runways. For instance, in October 2023, according to the General Aviation Manufacturers Association (GAMA), a US trade association representing the general aviation industry, in Q2 2023, fixed-wing business aviation aircraft deliveries globally rose by 18.5% to 772 units, up from 681 in Q2 2022. Further, the turboprop segment drove this growth, showing a significant 26.3% increase, with 173 units delivered in Q2 2023 compared to the same period in 2022. Therefore, the increasing demand for newer aircraft models is driving the growth of the turboprop engine market.
Market Trends –
Major companies operating in the turboprop engine market are focusing on innovative products, such as fuel-efficient regional turboprop engines, to increase their market share and meet the growing demand for sustainable aviation solutions in the evolving aerospace industry. A fuel-efficient regional turboprop engine is a propulsion system optimized for economical fuel consumption in short-haul and regional flights, typically featuring advanced technologies for enhanced efficiency. For instance, in November 2021, Pratt & Whitney Canada, a Canada-based manufacturing company of turboprop engines, launched a regional turboprop PW127XT engine series. The regional turboprop PW127XT engine series is built with innovative materials and technology to provide the highest degree of efficiency, time on the wing, and servicing. Customers may save 40% more time on the wing with the PW127XT-M engine since it moves the timeline for both engine maintenance intervals and hot section examinations to the right compared to the PW127M.
The turboprop engine market covered in this report is segmented –
1) By Type: Axial-Flow Type Turboprop Engines, Centrifugal Type Turboprop Engines
2) By Technology: Conventional Engine, Electric Or Hybrid Engine
3) By Platform: Fixed Wing, Rotary Wing
4) By Application: Commercial Aviation, Military Aviation, General Aviation
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Regional Insights –
North America was the largest region in the turboprop engine market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the turboprop engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the turboprop engine market report are Lockheed Martin Corp., Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., GE Aerospace, Safran S.A., Pratt & Whitney, Textron Aviation Inc., Kawasaki Heavy Industries ltd, IHI Corporation, Rotax Aircraft Engines , Rolls-Royce Plc, Embrear SA, McCauley Propeller Systems , DAHER, ATR, Pilatus Aircraft LTD., Mitsubishi Heavy Industries Aero Engines, PBS Aerospace, Quest Aircraft Company , Precision Aviation Group Inc., Air Tractor Inc., Technify Motors , Turbotech, Avidyne Corporation, Varman Aviation Private Limited, Motor Sich JSC, OMA SUD, TurbAero, Heron Engines
Table of Contents
1. Executive Summary
2. Turboprop Engine Market Report Structure
3. Turboprop Engine Market Trends And Strategies
4. Turboprop Engine Market – Macro Economic Scenario
5. Turboprop Engine Market Size And Growth
…..
27. Turboprop Engine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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