COVID-19 impact on the Aircraft Propeller System Market

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COVID-19 impact on the Aircraft
Propeller System Market The COVID-19 and
resultant lockdowns have adversely impacted
the aviation industry. According to the
International Air Transport Association (IATA),
every year, over 2 billion people take aircraft
as their mode of transportation. Due to the
outbreak of COVID-19, the year 2020 witnessed
over 60 loss in global air traffic, which bought
the aviation industry to a standstill. The
Aircraft Propeller System Market size is
forecasted to grow from an estimated USD 308
million in 2021 to reach USD 414 million by 2026,
at a CAGR of 6.1 from 2021 to 2026. The Aircraft
Propeller System Market is going to be driven by
the increasing
light-sport deliveries
number of special aircraft (SLSA) worldwide.
Based on the engine, conventional engine
segment is projected to grow at the highest
CAGR is expected to account for the largest
market share during the forecasted
period The conventional engine segment is
anticipated to register a CAGR of 6.1 during
the forecast period. This segments growth
is mainly driven by the advantages of
conventional engines, such as fuel efficiency,
high compression ratio, high heat, and low fuel
consumption. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id242092633 Based on End Use Aftermarket
makes the largest share of the market during the
forecasted year. As the aviation industry grows,
demand for aircraft parts, such as propellers,
may increase in parallel with orders for new
turboprop and piston engine aircraft. The demand
produced by aircraft manufacturers is presently
very substantial, resulting in higher OEM segment
revenues in 2021. However, because propellers are
vulnerable to wear, fatigue, corrosion, and
erosion, they must be maintained, repaired,
and refurbished on a regular basis to ensure that
they last as long as possible. Thus, even though
the revenues from the segment are low, the
aftermarket services for existing
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aircraft are expected to boost the growth of the
aftermarket segment during the forecast
period. Europe is projected to grow at the CAGR
of 5.7 during the forecast period. The
aircraft propeller system market in the European
region has been studied for France, the UK,
Germany, Italy, and the Rest of Europe. The
aircraft propeller system market in the Rest of
Europe has been studied for Russia, Finland,
Sweden, Austria, Ukraine, and the Netherlands.
The European region is estimated to account for a
share of 24.1 of the aircraft propeller system
market in 2021. The large fleet of existing
aircraft, continuously ongoing aircraft
modernization programs, consolidation of
airlines, and growth in air traffic are the
factors fueling the growth of the aircraft
propeller system market in Europe. Dowty
Propellers (UK), which is a key manufacturer of
commercial and military turboprop engine and
piston engine aircraft propellers, is estimated
to contribute significantly to the growth of the
aircraft propeller system market in Europe during
the forecast period. The Europe-based airlines
have an installed base of 4,400 aircraft. Out of
these aircraft, approximately 25 are turboprop
engine and piston engine aircraft that were
replaced or refurbished by 2015. This has led to
the growth of aircraft propeller system
aftermarket in the European region. Apart
from this, the introduction of new
international short distance routes has also
increased the demand for new turboprop engine and
piston engine aircraft, thereby fueling the
growth of the aircraft propeller system market in
Europe. Key Market Players Hartzell Propeller,
Inc. (Hartzell Propeller) (US), MT-Propeller
Entwicklung GmbH (MT- Propeller) (Germany), and
Dowty Propellers (UK) are the largest providers
of aircraft propeller systems in the North
American and European regions. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/request
sampleNew.asp?id242092633
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