Categories: Market Research

Turboprop Engine Market Size and Forecast 2024-2033|Lockheed Martin Corp., Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., GE Aerospace

The Turboprop Engine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Turboprop Engine Global Market Report 2024, 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.

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.

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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

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 report table of contents includes:

1. Executive Summary

2. Turboprop Engine Market Characteristics

3. Turboprop Engine Market Trends And Strategies

4. Turboprop Engine Market – Macro Economic Scenario

5. Global Turboprop Engine Market Size and Growth

26. South America Turboprop Engine Market

27. Brazil Turboprop Engine Market

28. Middle East Turboprop Engine Market

29. Africa Turboprop Engine Market

30. Turboprop Engine Market Competitive Landscape And Company Profiles

Top Major Players: