Aircraft Propeller System Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 378.27 Million |
| Market Size (2029) | USD 519.81 Million |
| CAGR (2024 - 2029) | 6.56 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aircraft Propeller System Market Analysis
The Aircraft Propeller Systems Market size is estimated at USD 378.27 million in 2024, and is expected to reach USD 519.81 million by 2029, growing at a CAGR of 6.56% during the forecast period (2024-2029).
The ongoing R&D of next-generation turboprop aircraft, the stable growth in the sales of the different types of aircraft, and the increasing demand for unmanned aerial vehicles (UAVs) are expected to propel the growth of the aircraft propeller systems market. Increased focus on reducing vibration and interior noise acts as a driver for the market. Advancements in aircraft propeller systems technology also play a crucial role in enhancing aircraft performance, further propelling market growth. Moreover, growth in aircraft sales and production, especially from the commercial segment, is generating demand for exhaust systems for aircraft.
R&D on new propeller designs, such as a team in MIT Lincoln Lab's Structural and Thermal-Fluids Engineering Group working on new annular shape toroidal propellers, which are radically quieter (noise range 1-5 kHz) than traditional propellers. Similarly, Hartzell tested its new five-blade swept airfoiled carbon fiber propeller on a flight of a Hydrogen-Powered Airliner. It is part of a project with Universal Hydrogen where Hartzell Propeller is working and supporting advanced air mobility manufacturers. Such initiatives from various companies contribute to the growth of the market.
Aircraft OEMs and part manufacturers face several challenges involving additional costs that are incurred while complying with cumbersome certification processes. It poses a challenge for the mass-scale production of aircraft parts and components. Thus, the stringent certification process acts as a barrier to new entrants with the potential to enter the aircraft propeller systems market. The advent of innovative manufacturing technologies such as additive manufacturing and the increasing use of digital propeller vibration monitoring systems are anticipated to significantly impact the market prospects in the future.
Aircraft Propeller System Market Trends
The Original Equipment Manufacturer (OEM) Segment to Dominate the Market
As the aviation industry continues to grow, the orders for new turboprop and piston engine aircraft may simultaneously generate demand for the parts of the aircraft, like propellers. The demand generated by the aircraft OEMs is now high, which increased the revenues from the OEM segment. For instance, in May 2022, the US Army, in its modernization plan for aviation platforms, selected Bell Textron's V-280 Valor Tiltrotor to replace the UH-60 Black Hawk. The army awarded a USD 1.3 billion contract to Bell Textron for a V-280 Valor Tiltrotor helicopter. As per the contract, the army will fund USD 232 million for Bell's preliminary design and development of a virtual prototype.
Similarly, in August 2023, Statkraft Ventures invested in Electra. Aero, Inc., a US-based firm, to develop its full-scale pre-production prototype electric short takeoff and landing (eSTOL) aircraft. Electra's eSTOL aircraft include eight electric propellers mounted under the fixed wings. As per the plan, the company is to test its prototype by 2025. Electra received 1,200 preorders for the eSTOL aircraft.
Asia-Pacific is Projected to become the Fastest Growing Market During the Forecast Period
Asia-Pacific is expected to show remarkable growth during the forecast period. China emerged as a global leader in terms of UAV development. The development of new UAVs in China is anticipated to generate a huge demand for propeller systems during the forecast period. The increasing demand for turboprop aircraft from commercial and military sectors is a major driver for the propeller systems market in India.
Even in Japan, Australia, and other countries in the region, the procurement of turboprop aircraft is increasing, thereby contributing to the growth of the regional market. For instance, in March 2023, the Indian Ministry of Defence signed a contract with Hindustan Aeronautics Limited (HAL) for the purchase of six Dornier-228 aircraft for the Indian Air Force (IAF). The six current aircraft will be modified with a more fuel-efficient engine and a composite propeller with five blades.
Similarly, in June 2023, the Indian Ministry of Defence approved the acquisition of 31 MQ-98 drones from General Dynamics at USD 3.5 billion. According to this agreement, the Indian Navy would receive 15 Sea Guardians, and the Indian Army and Indian Air Force would each receive 8 SkyGuardians. The SkyGuardian drone includes a wingspread of 24.07 m, carries a payload of 2,155 kg, and is capable of maritime surveillance, over-the-horizon targeting, anti-submarine warfare, airborne early warning, and electronic warfare.
Aircraft Propeller System Industry Overview
The aircraft propeller system market is consolidated and the major players in the aircraft propeller systems market include Hartzell Propeller Inc., General Electric Company, RTX Corporation, Textron Aviation Inc., and Airmaster Propellers, with each having access to the key geographical regions. For players to sustain themselves in the market studied, it is very critical to establish themselves with a client and cater to their custom requirements with superior quality, performance, and the lowest possible price.
The demand for aircraft propellers in the coming years is expected to be from Asia, Russia, and the Middle East. First, entry may be beneficial to any entrant in the market studied. For instance, in June 2021, Piedmont Propulsion Systems was awarded a contract by the Mexican airline Transportes Aeromar to support its fleet of ATR 42 and 72 aircraft. Piedmont Propulsion Systems conducted comprehensive propeller repair for the aircraft as part of the multi-year arrangement.
