Turboprop Engine Global Market Report 2024

The turboprop engine market size has grown strongly in recent years. It will grow from $3.13 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth observed in the historical period can be attributed to several factors, including the introduction of turboprop technology, its military applications, the development of regional aircraft, the efficiency it brings to short-haul operations, and overall global economic growth. These factors collectively contributed to the historical expansion and adoption of turboprop engines in various aviation sectors.

The turboprop engine market size is expected to see strong growth in the next few years. It will grow to $4.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to factors such as the increasing emphasis on regional connectivity, a focus on environmental sustainability, the pursuit of fuel efficiency and cost savings, a demand for versatile aircraft, and the rising prominence of business aviation. Major trends expected in the forecast period include the advancement of sustainable aviation practices, the exploration of electrification in aviation, the development of regional air mobility solutions, the adoption of advanced materials in aircraft manufacturing, and the emergence of autonomous and unmanned aircraft technologies.

The turboprop engine market is expected to experience growth due to the increasing demand for newer aircraft models. Newer aircraft models represent the latest generations of aircraft recently designed, developed, and manufactured by aerospace companies. Turboprop engines are particularly used in aircraft that prioritize fuel efficiency, short takeoff and landing capabilities, and the ability to operate from airports with shorter runways. According to the General Aviation Manufacturers Association (GAMA) in October 2023, fixed-wing business aviation aircraft deliveries globally saw an 18.5% increase in Q2 2023, rising from 681 units to 772 units compared to Q2 2022. Notably, the turboprop segment played a pivotal role in this growth, demonstrating a significant 26.3% increase, with 173 units delivered in Q2 2023 compared to the same period in 2022. This underscores how the escalating demand for newer aircraft models is driving the growth of the turboprop engine market.

Key players in the turboprop engine market are strategically focusing on innovative products, such as fuel-efficient regional turboprop engines, to cater to the increasing demand for sustainable aviation solutions in the dynamic aerospace industry. Fuel-efficient regional turboprop engines are propulsion systems optimized for economical fuel consumption in short-haul and regional flights, featuring advanced technologies for enhanced efficiency. For instance, in November 2021, Pratt & Whitney Canada, a Canada-based turboprop engine manufacturer, introduced the regional turboprop PW127XT engine series. This series is designed with innovative materials and technology to provide superior efficiency, extended time on the wing, and efficient servicing. Notably, the PW127XT-M engine enables customers to save 40% more time on the wing by extending engine maintenance intervals and hot section examinations compared to the PW127M.

In March 2023, Precision Aviation Group, Inc., a US-based company specializing in avionics, helicopters, jet aircraft, and turboprop engines, acquired PTB Group for an undisclosed amount. This strategic acquisition enhances Precision Aviation Group's Engine Services Division by incorporating PT6 and TPE331 engine services, along with significantly expanding the company's supply chain solutions. PTB Group, based in Australia, is known for its commitment to excellent customer service and surpassing client expectations, particularly in providing turboprop aircraft engines.

Major companies operating in the turboprop engine market report are Lockheed Martin Corp., Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., GE Aerospace, Safran S.A., Pratt & Whitney, Textron Aviation Inc., Kawasaki Heavy Industries ltd, IHI Corporation, Rotax Aircraft Engines, Rolls-Royce Plc, Embrear SA, McCauley Propeller Systems, DAHER, ATR, Pilatus Aircraft LTD., Mitsubishi Heavy Industries Aero Engines, PBS Aerospace, Quest Aircraft Company, Precision Aviation Group Inc., Air Tractor Inc., Technify Motors, Turbotech, Avidyne Corporation, Varman Aviation Private Limited, Motor Sich JSC, OMA SUD, TurbAero, Heron Engines.

North America was the largest region in the turboprop engine market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the turboprop engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the turboprop engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The turboprop engine market consists of sales of single-shaft turboprop engines, free-turbine turboprop engines, compressors, exhaust nozzles, combustion chambers and turbines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A turboprop engine is a specific type of aircraft engine designed to power a propeller. These engines are optimized for driving propellers and are particularly efficient at low flying speeds, typically less than Mach 0.6. Turboprop-equipped aircraft are valued for their efficiency at lower speeds, cost-effectiveness, and adaptability during landings and takeoffs. These characteristics make turboprop engines suitable for a diverse range of aircraft and operational requirements.

The primary types of turboprop engines are axial-flow type turboprop engines and centrifugal type turboprop engines. Axial-flow turboprop engines are gas turbine engines where air flows parallel to the engine's axis. These engines are commonly used in airplanes to compress air before it enters the combustion chamber. Axial-flow turboprop engines encompass various technologies, including conventional engines and electric or hybrid engines. These engines find applications on platforms such as fixed-wing aircraft and rotary-wing aircraft, catering to diverse needs in commercial aviation, military aviation, and general aviation.

The turboprop engine research report is one of a series of new reports that provides turboprop engine market statistics, including the turboprop engine industry's global market size, regional shares, competitors with an turboprop engine market share, detailed turboprop engine market segments, market trends and opportunities, and any further data you may need to thrive in the turboprop engine industry. This turboprop engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.