LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global turboprop aircraft propeller system market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global turboprop aircraft propeller system market for 2017-2021. The report also lists commercial buildings, residential buildings, and automotive as the three major segments where the use of solar control glass is used the most.
According to Ramyabrata Chakraborty, a lead analyst at Technavio for aerospace research, “The growth of the market is driven by the creation of new routes as part of the network development strategy of airlines. There is a strong potential for emerging economies to enhance their regional network and link the most remote communities. The growing usage of the turboprop technology in pre-existing markets and the upgrade of turboprop technology will help in reducing aviation emissions. Such developments will further augment the demand for turboprop propeller systems during the forecast period.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global turboprop aircraft propeller system market:
- Preference for turboprop aircraft to cater to regional passenger traffic
- Cost-effective maintenance
- Plans for reducing order backlogs of OEMs
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Preference for turboprop aircraft to cater to regional passenger traffic
Global air travel has changed significantly over the past decade with major improvements in associated technologies. The continuous adoption of LCCs and their increased penetration in emerging economies have made air travel more accessible. APAC has been witnessing robust growth in air travel, which is mostly driven by the rapid penetration of LCCs or the no-frills business model. India, China, and Japan are expected to register the highest increase in passenger traffic in the next 20 years, which will also reflect the induction of new generation turboprop aircraft to serve regional connectivity. Moreover, the need to focus on achieving operational efficiency while maintaining competitiveness will encourage airlines to adopt turboprop aircrafts to cater to the growing passenger traffic on short-haul routes.
Cost-effective maintenance
The design of a turboprop engine is much less complex compared to high-bypass turbofan engines, and they require fewer moving parts. This makes the operation of the engine less complicated and ensures superior reliability. Therefore, the time between overhaul (TBO) also becomes longer than a turbofan or piston engines. A turboprop can function for longer periods before it is brought in for inspection. A typical TBO for a turboprop engine is 3,000 hours, while the TBO for other variants of engines generally varies between 1,800-2,000 hours.
Therefore, turboprop engines involve lesser maintenance costs than their counterparts. As a result, many airlines have opted turboprop aircraft for their short-haul routes to ensure cost-effectiveness.
Plans for reducing order backlogs of OEMs
With the growth in the passenger traffic, the demand for new aircraft has risen substantially. Most of this demand arises from domestic and regional aircraft operators that are actively seeking opportunities to cater to larger passenger segments.
“Aircraft OEMs, in collaboration with their suppliers, have focused on extending their regional aircraft manufacturing capabilities. This has placed a simultaneous demand for turboprop engines and its associated parts and components. This is leading engine and propeller suppliers to invest in capacity expansions to support the timely delivery of engines,” says Ramyabrata.
For instance, In July 2017, Dowty Propellers announced its plan to establish a new facility at Gloucester, UK. The new blade-making facility is expected to become operational by 2019. Along with its plant expansion initiative, the company plans to invest in technology development initiatives that focus on conventional propeller systems and future propulsion systems. Such initiatives will help engine manufacturers, as the Dowty Propellers, supply a substantial share of composite propellers to most of the major turboprop engine manufacturers.
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