The COVID-19 and resultant lockdowns have adversely impacted the aviation industry. According to the International Air Transport Association (IATA), every year, over 2 billion people take aircraft as their mode of transportation. Due to the outbreak of COVID-19, the year 2020 witnessed over 60% loss in global air traffic, which bought the aviation industry to a standstill.
The Aircraft Propeller System 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% from 2021 to 2026. The Aircraft Propeller System Market is going to be driven by the increasing number of special light-sport aircraft (SLSA) deliveries worldwide.
Based on the engine, conventional engine segment is projected to grow at the highest CAGR is expected to account for the largest market share during the forecasted period
The conventional engine segment is anticipated to register a CAGR of 6.1% during the forecast period. This segment’s growth is mainly driven by the advantages of conventional engines, such as fuel efficiency, high compression ratio, high heat, and low fuel consumption.
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Based on End Use Aftermarket makes the largest share of the market during the forecasted year.
As the aviation industry grows, demand for aircraft parts, such as propellers, may increase in parallel with orders for new turboprop and piston engine aircraft. The demand produced by aircraft manufacturers is presently very substantial, resulting in higher OEM segment revenues in 2021. However, because propellers are vulnerable to wear, fatigue, corrosion, and erosion, they must be maintained, repaired, and refurbished on a regular basis to ensure that they last as long as possible. Thus, even though the revenues from the segment are low, the aftermarket services for existing aircraft are expected to boost the growth of the aftermarket segment during the forecast period.
“Europe is projected to grow at the CAGR of 5.7 % during the forecast period.”
The aircraft propeller system market in the European region has been studied for France, the UK, Germany, Italy, and the Rest of Europe. The aircraft propeller system market in the Rest of Europe has been studied for Russia, Finland, Sweden, Austria, Ukraine, and the Netherlands. The European region is estimated to account for a share of 24.1% of the aircraft propeller system market in 2021.
The large fleet of existing aircraft, continuously ongoing aircraft modernization programs, consolidation of airlines, and growth in air traffic are the factors fueling the growth of the aircraft propeller system market in Europe. Dowty Propellers (UK), which is a key manufacturer of commercial and military turboprop engine and piston engine aircraft propellers, is estimated to contribute significantly to the growth of the aircraft propeller system market in Europe during the forecast period.
The Europe-based airlines have an installed base of 4,400 aircraft. Out of these aircraft, approximately 25% are turboprop engine and piston engine aircraft that were replaced or refurbished by 2015. This has led to the growth of aircraft propeller system aftermarket in the European region. Apart from this, the introduction of new international short distance routes has also increased the demand for new turboprop engine and piston engine aircraft, thereby fueling the growth of the aircraft propeller system market in Europe.
Key Market Players
Hartzell Propeller, Inc. (Hartzell Propeller) (US), MT-Propeller Entwicklung GmbH (MT-Propeller) (Germany), and Dowty Propellers (UK) are the largest providers of aircraft propeller systems in the North American and European regions.
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