The aviation industry’s specialized turboshaft market is expected to grow significantly over the next 15 years according to recent data produced by Connecticut-based market analysis provider Forecast International Inc. and its Platinum Forecast System 3.1.
The Forecast International release said between 2017 and 2031, approximately 39,455 aviation-related turboshaft engines, worth $34.4 billion, are expected to be produced.
The demand for the specialized equipment depends partially on helicopter manufacturing market, which itself saw a decrease over the last three years but is now seen to be rallying.
"After years of declining production in the rotorcraft market, we expect to see a turnaround begin in in 2017," Forecast International Aviation Turbine analyst Douglas Royce said in the release. "Production increases will be mild in the near term and focused on the lighter end of the market where manufacturers are less dependent on demand from the energy support market."
Forecast International’s Platinum Forecast System 3.1 also studies other types of rotocraft internationally, helping industry leaders evaluate production and relative risk.
Major turboshaft engine manufacturers include Safran, Pratt & Whitney Canada and GE Aviation, which together represent approximately 70 percent, or $24.1 billion, of the total market value, the release said.