Aircraft Propeller System Market worth 4 million by 2026 at a CAGR of 6.1%
Posted by Sandeep Roy on November 12th, 2021
The Global Aircraft Propeller System Market is forecasted to grow from USD 308million in 2021 to reach USD 414million 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.
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Based on region, the aircraft propeller system market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The growth of this market is mainly driven by the increased demand for advanced and lightweight aircraft propeller systems with enhanced lifespan, increased reliability, and varied functionalities. The North American region is estimated to be the largest market for aircraft propeller systems in 2021. The Asia Pacific aircraft propeller system market is expected to witness considerable growth during the forecast period, owing to the increasing demand for fuel-efficient aircraft using turboprop engines.
Key Market Players
Hartzell Propeller (US), MT-Propeller (Germany), Dowty Propellers (UK), McCauley Propeller (US), Airmaster Propellers (New Zealand), FP Propeller (Italy), and Ratier-Figeac (France) are the key manufacturers of aircraft propeller systems.
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 type, the variable pitch segment is projected to register a higher CAGR (6.4%) than the fixed pitch segment during the forecast period. The growth of this segment can be attributed to continuous advancements in manufacturing technologies of propellers, resulting in the development of full feathering pitch propellers. A highly sophisticated variant of the varying pitch propellers is the constant speed propeller, which is used by different types of aircrafts
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About the AuthorSandeep Roy
Joined: August 7th, 2019
Articles Posted: 274
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