The global turboprop engine market is set to attain a value of USD 1.2 billion by 2024. The industry is projected to reach USD 2.2 billion by 2034. The market is set to surge at a CAGR of 6.2% over the forecast period.
Rapid growth of the airline sector is propelled by rising urbanization and passenger traffic, necessitating fast and comfortable transportation methods. With air travel becoming one of the most efficient modes of transportation, the industry is set to experience significant growth by 2034.
The military sector is experiencing a surging demand for next-generation engines and innovative technology, which is projected to continue fueling sales. Turboprop engines are highly efficient in low-altitude flying and short-distance travel, requiring minimal airstrip space for take-off and landing.
Manufacturers of turboprop aircraft are focusing on developing new models with unique avionics and performance technologies due to increasing demand. Rising disposable income is propelling demand for private travel, which, in turn, is fueling the procurement of turboprop aircraft.
For instance, in January 2023, Diamond Aircraft chose the PT6A-25C engine for its new DART-750 aircraft, an all-carbon fiber tandem turboprop trainer aircraft announced by Pratt & Whitney Canada. Increasing demand for new turboprop aircraft, particularly in the general aviation segment, is projected to fuel innovations in turboprop engines, thereby contributing to growth.
With rising fuel costs and environmental concerns, operators are seeking cost-effective engines, surging demand for turboprop engines. These engines are also widely used in military aircraft for transport, surveillance, and maritime patrol purposes. The defense sector is further pushing demand as military organizations invest in upgrading fleets to enhance capabilities and operational performance.
The aviation industry is prioritizing sustainability, with turboprop engines producing low carbon emissions and noise levels, aligning with environmentally friendly operations. For instance, IATA member airlines committed to achieving net-zero carbon emissions by 2050. This shift towards sustainable aviation presents a chance for turboprop engines to become a green alternative, attracting environmentally conscious customers.
| Attributes | Description |
|---|---|
| Estimated Global Turboprop Engine Market Size (2024E) | USD 1.2 billion |
| Projected Global Turboprop Engine Market Value (2034F) | USD 2.2 billion |
| Value-based CAGR (2024 to 2034) | 6.2% |
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Improved Manufacturing Techniques to Create Opportunities
Turboprop engine manufacturers are utilizing unique materials like composites, titanium alloys, and ceramics to reduce weight, improve durability, and enhance performance. Innovative manufacturing techniques, such as additive manufacturing, enable the development of more complex engine components. Interest in hybrid-electric and all-electric propulsion systems for aviation is growing, combining traditional engines with electric motors or generators.
Growth in Regional Air Travel to Spur Demand
Turboprop aircraft are ideal for regional connectivity and short-haul operations due to low operating costs and the ability to access small-scale airports with limited infrastructure. Emerging markets are experiencing growth in air travel demand, providing significant opportunities to supply engines for new aircraft deliveries and fleets.
Rising Adoption of Turboprop Engines in Military Aviation Aids Sales
Turboprop engines are being developed to reduce noise and improve cabin comfort, with manufacturers investing in active noise cancellation systems and redesigned engine nacelles. These engines are important in military aviation for reconnaissance, surveillance, cargo transport, and special missions, spurring growth.
High Efficiency of Jet Engines to Impede Growth
Turboprop engines face competition from jet engines, particularly in the aviation industry. Jet engines offer fast speeds and better performance at high altitudes, making these suitable for long-haul flights and large aircraft. Turboprop engine technology, despite significant progressions, still needs to improve power-to-weight ratio, efficiency, and operating range compared to jet engines. This intense competition is projected to restrain growth over the forecast period.
Global turboprop engine sales grew at a CAGR of 7.9% from 2019 to 2023. Regional air travel demand increased steadily, with turboprop engines playing a key role in meeting this demand.
Leading manufacturers such as ATR, Bombardier, and Viking Air produced turboprop engines tailored to the needs of regional markets. Technological developments in turboprops improved fuel efficiency and performance. These also helped in reducing environmental impact through progressions in materials and engine control systems.
Turboprop engines, widely used in military applications, witnessed significant innovations in performance, durability, and survivability. However, environmental concerns and pressure to reduce emissions led to a renewed interest in turboprop aircraft as eco-friendly alternatives to jet engines.
By 2034, the industry is set to rise steadily. Rising fuel costs, airport congestion, and a renewed focus on sustainability are factors augmenting a resurgence in interest in turboprop-powered engines.
Emerging markets, especially those with underdeveloped aviation infrastructure, offer opportunities for turboprop manufacturers to produce aircraft capable of operating in challenging environments. As the aviation industry discovers alternative propulsion technologies, interest in hybrid-electric and all-electric propulsion systems is growing.
Key manufacturers are now focusing on meeting stringent emissions standards and noise regulations, resulting in quiet, eco-friendly models. These engines offer low fuel consumption and emissions, making these attractive for operators seeking to minimize environmental footprint.
Principal Consultant
The table below showcases revenues in terms of the five leading countries spearheaded by South Korea and the United Kingdom. The countries are projected to lead the industry through 2034.
In North America, the United States is set to lead the industry at a CAGR of 6.5% by 2034. This growth is attributed to increasing developments in aircraft engine technologies. In Europe, the United Kingdom is anticipated to showcase a CAGR of 7.5% by 2034. Japan and South Korea are becoming profitable markets for manufacturers, even if the United States and China still control most areas of the sector.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 6.5% |
| United Kingdom | 7.5% |
| China | 6.9% |
| South Korea | 8.4% |
| Japan | 7.4% |
The United States is poised to exhibit a CAGR of 6.5% during the assessment period. By 2034, the industry is projected to reach USD 398.5 million. The country is home to several leading manufacturers such as Pratt & Whitney, General Electric, and Garrett, known for reliability, performance, and technological innovations.
