Latest News - Turboprop Engine Market: Commercial is expected to lead the Application segment during 2024-2028

The Turboprop Engine Market is being driven by Increase in aircraft deliveries

The Turboprop Engine Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1298.3 million. The aviation sector, known for its significant carbon emissions, faces increasing pressure to reduce its environmental impact and align with sustainability goals. With projections suggesting that the industry could consume a quarter of the world's carbon budget by 2050, there is a growing emphasis on the adoption of renewable energy sources. Electrical propulsion systems, offering reduced carbon emissions, enhanced efficiency, and improved in-flight safety, are gaining traction. Although commercial all-electric or gas-electric hybrid aircraft are yet to take flight, companies like Zunum Aero, backed by Boeing HorizonX and JetBlue Technology Ventures, aim to launch a hybrid aircraft by 2022. This shift towards electrical propulsion systems represents a strategic move towards sustainable aviation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Commercial
  • Military
  • General aviation
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in aircraft deliveries
• Growing investments in military aircraft
• Increasing preference for aircraft and engine leasing activities

However, the market also witnesses some limitations, which are as follows:

• High production costs and delays in engine deliveries
• Availability of substitutes
• Fluctuations in customs and import duties

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Market Scope in Turboprop Engine Market Research Report

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Research Analysis Overview

The Turboprop Engines Market is experiencing significant growth due to the increasing demand for fuel-efficient and cost-effective solutions in the aviation industry. Turboprop engines, which are an alternative to turbojet engines, offer improved fuel consumption and efficiency for both military and commercial applications. These engines work by compressing air and fuel, igniting the fuel in a combustor, and then using the resulting hot combustion gases to turn a turbine that powers a reduction gearbox and an aircraft propeller. Turboprop engines are particularly well-suited for short-distance travel, low-altitude flying, and minimal airstrip space requirements. In the military sector, they are used for various applications, including transport and training aircraft. In commercial aviation, turboprop aircraft are popular for regional air travel and passenger traffic, offering next-generation engines with improved fuel efficiency and power output. The turboprop engine market is expected to continue growing, driven by the increasing demand for sustainable and cost-effective transportation methods in the air travel industry.

Market Research Overview

The global aerospace and defense industry comprises businesses involved in the manufacturing and provision of aerial platforms for commercial and general aviation, as well as defense applications in naval, land, and air domains. This sector also includes the production of arms and ammunition, defense electronics, defense logistics equipment, space platforms, and launch vehicles. Additionally, the industry encompasses maintenance, repair, and overhaul (MRO) activities for both commercial and defense sectors. According to Technavio, the global capital goods market size is determined by the combined revenue generated by key industries, including aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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