Turboprop Engine Market to Surge at 6.2% CAGR by 2034 amid Increasing Demand for Regional Connectivity and Renewed Interest in Military Applications | Future Market Insights, Inc.

PRESS RELEASE
Published July 16, 2024

The commercial aviation sector is witnessing a notable rise in the preference for turboprop engine-powered aircraft, driven by the launch of new regional routes. Turboprop engines, known for their high efficiency in short-distance and low-altitude flights, are becoming increasingly popular. This growth trend extends beyond commercial aviation, with the military and general aviation segments also seeing heightened demand.

NEWARK, DE / ACCESSWIRE / July 16, 2024 / According to Future Market Insights (FMI), the worldwide turboprop engine market is anticipated to reach USD 1.2 billion in 2024 and USD 2.2 billion by 2034. The market is projected to rise at a CAGR of 6.2% by 2034.

The turboprop engine market is experiencing a surge in demand due to its capability to cover short routes, low altitude capability, and cost efficiency. Rising progressions in engine technology are transforming turboprops, improving noise, reducing pollutants, and increasing fuel efficiency.

Demand for turboprop engine-powered aircraft in commercial aviation is rising due to new regional routes and their efficiency in low-altitude flying. This trend is also marked in the military and general aviation sectors.

Request a Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-19591

The adoption of aerodynamics and composite materials is making light, long-distance turboprops more competitive, drawing in new consumer groups and opening new access points. Long-term research and development investments are projected to lead to significant advancements in these technologies, resulting in high fuel economy and low emissions.

Key Takeaways from the Turboprop Engine Market Report:

  • The turboprop engine market is projected to reach a valuation of USD 2.2 billion by 2034.

  • The market is projected to surge at a CAGR of 6.2% by 2034.

  • Japan's turboprop engine market is estimated to grow at a CAGR of 7.4% by 2034.

  • The United Kingdom is projected to reach a valuation of USD 89.7 million in 2034.

  • Based on type, the single shaft segment is set to surge at 6% CAGR through 2034.

"Turboprop-powered aircraft are vital for connecting small cities to key hubs, supporting economic growth and tourism. As defense budgets increase and military requirements evolve, there's a growing demand for modernizing and upgrading turboprop-powered military aircraft, fueling growth." - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape:

Pratt & Whitney, Rolls-Royce Plc, GENERAL ELECTRIC, Honeywell International Inc., and Heron Engines are key turboprop engine manufacturers listed in the report. The turboprop engine market is dominated by several OEMs, with long-term contracts making it difficult for new players to enter.

Significant investments in research, development, advanced technologies, automation, and AI are projected to boost production capacity and support the growth of leading manufacturers. This will help the key companies to ramp up their production capacity and maintain competitive share.

Industry Updates-

  • In September 2023, Rolls-Royce received official certification from the FAA for its Pearl® 700 engine for Gulfstream G700™ and Gulfstream G800™ business aircraft.

  • In February 2023, GA-ASI partnered with Hindustan Aeronautics Limited (HAL) to offer maintenance, repair, and overhaul services for the MQ-9B aircraft's turbo-propeller engines.

11 Key Companies of the Turboprop Engine Market:

  1. Pratt & Whitney

  2. Rolls-Royce Plc

  3. GENERAL ELECTRIC

  4. Honeywell International Inc.

  5. PBS AEROSPACE

  6. TurbAero

  7. Heron Engines

  8. Turbotech

  9. Textron Aviation Inc.

  10. SAFRAN

  11. PILATUS AIRCRAFT LTD

Buy this Report Now: https://www.futuremarketinsights.com/checkout/19591

Key Segments of Turboprop Engine Market Report:

By Type:

The segment includes two leading types, namely, single shaft and free turbine.

By Application:

The leading applications are commercial aviation, military aviation, and general aviation.

By Technology:

The prominent technologies are conventional engines and electric/hybrid engines.

By Region:

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.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Have a Look at the Related Report from the Turboprop Engine Market:

The global over the air engine control module market size is worth US$ 1,529.73 Mn in 2022. The market is projected to witness a robust CAGR of 17.5% over the forecast period to arrive at a market valuation of US$ 7,673.51 Mn by 2032. The rapid growth of the market over the forthcoming years can be credited to the emerging trend of vehicle digitization.

The global turbofan engines market is expected to be worth US$ 1.05 Billion in fiscal year 2022, up from US$ 988 Million in fiscal year 2021. The industry increased by 6.3% year on year during the last year. Turbofan Engines sales are expected to grow at a CAGR of 17.2% from 2022 to 2032, reaching a value of US$ 5.1 Billion by the end of 2032

The global automotive turbocharger market size, as reported by Future Market Insights (FMI), reached US$ 12.5 billion in 2018. Demand for automotive turbochargers registered an 8.7% year-on-year growth in 2022, indicating that it would reach US$ 16.6 billion in 2023.

The global engine flush market is set to witness a moderate growth rate of 4.4% over the forecast years of 2023 to 2033. The overall engine flush market size is anticipated to reach a valuation of around US$ 2,581.8 million by the end of the year 2033, growing from the current valuation of US$ 1,678.5 million in 2023.

The global Engine Tuner market is expected to witness a market value of US$ 3.6 Billion in 2023 and is expected to accumulate a market value of US$ 5.9 Billion by registering a CAGR of 5.2% in the forecast period 2023 to 2033. The Engine Tuner market registered a CAGR of 2.6% in the historical period 2018 to 2022.

The global diesel power engine market size is estimated to reach a valuation of US$ 9 billion by 2024. It is expected to attain a valuation of around US$ 18.8 billion by 2034. The market is likely to expand at a CAGR of 7.6% in the forecast period 2024 to 2034.

The global automotive variable oil pump market reached USD 8.7 billion in 2023 and is further projected to witness a y-o-y growth of 4.6%. The industry is anticipated to reach USD 9.1 billion by 2024. Sales of variable oil pumps are projected to clock a CAGR of 3.2% between 2024 and 2034, thereby resulting in a market size of USD 12.4 billion by 2034.

The global spark plug market size is estimated to be worth USD 11,887.3 million in 2024. The sector is projected to rise at a CAGR of 6% during the forecast period. The sectors is anticipated to attain a value of USD 21,353.5 million by 2034.

The automotive sunroof market is anticipated to attain a size of USD 7,920.1 million in 2024. The sector is estimated to further grow at a CAGR of 11% during the forecast period. The market is estimated to reach a value of USD 22,780.9 million in 2034.

Global boat hook sales were reported at USD 1,488.8 million in 2023. The sector is further expected to witness a y-o-y growth of 5.4% and register a value of USD 1,569.1 million by 2024. Demand is projected to surge at a CAGR of 5.8% between 2024 and 2034. The sector will likely garner a value of USD 2,753.6 million by 2034.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

SOURCE: Future Market Insights, Inc.



View the original press release on accesswire.com



View the original press release on accesswire.com

ACCESSWIRE

News network reaching more than 1,500 media outlets in 98 countries. The newest, fastest-growing and most disruptive newswire available today.