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Turboprop Engine Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 131
  • SKU: IRTNTR73399
Technavio

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The predicted growth of the turboprop engine market size from 2021 to 2026 is USD 1.54 billion at a progressing CAGR of 5.24%.

This turboprop engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The turboprop engine market report also offers information on several market vendors, including Air Tractor Inc., Airbus SE, ATR, DAHER, Embrear SA, General Electric Co., Honeywell International Inc., Lockheed Martin Corp., Northrop Grumman Corp., PBS Group AS, PIAGGIO AERO INDUSTRIES Spa, Pilatus Aircraft Ltd., Piper Aircraft Inc., Pratt and Whitney, Rolls-Royce Holdings Plc, Safran SA, Textron Inc., Viking Air Ltd., and Williams International Co. LLC among others.

This report extensively covers turboprop engine market segmentation by the following:

  • Application - Commercial, Military, and General aviation
  • Geography - North America, Europe, APAC, Middle East and Africa, and South America

What will the Turboprop Engine Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Turboprop Engine Market Size for the Forecast Period and Other Important Statistics

 

Turboprop Engine Market: Key Drivers, Trends, and Challenges

The increase in aircraft deliveries is notably driving the turboprop engine market growth, although factors such as impact of covid-19 on the aviation industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the turboprop engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Turboprop Engine Market Driver

  • One of the key factors driving growth in the turboprop engine market is the increase in aircraft deliveries.
  • Air travel is expected to grow at a steady pace during the forecast period despite the presence of several challenges for the aviation industry.
  • The demand in the air travel industry is anticipated to increase during the forecast period due to the rising affluence of the middle-class population in emerging economies.
  • The sustained YoY increase in air traffic makes it necessary for airline operators to procure new aircraft to address the rising demand.
  • In recent years, developing countries such as India, China, and others have significantly added to their production of aircraft.
  • The increased procurement of new aircraft, coupled with planned expansions by prominent aircraft OEMs, is expected to support the growth of the market during the forecast period.

Key Turboprop Engine Market Trend

  • The advancements in aircraft engine technologies is a turboprop engine market trend that is expected to have a positive impact in the coming years.
  • The aviation industry continues to be one of the most carbon-intensive industries. With the aim of reducing emissions and ensuring better compliance with sustainability targets, airports and airline companies have resorted to utilizing renewable energy sources for long-term sustenance.
  • The technology is already undergoing development for application in light aircraft. Although there are no all-electric or gas-electric hybrid aircraft operating in the commercial sector, major vendors such as Zunum Aero, which is backed by Boeing HorizonX and Jet Blue Technology Ventures, plan to launch a hybrid aircraft by 2022.
  • Innovations and efforts toward such experimental projects made by associations and top aircraft engine manufacturers have created hype in the market, and end-users are expecting results from these projects, which will shape the future of the aviation industry.

Key Turboprop Engine Market Challenge

  • The impact of COVID-19 on the aviation industry will be a major challenge for the turboprop engine market during the forecast period.
  • Air travel has reached a historic low level due to the pandemic, and the situation is not expected to go back to pre-pandemic levels any time soon. As airline companies grapple with the huge financial setback triggered by the pandemic, they are aggressively reassessing their fleet strategies and capital expenditure.
  • In the backdrop of these circumstances, it is unlikely that the global aviation industry will see new aircraft orders reach close to pre-pandemic levels in the near future.
  • The restrictions on and closure of air travel across various parts of the globe resulted in massive revenue losses for airline companies.
  • The slowdown in the aviation industry and the decline in aircraft manufacturing activities will have a negative impact on the demand for and use of turboprop engines during the forecast period.

This turboprop engine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Turboprop Engine Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Air Tractor Inc.
  • Airbus SE
  • ATR
  • DAHER
  • Embrear SA
  • General Electric Co.
  • Honeywell International Inc.
  • Lockheed Martin Corp.
  • Northrop Grumman Corp.
  • PBS Group AS
  • PIAGGIO AERO INDUSTRIES Spa
  • Pilatus Aircraft Ltd.
  • Piper Aircraft Inc.
  • Pratt and Whitney
  • Rolls-Royce Holdings Plc
  • Safran SA
  • Textron Inc.
  • Viking Air Ltd.
  • Williams International Co. LLC

 

This statistical study of the turboprop engine market encompasses successful business strategies deployed by the key vendors. The turboprop engine market is concentrated and the vendors are deploying growth strategies such as focusing on varied product offerings and R&D investments to compete in the market.

Product Insights and News

  • airbus.com - The company offers TP 400 turboprop engines which can fly higher, the aircraft can cruise above poor weather and turbulence found at medium altitudes, resulting in less fatigue for the crews, passengers or troops alike.

  • airbus.com - The airbus segment is involved in manufacturing aircraft for passenger airliners.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The turboprop engine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Turboprop Engine Market?

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36% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for turboprop engine in North America. Market growth in this region will be faster than the growth of the market in the South American and MEA regions.