The market may also witness inorganic growth due to prominent players trying to retain market share. On this note, in July 2021, Hartzell Propeller acquired the assets of Tanis Aircraft Products, a Minnesota-based manufacturer of engine preheat systems for fixed and rotary-wing aircraft. The Tanis brand will now be a part of Hartzell Propeller's heated product line. It also includes systems for battery, avionics, cabin, and propeller de-icing, as well as systems for piston, turbine, and helicopter engines.
Aircraft Propeller System Market Leaders
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RTX Corporation
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General Electric Company
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Textron Aviation Inc.
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Airmaster Propellers
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Hartzell Propeller Inc.
*Disclaimer: Major Players sorted in no particular order
Aircraft Propeller System Market News
- February 2023: Hamilton Sundstrand Corp., a division of Collins Aerospace, was awarded a USD 135 million contract to manufacture the NP2000 eight-blade propeller and electronic propeller control system for the US Air Force's (USAF) C-130 Hercules aircraft. As per the terms of the contract, the mechanical control systems of the C-130H would be replaced by an updated version of propellers and control systems from Hamilton Sunstrand Corp. The replacement will enhance speed holding and blade synchronization while lowering vibration and interior noise in the cargo plane.
- June 2022: The Federal Aviation Administration (FAA) granted Hartzell Propeller a Supplemental Type Certificate (STC), allowing it to swap out the Diamond DA40 NG MT wood/composite propellers with new, higher-performing, lightweight, three-bladed Polaris composite propellers. The three-blade, 74-inch-diameter ASCII carbon fiber prop for the Austro Engine E4-A includes a Bantam aluminum hub. It is a lightweight 2,400-hour TBO and a six-year TBO with Hartzell's warranty through the first overhaul.
Aircraft Propeller System Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 End-user
- 5.1.1 Original Equipment Manufacturer (OEM)
- 5.1.2 Aftermarket
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5.2 Application
- 5.2.1 Commercial Aircraft
- 5.2.2 Military Aircraft
- 5.2.3 General Aviation
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 France
- 5.3.2.3 Germany
- 5.3.2.4 Italy
- 5.3.2.5 Russia
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 Latin America
- 5.3.4.1 Brazil
- 5.3.4.2 Mexico
- 5.3.4.3 Rest of Latin America
- 5.3.5 Middle East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 United Arab Emirates
- 5.3.5.3 Turkey
- 5.3.5.4 South Africa
- 5.3.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 RTX Corporation
- 6.2.2 General Electric Company
- 6.2.3 Textron Aviation Inc.
- 6.2.4 Airmaster Propellers
- 6.2.5 MT-Propeller Entwicklung GmbH
- 6.2.6 Hartzell Propeller Inc.
- 6.2.7 GSC Systems Ltd.
- 6.2.8 Jabiru Aircraft Pty Ltd.
- 6.2.9 Aerosila Research and Production Enterprise OJSC
- 6.2.10 Whirl Wind Propellers Corporation
- 6.2.11 Sensenich Wood Propeller Co.
- 6.2.12 Hercules Propellers Ltd.
- 6.2.13 FP-propeller Srl
- 6.2.14 DUC Hélices Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAircraft Propeller System Industry Segmentation
The aircraft propeller systems market offers a wide scope of applications and end users. The propeller system consists of hubs, propellers, a gearbox, and a governor. The scope of the report covers amphibious aircraft, tanker aircraft, UAVs, turboprop aircraft, power glider aircraft, piston engine aircraft, freighter aircraft, narrow-body, wide-body, and regional jets, as well as helicopters. Major commercial airlines, aircraft manufacturers, the Air Forces, military aircraft manufacturers, and maintenance, repair, and overhaul (MRO) service providers are among the key end users.
The aircraft propeller systems market is segmented by end-user, application, and geography. By end-user, the market is segmented into original equipment manufacturer (OEM) and aftermarket. By application, the market is segmented into commercial, military, and general aviation. The report also covers the market sizes and forecasts for the aircraft propeller systems market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| End-user | Original Equipment Manufacturer (OEM) | |
| Aftermarket | ||
| Application | Commercial Aircraft | |
| Military Aircraft | ||
| General Aviation | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | United Kingdom |
| France | ||
| Germany | ||
| Italy | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Mexico | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| United Arab Emirates | ||
| Turkey | ||
| South Africa | ||
| Rest of Middle East and Africa |
Aircraft Propeller System Market Research FAQs
How big is the Aircraft Propeller Systems Market?
The Aircraft Propeller Systems Market size is expected to reach USD 378.27 million in 2024 and grow at a CAGR of 6.56% to reach USD 519.81 million by 2029.
What is the current Aircraft Propeller Systems Market size?
In 2024, the Aircraft Propeller Systems Market size is expected to reach USD 378.27 million.
Who are the key players in Aircraft Propeller Systems Market?
RTX Corporation, General Electric Company, Textron Aviation Inc., Airmaster Propellers and Hartzell Propeller Inc. are the major companies operating in the Aircraft Propeller Systems Market.
Which is the fastest growing region in Aircraft Propeller Systems Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aircraft Propeller Systems Market?
In 2024, the Asia Pacific accounts for the largest market share in Aircraft Propeller Systems Market.
What years does this Aircraft Propeller Systems Market cover, and what was the market size in 2023?
In 2023, the Aircraft Propeller Systems Market size was estimated at USD 353.46 million. The report covers the Aircraft Propeller Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aircraft Propeller Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aircraft Propeller System Industry Report
Statistics for the 2024 Aircraft Propeller System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aircraft Propeller System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
