The aircraft propeller systems market is projected to register a CAGR of over 4% during the forecast period.
- The major trends in the aircraft propeller systems market include the advent of 3D printing technology in aviation and the advent of digital propeller vibration trend monitoring systems.
- The introduction of new turboprop aircraft and the growing demand for replacing the existing turboprop aircraft, coupled with the increasing demand for unmanned aerial vehicles, are expected to propel the growth of the aircraft propeller systems market.
- Aircraft OEMs and part manufacturers face several challenges involving additional costs that incur while complying with cumbersome certification processes. This poses a challenge for the mass-scale production of aircraft parts and components. Thus, the stringent certification process acts as a barrier to the new entrants, who have the potential to enter the aircraft propeller systems market.
Key Market Trends
The Original Equipment Manufacturer (OEM) Segment to Dominate the Market in the Years to Come
As the aviation industry continues to grow, the orders for new turboprop and piston engine aircraft may simultaneously generate demand for the parts of the aircraft, like propellers. The demand generated by the aircraft OEMs is now high, which increased the revenues from the OEM segment in 2018. However, as the propellers are subjected to wear, fatigue, corrosion, and erosion, they need to be maintained, repaired, and overhauled at regular intervals, to extend their lifespan. Additionally, many militaries around the world are planning to upgrade their aircraft fleet. As a part of this, upgrades are being done for their turboprop aircraft. Thus, even though the revenues from the segment are low, the aftermarket services for the existing aircraft are expected to boost the growth of the aftermarket segment, during the forecast period.
Asia-Pacific to be the Fastest Growing Market During the Forecast Period
As of 2019, the North America region is the global market leader, owing to the rise in aircraft procurements in the region. Moreover, the presence of major propeller systems manufacturers in North America has led to the region having the largest market share in the global market. However, Asia-Pacific is expected to be the fastest-growing region in the market in the future. China has emerged as a global leader, in terms of UAV development, as the country is continuing to advance, in terms of UAV technologies. This development of new UAVs in China may generate a huge demand for propeller systems during the forecast period. The increasing demand for turboprop aircraft from commercial and military sectors is a major driver for the propeller systems market in India. Even in Japan, Australia, and the other countries in the region, the procurements of turboprop aircraft are increasing, thereby contributing to the growth of the region's market.
The major players in the aircraft propeller systems market include Hartzell Propeller Inc., United Technologies Corporation, Dowty Propellers (General Electric), Aerosila, and MT-Propeller, with each having access to the key geographical regions. For players to sustain themselves in the market studied, it is very critical to establish themselves with a client and cater to their custom requirements with superior quality, performance, and the lowest possible price. The major regions that propeller systems manufacturers should look into for future growth possibilities are Russia, East Asia, South America, and Middle East & Africa. The demand for aircraft propellers in the coming years is expected to be from Asia, Russia, and the Middle East, and first entry may be beneficial to any entrant in the market studied.
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