Market Trends of Turboprop Engine Industry
General Aviation Segment is Expected Witness Significant Growth During the Forecast Period
With the growth in demand for newer aircraft models featuring the latest avionics and technological advancements in terms of performance, several turboprop aircraft manufacturers are developing new aircraft. Growth in the HNWI and UHNWI populations globally catalyzes the increased demand for private travel, subsequently driving the procurement of turboprop aircraft. For instance, from 2017 to 2022, the HNWI population increased by 83% globally. In July 2022, Pratt & Whitney Canada announced a new PT6 E-Series engine family model. The PT6E-66XT engine is purpose-built for Daher’s latest single-engine turboprop airplane, the TBM 960.
In January 2022, Pratt & Whitney Canada that Diamond Aircraft had selected the PT6A-25C engine for its new DART-750 aircraft. DART-750 aircraft is an all-carbon fiber tandem turboprop trainer aircraft. Thus, the growth in demand for newer turboprop aircraft, especially in the general aviation segment, is expected to drive innovations in turboprop engines, which is expected to help the market growth during the forecast period.
North America Projected to Dominate the Market During the Forecast Period
North America will be the largest market for Turboprop Engines in 2022. The region is also expected to grow with the highest CAGR during the forecast period due to large-scale demand for turboprop aircraft from the US. In the General Aviation segment, North America alone accounted for about 56% of the turboprop aircraft deliveries in 2022, with the U.S. contributing around 79%. The region is also generating demand for new turboprop aircraft in the commercial aircraft segment, with the growth in the market for regional aircraft.
It is expected that by 2039, there will be a requirement of 79,000 pilots in the business aviation and civil helicopter sector in the North American region. The positive economic recovery trend, along with the fleet expansion plans of flight training institutes, is expected to aid the growth of other categories during the forecast period. It is expected that around 1,400 turboprops will be delivered during 2023-2028 in North America.
In November 2023, RTX's Pratt & Whitney received a contract valued up to USD 870 million for TF33 engines powering B-52s and E-3s by the Defense Logistics Agency of the U.S. Such kind of development will drive the demand for turboprop engine market during the forecast period in North America.
