ReportsnReports.com adds Global Commercial Aircraft Propeller Systems Market 2016-2020 latest research report, APAC has emerged as one of the potential markets for turboprop aircraft. Therefore, manufacturers are focusing their new product launch targeting this region. ATR has recently launched two new versions of its ATR 72-600 in APAC. The end-users for both the versions of its ATR 72-600 are from APAC: Cebu Pacific from Philippines and Air Niugini from Papua New Guinea. The analysts forecast global commercial aircraft propeller systems market to grow at a CAGR of 3.9% during the period 2016-2020.
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According to the commercial aircraft propeller systems market report, operators in the aviation industry are continuously striving to reduce their operating costs and increase their profit margins. Consequently, many vendors in the aviation industry are engaging in the development of new engines that will help to increase the operational and fuel efficiency of an aircraft. This will lead to the development of advanced propellers, which in turn will foster the prospects for market growth until the end of 2020.
Factors such as the global economic recovery and the advent of improved aviation policies will lead to an increase in the number of air travelers during the forecast period. In 2014, approximately 21,600 aircraft were operational on a global scale, and the number is expected to grow at a CAGR of 4% annually by 2034. Also, with the advent of new technologies, vendors have had the opportunity to develop turboprop engines for the general aviation sector. For instance, GE Aviation, one of the major engine manufacturers, is expecting to observe $1 billion annual sales of such engines by 2020. The augmented sale of such engines will contribute towards the growth of this market over the next few years.
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In this segmentation analysis, analysts have estimated the EMEA region to be the largest market for aircraft propellers during the forecast period. The growth of the aviation market in EMEA will be driven by the augmented procurement of aircraft fleet from the Middle East. During the forecast period, the Middle East is anticipated to witness the delivery of 9,860 aircraft, with passenger traffic projected to grow at a CAGR of 6.4% annually. As a result, the analysts at Technavio have estimated the market in this region to grow at a CAGR of approximately 2% until 2020.
In 2015, GE Aviation teamed up with Textron to produce new turboprop engines for the general aviation market. The primary objective for the development of such an engine was to replace the PT6 turboprop engine. Similarly, other international players are also expected to launch similar products with investments in upgrading existing technologies. The competitive environment of this market is expected to intensify with an increase in R&D innovations and M&A in the coming years.
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Key players in the Global Commercial Aircraft Propeller Systems market: Airmaster, Dowty Propellers, Hartzell Propeller, McCauley, and UTC Aerospace Systems.
Other Prominent Vendors in the market are: Culver Props, Curtiss-Wright, Electravia, Dowty Propellers (GE), and WhirlWind Propellers.
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