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The report has segmented the aircraft propeller system market based on type, component, engine, platform, end-use, and region. Based on end-use, the OEM segment is expected to account for a share of 51.9% of the market in 2021. The development of next-generation aircraft propeller systems is one of the major factors driving the growth of the market. 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 the component segment, the blade segment is projected to grow at a higher CAGR. The demand for propeller blades, which provide the thrust required for an aircraft to fly, is more than any other component in aircraft propeller systems. Various aspects are taken into consideration while manufacturing propeller blades that include material used to manufacture blades, their size and weight, and the number of blades being manufactured. Thus, these parameters and technical complexity involved in developing propeller blades result in their high costs.
The North American region is expected to witness significant growth in the aircraft propeller system market. Major aircraft manufacturers such as Boeing and Bombardier are based in this region. The growth of the aircraft propeller system market in the North American region is expected to be fuelled by an increase in the number of deliveries of medium and small-size turboprop engine and piston engine airplanes during the forecast period. Technological advancements in the field of turboprop engine and piston engine aircraft have led to improvements in the operational capacities of these aircraft to take off, balance, and land, thereby increasing their applicability in both, commercial as well as military sectors.
Key Market Players
The major players operating in the aircraft propeller system market are Hartzell Propeller, Inc. (Hartzell Propeller) (US), MT-Propeller Entwicklung GmbH (MT-Propeller) (Germany), and Dowty Propeller (UK), among others.
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