The country has a robust aftermarket support network for engines, including MRO facilities, parts suppliers, and service centers, ensuring continued airworthiness and reliability. In 2022, American Airlines transported 194 million more passengers than in 2021, a 30% increase compared to 2021.
The United States is a key research center for turboprop technology, supported by NASA and the Department of Defense. Both are focusing on enhancing performance, efficiency, and environmental sustainability.
The future of the sector is shaped by developments in technology, such as hybrid-electric propulsion and improved engine efficiency. Continued investments in research and development by manufacturers, along with evolving regulations and dynamics, are set to influence growth.
China is the leading market for turboprop-powered aircraft in civilian aviation, especially in regional and commuter airlines. The country is anticipated to rise at a steady CAGR of 6.9% during the forecast period.
China's growing economy and urbanization are fueling demand for air transportation to connect regional cities and support economic development in remote areas. Turboprop-powered engines are ideal for short-haul routes and short runways, making these suitable for regional connectivity.
The government in the country is supporting the domestic aviation industry through initiatives like the ‘Made in China 2025’ plan and research investments. Aerospace companies, like AVIC, are also investing in indigenous turboprop development for regional aircraft, such as the WJ-9 turboprop engine for Xian MA700.
The United Kingdom is set to hold a significant share through the forecast period due to rising air traffic. The industry is projected to reach a value of around USD 89.7 million by 2034.
With an increasing focus on sustainability and environmental responsibility, turboprop-powered aircraft are preferred for certain operations, contributing to growth in the United Kingdom. Aerospace companies are collaborating with international engine manufacturers to improve turboprop engine technology and local manufacturing, thereby boosting domestic growth.
The country is prioritizing improvement of fuel efficiency and environmental performance in aircraft engines. These initiatives are set to help meet stringent emissions standards and promote sustainability.
The section below throws some light on leading revenue-generation segments and future growth rates. Key companies can utilize this data to invest in demanding types and technology to boost sales and stay ahead of the competition.
In terms of type, the single shaft segment accounted for a share of 63% in 2023. By technology, the electric/hybrid engine segment dominated the category by holding a share of 58% in 2023.
| Segment | Single Shaft (Type) |
|---|---|
| Value Share (2023) | 63% |
Based on type, demand for single shafts is projected to remain high during the evaluation period. The single shaft segment is predicted to dominate the sector due to high efficiency, rapid response, reliability, and cost-effectiveness.
Single-shaft engines achieve high efficiency due to the direct mechanical connection between the gas generator and propeller, preventing energy losses and converting fuel energy into power. This results in improved fuel efficiency and low operating costs. Furthermore, these engines offer quick response to throttle inputs, allowing for quick adjustments in propeller speed and thrust.
| Segment | Electric/ Hybrid Engine (Technology) |
|---|---|
| Value Share (2023) | 58% |
Based on technology, the electric/ hybrid engine segment accounted for a 58% share in 2023. The segment is predicted to rise rapidly in the aviation sector due to the potential for increased efficiency, reduced emissions, and enhanced performance.
Electric/hybrid engine technology is advantageous for general aviation due to quiet, environmentally friendly operations as well as reduced operating costs and enhanced range. Rising applications such as personal transportation, air taxis, and aerial photography are the key factors fueling growth.
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Pratt & Whitney, Rolls-Royce Plc, GENERAL ELECTRIC, Honeywell International Inc., and Heron Engines are key manufacturers listed in the report. The industry is mainly dominated by several original equipment manufacturers (OEMs).
Long-term contracts are making it difficult for small-scale players and start-up firms to enter. Investments in research and development, unique technologies, automation, and AI are projected to boost production capacity and support growth for companies.
Leading companies and manufacturers use resources, research, and distribution networks to maintain a competitive edge in the sector. A few firms are focusing on product differentiation and technological innovation, offering high-quality products that meet customer demands and regulatory standards. Key companies are directed towards strategic partnerships with research institutions and universities to gain a competitive edge in the sector.
Industry Updates
The segment includes two leading types, namely, single shaft and free turbine.
The leading applications are commercial aviation, military aviation, and general aviation.
The prominent technologies are conventional engines and electric/hybrid engines.
Analysis of the target industry has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
The sector is set to reach USD 1.2 billion in 2024.
Demand for turboprop engines is slated to rise at a 6.2% CAGR by 2034.
The sector is set to reach USD 2.2 billion in 2034.
Pratt & Whitney, Rolls-Royce Plc, and GENERAL ELECTRIC.
Single shaft segment is estimated to hold a significant share in 2024.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Type 6.2. Application 6.3. Technology 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 7.1. Single Shaft 7.2. Free Turbine 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Commercial Aviation 8.2. Military Aviation 8.3. General Aviation 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology 9.1. Conventional Engine 9.2. Electric/Hybrid Engine 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. South Asia 10.5. East Asia 10.6. Eastern Europe 10.7. Middle East and Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Type, Application, and Technology for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Pratt & Whitney 20.2. Rolls-Royce Plc 20.3. GENERAL ELECTRIC 20.4. Honeywell International Inc. 20.5. PBS AEROSPACE 20.6. TurbAero 20.7. Heron Engines 20.8. Turbotech 20.9. Textron Aviation Inc. 20.10. SAFRAN 20.11. PILATUS AIRCRAFT LTD
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Turboprop Engine Market
