Experts have projected that the increase in demand for fuel-efficient aircraft engines will result in a USD $20-million growth in the aircraft and marine turbochargers market, from $270 million in 2018 to $290 million in 2023. The surge is equivalent to 1.41% compound annual growth. The market is expected to grow due to businesses seeking fuel-efficient engines for aircraft and ships from the few engine manufacturers that supply the products.
Although the sales of the fuel-efficient engines should have a positive impact on the market, the complex designs of aircraft and marine turbochargers could impede its growth during the forecasted period. The engines will save companies fuel costs, but the complex designs of the turbochargers could lead to maintenance issues.
Researchers used the platform to project that the UAV segment of the market will grow at the highest Compound Annual Growth Rate (CAGR) during the forecasted period. By using the component, experts projected that the compressor segment would lead the market from 2018 until 2023. The projections are optimistic, but the costs involved in the compressor reveal a different picture. The two main components of a compressor are the wheels and the covers. Those components contain subsystems such as diffusers, designed for installation in the covers. The wheels are expensive and made from aluminum alloys.
Due to airliners procuring many aircraft to meet the high demand for air travel, experts forecasted that the North American aircraft and marine turbochargers would achieve the highest CAGR during the forecasted period. To obtain the projected growth in the market, researchers conducted interviews with Chief Executive Officers, technology directors and executives in the market to determine the competitive analysis of the key players in the aircraft and marine turbochargers market.