The robust aviation industry and related manufacturing facilities present in North America will facilitate the turboprop engine market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of the COVID-19 pandemic in the region severely impacted the regional aviation industry in 2020. Countries in the region imposed stringent lockdown norms to contain the spread of the disease. Many manufacturing units for aircraft in North America faced temporary closures in 2020, which had a negative impact on the growth of the turboprop engine market in the region during 2020-2021. However, the region has been witnessing a decline in the number of COVID-19 cases due to the widespread availability and administration of COVID-19 vaccines. Therefore, with the relaxation of travel restrictions and the resumption of commercial airline services and air travel, the demand for aircraft will increase in the region. 

What are the Revenue-generating Application Segments in the Turboprop Engine Market?

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The turboprop engine market share growth by the commercial segment will be significant during the forecast period. In 2021, commercial aircraft was the largest application segment in the global turboprop engine market. This segment includes the turboprop engines used in passenger aircraft, cargo aircraft, and business aircraft. The global population has witnessed an increase in per capita income on average. The increasing demand for air travel has encouraged airline operators to procure new aircraft.

This report provides an accurate prediction of the contribution of all the segments to the growth of the turboprop engine market size and actionable market insights on post COVID-19 impact on each segment.

Parent Market Analysis

Technavio categorizes the global turboprop engine market as a part of the global aerospace and defense market within the global capital goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the turboprop engine market during the forecast period.

Turboprop Engine Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the turboprop engine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

 

Turboprop Engine Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.24%

Market growth 2022-2026

$ 1.54 billion

Market structure

Concentrated

YoY growth (%)

4.58

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 36%

Key consumer countries

US, Canada, China, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Air Tractor Inc., Airbus SE, ATR, DAHER, Embrear SA, General Electric Co., Honeywell International Inc., Lockheed Martin Corp., Northrop Grumman Corp., PBS Group AS, PIAGGIO AERO INDUSTRIES Spa, Pilatus Aircraft Ltd., Piper Aircraft Inc., Pratt and Whitney, Rolls-Royce Holdings Plc, Safran SA, Textron Inc., Viking Air Ltd., and Williams International Co. LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Turboprop Engine Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive turboprop engine market growth during the next five years
  • Precise estimation of the turboprop engine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the turboprop engine industry across North America, Europe, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of turboprop engine market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Commercial - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Commercial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Commercial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Commercial - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Commercial - Year-over-year growth 2021-2026 (%)
    • 5.4 Military - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Military - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Military - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Military - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Military - Year-over-year growth 2021-2026 (%)
    • 5.5 General aviation - Market size and forecast 2021-2026
      • Exhibit 36: Chart on General aviation - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on General aviation - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on General aviation - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on General aviation - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Application
      • Exhibit 40: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 UK - Market size and forecast 2021-2026
      • Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.12 Canada - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 Airbus SE
              • Exhibit 93: Airbus SE - Overview
              • Exhibit 94: Airbus SE - Business segments
              • Exhibit 95: Airbus SE - Key news
              • Exhibit 96: Airbus SE - Key offerings
              • Exhibit 97: Airbus SE - Segment focus
            • 10.4 ATR
              • Exhibit 98: ATR - Overview
              • Exhibit 99: ATR - Product / Service
              • Exhibit 100: ATR - Key offerings
            • 10.5 General Electric Co.
              • Exhibit 101: General Electric Co. - Overview
              • Exhibit 102: General Electric Co. - Business segments
              • Exhibit 103: General Electric Co. - Key news
              • Exhibit 104: General Electric Co. - Key offerings
              • Exhibit 105: General Electric Co. - Segment focus
            • 10.6 Honeywell International Inc.
              • Exhibit 106: Honeywell International Inc. - Overview
              • Exhibit 107: Honeywell International Inc. - Business segments
              • Exhibit 108: Honeywell International Inc. - Key news
              • Exhibit 109: Honeywell International Inc. - Key offerings
              • Exhibit 110: Honeywell International Inc. - Segment focus
            • 10.7 Lockheed Martin Corp.
              • Exhibit 111: Lockheed Martin Corp. - Overview
              • Exhibit 112: Lockheed Martin Corp. - Business segments
              • Exhibit 113: Lockheed Martin Corp. - Key news
              • Exhibit 114: Lockheed Martin Corp. - Key offerings
              • Exhibit 115: Lockheed Martin Corp. - Segment focus
            • 10.8 Pilatus Aircraft Ltd.
              • Exhibit 116: Pilatus Aircraft Ltd. - Overview
              • Exhibit 117: Pilatus Aircraft Ltd. - Product / Service
              • Exhibit 118: Pilatus Aircraft Ltd. - Key offerings
            • 10.9 Pratt and Whitney
              • Exhibit 119: Pratt and Whitney - Overview
              • Exhibit 120: Pratt and Whitney - Product / Service
              • Exhibit 121: Pratt and Whitney - Key offerings
            • 10.10 Rolls-Royce Holdings Plc
              • Exhibit 122: Rolls-Royce Holdings Plc - Overview
              • Exhibit 123: Rolls-Royce Holdings Plc - Business segments
              • Exhibit 124: Rolls-Royce Holdings Plc - Key news
              • Exhibit 125: Rolls-Royce Holdings Plc - Key offerings
              • Exhibit 126: Rolls-Royce Holdings Plc - Segment focus
            • 10.11 Safran SA
              • Exhibit 127: Safran SA - Overview
              • Exhibit 128: Safran SA - Business segments
              • Exhibit 129: Safran SA - Key news
              • Exhibit 130: Safran SA - Key offerings
              • Exhibit 131: Safran SA - Segment focus
            • 10.12 Textron Inc.
              • Exhibit 132: Textron Inc. - Overview
              • Exhibit 133: Textron Inc. - Business segments
              • Exhibit 134: Textron Inc. - Key news
              • Exhibit 135: Textron Inc. - Key offerings
              • Exhibit 136: Textron Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 137: Inclusions checklist
                • Exhibit 138: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 139: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 140: Research methodology
                • Exhibit 141: Validation techniques employed for market sizing
                • Exhibit 142: Information sources
              • 11.5 List of abbreviations
                • Exhibit 143: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The turboprop engine market growth will increase by $1543.86 million during 2022-2026.
              The turboprop engine market is expected to grow at a CAGR of 5.24% during 2022-2026.
              Technavio has segmented the turboprop engine market by geographic (North America, Europe, APAC, Middle East and Africa, and South America).
              Air Tractor Inc., Airbus SE, ATR, DAHER, Embrear SA, General Electric Co., Honeywell International Inc., Lockheed Martin Corp., Northrop Grumman Corp., PBS Group AS, PIAGGIO AERO INDUSTRIES Spa, Pilatus Aircraft Ltd., Piper Aircraft Inc., Pratt and Whitney, Rolls-Royce Holdings Plc, Safran SA, Textron Inc., Viking Air Ltd., Williams International Co. LLC are a few of the key vendors in the turboprop engine market.
              North America will register the highest growth rate of 36.15% among the other regions. Therefore, the turboprop engine market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the turboprop engine market growth are:
              • Increase in aircraft deliveries

