Outlook of the global commercial aircraft propeller systems market
Technavio’s market research analyst predicts the global commercial aircraft propeller systems market to grow at a CAGR of approximately 4% by 2020. Operators in the aviation industry are continuously striving to reduce their operating costs and increase their profit margins. Consequently, many vendors in the aviation industry are engaging in the development of new engines that will help to increase the operational and fuel efficiency of an aircraft. This will lead to the development of advanced propellers, which in turn will foster the prospects for market growth until the end of 2020.
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.
Geographical segmentation of the commercial aircraft propeller systems market
In this segmentation analysis, analysts have estimated the Americas to be the largest market for commercial aircraft propeller systems during the forecast period. Much of this region’s growth can be attributed to the presence of a mature market in North America, especially in terms of aircraft production, exports, and aviation MRO activities. Moreover, factors like the increasing demand for turboprop aircraft will also aid in the growth of this market in the Americas. According to the market research analysts, the market in this region will grow at a steady CAGR of more than 3% by 2020.
Competitive landscape and key vendors
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.
The leading vendors in the market are -
UTC Aerospace Systems
Other prominent vendors in the market include Culver Props, Curtiss-Wright, Electravia, Dowty Propellers (GE), and WhirlWind Propellers.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global commercial aircraft propeller systems market?
What are the key market trends impacting the growth of the global commercial aircraft propeller systems market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global commercial aircraft propeller systems market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global commercial aircraft propeller systems market?
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