Aircraft Propeller System Market worth $414 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 28, 2021 /PRNewswire/ -- According to the new market research report "Aircraft Propeller System Market By Type (Fixed Pitch, Variable Pitch), Component (Blade, Spinner, Hub), Engine (Conventional, Hybrid & Electric), Platform (Civil, Military), End Use (OEM, Aftermarket), & Region - Forecast to 2026", published by MarketsandMarkets™, the market size is forecasted to grow from an estimated USD 308 million in 2021 to reach USD 414 million by 2026, at a CAGR of 6.1% during the forecast period.
The growth of this market can be attributed to the increasing demand for lightweight and fuel-efficient aircraft from the Middle East, Asia Pacific, and Africa. The increasing adoption of unmanned aerial vehicles in the military sector is further expected to drive the demand for aircraft propeller systems, especially from emerging economies such as India and China. However, high costs associated with the R&D of new technologies and the formulation of stringent norms to regulate the production and development of aircraft propeller systems inhibit the market growth across the globe.
Based on end use, the aircraft propeller system market has been segmented into OEM (Original Equipment Manufacturer) and aftermarket. The OEM segment is estimated to account for a share of 51.9% of the aircraft propeller system market, by end use, in 2021. The development of next-generation aircraft propeller systems is one of the most significant factors driving the growth of the aircraft propeller system market across the globe. Increased automation of flight operations, technological advancements in the aviation industry, and its expansion across the globe are additional factors expected to fuel the growth of the aircraft propeller system market during the forecast period
Based on the component segment the blade segment is projected to grow at a higher CAGR. The demand for propeller blades, which provide the thrust required for an aircraft to fly, is more than any other component in aircraft propeller systems. Various aspects are taken into consideration while manufacturing propeller blades that include material used to manufacture blades, their size and weight, and the number of blades being manufactured. Thus, these parameters and technical complexity involved in developing propeller blades result in their high costs.
"The aviation industry in the North American region has been witnessing significant growth over the past few years. It is one of the most profitable industries in this region. Major aircraft manufacturers such as Boeing (US) and Bombardier (Canada) are also based in this region. The growth of the aircraft propeller system market in the North American region is expected to be fueled by an increase in the number of deliveries of medium and small-size turboprop engine and piston engine airplanes during the forecast period. Technological advancements in the field of turboprop engine and piston engine aircraft have led to improvements in the operational capacities of these aircraft to takeoff, balance, and land, thereby increasing their applicability in both, commercial as well as military sectors. Moreover, turboprop engine aircraft with aircraft propeller systems are fuel-efficient with improved maneuvering capacities, thereby leading to increased demand for aircraft propeller systems in the North American region. In addition, advancements in propulsion technologies and designs of aircraft have also contributed to the growth of the North America aircraft propeller system market. The growing demand for turboprop engine aircraft for civil & commercial applications and their increasing utility in the defense sector for carrying out persistent transport and surveillance activities are additional factors influencing the growth of the North America aircraft propeller system market. North America has a high proportion of consumer spending in the world, leading to increased demand for air travel from the region.
Major players operating in the aircraft propeller system Hartzell Propeller, Inc. (Hartzell Propeller) (US), MT-Propeller Entwicklung GmbH (MT-Propeller) (Germany), and Dowty Propeller (UK) are the largest providers of aircraft propeller systems in the North American and European regions.
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