                Air travel is expected to grow at a steady pace during the forecast period despite the presence of several challenges for the aviation industry. Low-cost carriers (LCCs) and regional airlines have revolutionized the air travel industry by introducing innovative low-fare business models. The demand in the air travel industry is anticipated to increase during the forecast period due to the rising affluence of the middle-class population in emerging economies.

                The sustained YoY increase in air traffic makes it necessary for airline operators to procure new aircraft to address the rising demand. Hence, major aircraft OEMs have initiated plans for revamping their existing production facilities to ensure scheduled deliveries of aircraft. For instance, in 2021, the total number of reported aircraft deliveries by Airbus included 611 commercial aircraft to 88 customers, up from the 566 aircraft deliveries in 2020. As of January 10, 2022, France-based aircraft manufacturer Airbus S.A.S. announced that it had completed a total of 483 deliveries of its A320 aircraft in 2021 and had also more than doubled its gross order intake when compared to 2020, with new sales of 771 aircraft.

                In recent years, developing countries such as India, China, and others have significantly added to their production of aircraft. For instance, India civil aviation industry is moving from the nascent stage toward the phase of growth and is progressing rapidly in the field of aircraft manufacturing. The Indian government announced a plan to increase the number of airports from 138 to 220 in the next 4-5 years, as building new infrastructure in the aviation sector is crucial for the country economic development. The increased procurement of new aircraft, coupled with planned expansions by prominent aircraft OEMs, is expected to support the growth of the market during the forecast period.


              • Advancements in aircraft engine technologies

                The aviation industry continues to be one of the most carbon-intensive industries. Currently, it lags in its efforts toward electrification, with projections indicating it to consume one-fourth of the world carbon budget by 2050. With the aim of reducing emissions and ensuring better compliance with sustainability targets, airports and airline companies have resorted to utilizing renewable energy sources for long-term sustenance. Besides reducing the carbon footprint, electrical propulsion systems promise to deliver improved efficiency and in-flight safety with increased scalability options. The technology is already undergoing development for application in light aircraft. Although there are no all-electric or gas-electric hybrid aircraft operating in the commercial sector, major vendors such as Zunum Aero, which is backed by Boeing HorizonX and Jet Blue Technology Ventures, plan to launch a hybrid aircraft by 2022. For instance, in 2021, the General Electric Catalyst engine completed its first flight on a Beechcraft King Air Flying Test Bed. The General Electric Catalyst is the first new, clean-sheet turboprop engine made in Europe to enter the business and general aviation segments. Thus, innovations and efforts toward such experimental projects made by associations and top aircraft engine manufacturers have created hype in the market, and end-users are expecting results from these projects, which will shape the future of the aviation industry.


              The turboprop engine market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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