The Aircraft Propeller System Market is estimated to be USD 246.6 million in 2017 and is projected to reach USD 329.9 million by 2022, at a CAGR of 5.99% during the forecast period from 2017 to 2022. Increasing demand for lightweight and fuel-efficient aircraft from the Middle East, Asia Pacific, and Africa and rising number of deliveries of Special Light-Sport Aircraft (SLSA) across the globe have contributed to the growth of the aircraft propeller system market. However, lack of efficiency of turboprop engine aircraft at high altitudes, and formulation and implementation of stringent regulatory norms for manufacturing and developing standard aircraft propeller systems to ensure safe flight operations are some of the factors restraining the growth of the aircraft propeller system market across the globe.
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Based on end-use industry, the Original Equipment Manufacturer (OEM) segment of the aircraft propeller system market is projected to grow at the highest CAGR during the forecast period. Development of next-generation aircraft propeller systems using lightweight composite materials is one of the most significant factors driving the growth of the aircraft propeller system market. Moreover, the increased adoption of solar-powered aircraft across the globe and technological advancements being carried out in passenger drones are factors expected to act as opportunities for the growth of the aircraft propeller system market in the near future.
Based on propeller type, the varying pitch propeller segment of the aircraft propeller system market is projected to witness the highest growth during the forecast period. The demand for short distance air travel at low costs has increased across the globe in the recent years. This has led to the development lightweight and fuel-efficient aircraft by aircraft manufacturers, which is expected to provide growth opportunities for the aircraft propeller system market in the near future. There are various types of varying pitch propellers available in the market that include controllable pitch propellers, constant speed propellers, and full feathering propellers, among others. These propellers allow adjustment of the angle of their blades for improved takeoff, climb, or cruise of an aircraft. Continuous advancements in technologies used in varying pitch propellers have made it possible to feather these propellers. Controllable pitch propellers allow pilots to control the pitch of propeller blades for smooth and improved flight experience while constant speed propellers help in maintaining constant revolutions per minute (RPM) of propeller blades regardless of airspeed or throttle lever movement of an aircraft.
The aircraft propeller system market is expected to witness significant growth in the Asia Pacific region during the forecast period, owing to the increasing demand for fuel-efficient turboprop engine aircraft from India and China. Moreover, technological advancements in the field of aircraft propellers and their systems have also led to the development of advanced aircraft propeller systems in terms of their design, functionality, and integration with an aircraft.
The emergence of the aftermarket end-use industry segment of the aircraft propeller system market, increase in demand for lightweight and durable aircraft propeller blades, and rise in demand for fuel-efficient turboprop engine aircraft offer some of the potential opportunities for market players to expand their business in the aircraft propeller system market.
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Key Market Players
Hartzell Propeller (US), MT-Propeller (Germany), Dowty Propellers (UK), McCauley Propeller Systems (US), FP Propeller S.r.l. (Italy), and Ratier-Figeac (France) are some of the established players in the aircraft propeller system market.