The aircraft turbocharger market size was valued at USD 790.3 million in 2023 and is expected to be worth USD 834.7 million in 2024. The market is projected to reach USD 1,318.2 million by 2032, recording a CAGR of 5.9% during the forecast period.
A turbocharger, simply called a ‘turbo’, refers to a forced induction device that is utilized in Internal Combustion Engines (ICEs), including those used in aircraft. It harnesses the energy from exhaust gases to compress the intake air and boosts the amount of air entering the engine’s combustion chamber. This process enables the engine to generate more power without the need to increase its size. The increasing amount of air traffic is one of the key factors propelling the sales of aircraft turbochargers.
Fortune Business Insights™ displays this information in a report titled, "Aircraft Turbocharger Market Size, Share, Growth, Forecast, 2024-2032."
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- ABB Ltd. (Switzerland)
- Airmark Overhaul, Inc. (U.S.)
- BorgWarner Inc. (U.S.)
- General Electric Company (U.S.)
- Hartzell Engine Technologies LLC (U.S.)
- Honeywell International Inc. (U.S.)
- Kawasaki Heavy Industries, Ltd. (Japan)
- PBS Group, A.S. (Czech Republic)
- Rajay Parts LLC (U.S.)
- Victor Aviation Service, Inc. (U.S.)
Information Source: https://www.fortunebusinessinsights.com/aircraft-turbocharger-market-111198
Segmentation:
Increasing Demand for Fuel-Efficient Engines and Rise in Air Travel Boosts Adoption of Heavyweight Aircraft
Based on platform, the market is segmented into heavyweight aircraft and lightweight aircraft. The heavyweight aircraft segment has held the largest market share due to various factors, such as rising demand for fuel-efficient engines, increase in air travel, and constant introduction of advanced technologies.
Butterfly Valves to Gain Major Traction Due to Their Reliability and Safety
Based on turbocharger type, the market is divided into butterfly valve type and poppet valve type. The butterfly valve type segment is projected to be the leading and fastest-growing segment in the market due to their high safety and reliability features.
Turbines to Become Widely Used Components Due to Innovations in Turbocharger Technology
By component, the market is categorized into compressor, turbine, and waste gate. The turbine segment is projected to capture the largest aircraft turbocharger market share during the forecast period as market players are regularly innovating the turbocharger technology to improve the performance and efficiency of turbines.
With respect to region, the market covers North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading platforms, turbocharger types, components, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Demand for Fuel-Efficient Aircraft to Boost Product Adoption
An increasing number of aircraft manufacturing companies globally are increasing their efforts to improve the fuel efficiency of their aircraft to decrease their carbon emissions. Another factor that has prompted them to develop fuel-efficient aircraft is the rising fuel prices. Many manufacturers are also designing and producing lightweight aircraft components to reduce the weight of the aircraft, further enhancing their fuel efficiency. These factors are expected to boost the use of aircraft turbochargers as they play a key role in making airplanes more energy efficient.
However, most aircraft engines have a long lifespan, thereby reducing the need for new engines and negatively impacting the aircraft turbocharger market growth.
Regional Insights:
Asia Pacific Dominated the Global Market Due to Rapid Expansion of Aviation Capabilities
Asia Pacific took the center stage in 2023 in the market with major markets such as China, India, South Korea, and Japan expanding their aviation capabilities.
North America is expected to hold the largest market share during the forecast period as the region’s commercial aviation industry is witnessing rapid expansion.
Competitive Landscape:
Leading Companies to Focus On Integrating Innovative Technologies into Their Products to Expand Market Share
The market has the presence of a wide range of leading companies that are focusing on innovating their existing range of aircraft turbochargers by incorporating advanced technologies to improve their efficiency. This move will help them expand their presence in the market and cater to a wider pool of customers.
Notable Industry Development:
November 2023 – StandardAero announced its plans to continue offering its maintenance and repair support services to the P-8A Poseidon maritime patrol and reconnaissance aircraft engines. This decision was in accordance with a potential one-year modification deal offered by the U.S. Navy. The contract was worth USD 209.5 million.
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