Turboprop Engine Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|CAGR||> 3.00 %|
|Fastest Growing Market||North America|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Turboprop Engine Market Analysis
The Turboprop Engine Market is expected to register a CAGR of over 3% during the forecast period.
- The preference for turboprop engine-powered aircraft in commercial aviation is growing with the introduction of new regional routes. The turboprop engines are highly efficient in the short distance and low altitude flying, which is helping their growth in the commercial aviation sector. In the military and general aviation segments, the growth in demand is mainly due to the introduction of new aircraft models that are powered by turboprop engines, in recent years.
- However, due to the advent of the Covid-19 pandemic, aircraft operators are facing a liquidity crisis, especially in the Commercial Aviation and the General Aviation sectors, which is expected to hamper the future purchases of turboprop aircraft, thereby restraining the growth of the market for turboprop engines during the forecast period.
Turboprop Engine Market Trends
This section covers the major market trends shaping the Turboprop Engine Market according to our research experts:
Growth in Demand for Newer General Aviation Aircraft Models Driving the Innovations in the Engine Technologies
With the growth in demand for newer aircraft models featuring the latest avionics and technological advancements in terms of performance, several turboprop aircraft manufacturers are developing new aircraft. In June 2020, Epic Aircraft delivered its first two Epic E1000 aircraft, which are single-engine, six-seat, turboprop light aircraft. According to the company, the Epic E1000 is currently the fastest single-engine civil aircraft, due to the incorporation of the 1200 HP Pratt & Whitney PT6A-67A engine and has more currently than 80 aircraft on order. On the other hand, Pilatus is also making efforts to attract new customers with the launch of its PC-12 NGX, a new and improved version of its PC-12 single-engine turboprop. The aircraft is powered by the Pratt & Whitney Canada’s new PT6E-67XP turboprop engine, which makes it faster and quieter than its predecessors. Also, the PT6 E-series engine is the first engine in the general aviation segment with a dual-channel integrated electronic propeller and engine control system. Thus, the growth in demand for newer turboprop aircraft, especially in the general aviation segment is expected to drive the innovations in turboprop engines which is expected to help the market growth during the forecast period.
To understand key trends, Download Sample Report
North America Projected to Dominate the Market During the Forecast Period
North America is the largest market for Turboprop Engines in 2019. The region is also expected to grow with the highest CAGR during the forecast period, due to large-scale demand for turboprop aircraft from the United States. In the General Aviation segment, North America alone accounted for about 50.3% of the turboprop aircraft shipments in 2019. The region is also generating demand for new turboprop aircraft in the commercial aircraft segment, with the growth in the demand for regional aircraft. In April 2019, Silver Airways LLC., is a United States regional airline, became the first U.S. airline to operate the new ATR -600 series aircraft after taking delivery of three new ATR 42-600 aircraft in 2019. As of 2019, the airline planned to take the delivery and start the operations of 20 ATR-600 series aircraft by 2020. The ATR-600 series of aircraft features improved PW127M engines which enable a 5% increase in takeoff power via a "boost function" used only when called for by takeoff conditions. On the other hand, the US, which has the highest military spending in the world, is also the largest market for military turboprop transport and tanker aircraft in the world. The country, in December 2019, ordered 50 more Lockheed Martin C-130J Super Hercules four-engine turboprop military transport aircraft. The contract alone, may generate demand for around 250 Rolls-Royce AE 2100 D3 turboprop engines that power the aircraft, during the forecast period. Such orders for turboprop aircraft is expected to generate demand for the turboprop engine in North America, thereby contributing to its high share in the market during the forecast period.
To understand geography trends, Download Sample Report
Turboprop Engine Industry Overview
Some of the prominent players in the market are Pratt & Whitney (Raytheon Technologies Corporation), Rolls-Royce plc, Safran, GE, and Honeywell International, Inc. The market is consolidated, with the presence of a few turboprop engine OEMs which occupy a majority of the market share. The engine manufacturers and OEMs enjoy long-term contracts, for providing products and their services, thereby, making it difficult for new players to enter and sustain in the market. Significant investment into R&D of advanced technologies like additive manufacturing and incorporation of automation and AI to increase the production rate of the engines are expected to help the players to ramp up their production capacity, thereby, helping their growth during the forecast period.
Turboprop Engine Market Leaders
Pratt & Whitney (Raytheon Technologies Corporation)
Honeywell International, Inc.
*Disclaimer: Major Players sorted in no particular order
Turboprop Engine Market News
In November 2021, Pratt & Whitney Canada, a business unit of Pratt & Whitney, launched its new regional turboprop PW127XT engine series onboard the ATR 42/72 aircraft. The engine is designed with the latest materials and technologies to deliver the next level of efficiency, time-on-wing and service.
In September 2021, GE Aviation completed the first flight of its Catalyst turboprop engine. The Catalyst engine is the first modern Full Authority Digital Engine Control (FADEC) controlled turboprop from GE Aviation and can deliver a power range from 850 to 1600 shaft horsepower (SHP).
Turboprop Engine Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Commercial Aircraft
5.1.2 Military Aircraft
5.1.3 General Aviation Aircraft
5.2.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.3 Asia Pacific
18.104.22.168 South Korea
5.2.4 Latin America
22.214.171.124 Rest of Latin America
5.2.5 Middle-East and Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Pratt & Whitney (Raytheon Technologies Corporation)
6.2.2 Rolls-Royce plc
6.2.5 Honeywell International, Inc.
6.2.6 MTU Aero Engines AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Turboprop Engine Market Research FAQs
What is the current Turboprop Engine Market size?
The Turboprop Engine Market is projected to register a CAGR of greater than 3% during the forecast period (2023-2028).
Who are the key players in Turboprop Engine Market?
Pratt & Whitney (Raytheon Technologies Corporation), Rolls-Royce plc, Safran, GE and Honeywell International, Inc. are the major companies operating in the Turboprop Engine Market.
Which is the fastest growing region in Turboprop Engine Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Turboprop Engine Market?
In 2023, the North America accounts for the largest market share in the Turboprop Engine Market.
Turboprop Engine Industry Report
Statistics for the 2023 Turboprop Engine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turboprop Engine analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.