Turboprop Engine Market Size Analysis and Top Companies
The global turboprop engine market size is projected to hit around USD 1.97 billion by 2033 from USD 1.12 billion in 2023 with a CAGR of 5.79%. The major players operating in the turboprop engine market are Pratt & Whitney, Rolls-Royce Plc, GENERAL ELECTRIC, Honeywell International Inc., PBS AEROSPACE, TurbAero, Heron Engines, Turbotech, Textron Aviation Inc., SAFRAN, IHI Corporation, PILATUS AIRCRAFT LTD, Varman Aviation Private Limited, and Others.
Market Report Coverage
| Report Coverage |
Details |
| Market Size in 2023 |
USD 1.12 Billion |
| Market Size by 2033 |
USD 1.97 Billion |
| Growth Rate from 2024 to 2033 |
CAGR of 5.79% |
| Largest Market |
North America |
| Base Year |
2023 |
| Forecast Period |
2024 to 2034 |
| Segments Covered |
By Type, By Application, and By Technology |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Turboprop Engine Key Players
- Pratt & Whitney
- Rolls-Royce Plc
- GENERAL ELECTRIC
- Honeywell International Inc.
- PBS AEROSPACE
- TurbAero
- Heron Engines
- Turbotech
- Textron Aviation Inc.
- SAFRAN
- IHI Corporation
- PILATUS AIRCRAFT LTD
- Varman Aviation Private Limited
Recent Developments
- In May 2022, Falko Regional Aircraft Limited has been fully acquired by Chorus Aviation Inc. With the ability to optimize value at every step of an aircraft’s lifespan, this purchase makes Chorus a leading full-service provider in regional aviation. The closing of this deal makes Chorus the largest aircraft lessor in the world with a sole focus on regional aircraft leasing investments. As a result, Chorus subsidiaries will now own, manage, and/or operate a portfolio of 348 regional aircraft with a total market value of about USD 4.5 bn.
- In February 2023, General Atomics Aeronautical Systems announced that it has finalized an expression of interest with Hindustan Aeronautics Limited of India in order to offer support services for the turbo-propeller engines of the MQ-9B aircraft. Under this initiative, the Hindustan Aeronautics Limited of India aims to offer maintenance, overhaul, and repair services.
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