Press release
Global Aircraft Turbocharger Market to Reach $1.19 Billion by 2030, Growing at 6.5% CAGR
Aircraft Turbocharger Market
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Increase in air passenger traffic across the globe and rise in demand for fuel efficient & downsized engines drive the growth of the global aircraft turbocharger market. On the other hand, high costs associated with aircraft turbochargers restrains the growth to some extent. However, surge in operations in the commercial aviation sector is expected to create lucrative opportunities in the industry.
Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. U.S. dominated the global aircraft turbocharger market in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making durable and long-lasting aircraft turbochargers. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in air passenger traffic across different nations in the region along with implementation of stringent aircraft fuel-efficiency regulations and regular inspections across the prominent countries such as China, India, and Japan.
The global aircraft turbocharger market is segmented into type, platform, component, and region. On the basis of type, the market is bifurcated into butterfly valve type and poppet valve type. Depending on platform, it is segregated into heavyweight aircraft and lightweight aircraft. By component, it is categorized into compressor, turbine, and waste gate. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on turbocharger type, the butterfly valve type segment held the major share in 2020, garnering around three-fifths of the total market. The same segment would also cite the fastest CAGR of 6.8% during the forecast period.
By platform, the heavyweight aircraft segment accounted for more than half of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The same segment would also showcase the fastest CAGR of 6.9% from 2021 to 2030.
Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding around one-third of the global market. The same region would also grow at the fastest CAGR by 7.4% from 2021 to 2030.
The key market players analyzed in the global aircraft turbocharger market report include Airmark Overhaul, Inc., BorgWarner Inc., General Electric Company, Honeywell International Inc., ABB Ltd., Kawasaki Heavy Industries, Ltd., PBS Group, A. S., Rajay Parts LLC, Victor Aviation Service, Inc., and Hartzell Engine Technologies LLC. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Key Findings Of The Study:
• By turbocharger type, the butterfly valve type segment is expected to register a significant growth during the forecast period.
• On the basis of platform, the heavyweight aircraft segment is anticipated to exhibit significant growth in future.
• Depending on component, the compressor segment is projected to lead the global aircraft turbocharger market.
• Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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