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

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. Furthermore, 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?

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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, and 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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