New York, USA, June 28, 2021 (GLOBE NEWSWIRE) -- The newly published research report by Research dive on the global aircraft microturbine engine market elucidates the impact of COVID-19 pandemic on the present and future outlook of the market. Comprehensive analysis on drivers, restraints, growth opportunities, major segments, competitive landscape, and strategies & business tactics executed by prominent market players are further delivered in the report to understand the pandemic effect on the overall market.
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Highlights of the Report
The rise of the COVID-19 pandemic has made unfavorable impact on the global aircraft microturbine engine market. According to the report, the global aircraft microturbine engine market gathered $60.1 million in 2021, and is expected to garner $125.2 million by 2029, at 9.5% CAGR. The market size in the present scenario was expected to reach up to 73.1 million in 2020. But due to the COVID-19 pandemic, the market garnered $40.2 million due to lockdown imposed in many parts of the world. The global market is expected to recuperate from the incurred losses by first or second quarter of 2023.
Check out How COVID-19 impacts the Global Aircraft Microturbine Engine Market: https://www.researchdive.com/connect-to-analyst/192
Factors Impacting the Market Growth during COVID-19 Pandemic
As per the analysts of Research Dive, the aircraft makers are facing various problems such as production challenges and cash-flow shortages, which is negatively impacting the supply chain. The aviation industry is predicted to face immediate challenges due to the pandemic, such as labor shortages, difficulty adhering to social distancing standards, and discernment in end user spending.
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However, many governments are planning to support the companies functioning in the aerospace & defense sector during the unprecedented crisis. For instance, in March 2020, Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the U.S. government, which will provide around $61.0 billion in grants for the excise tax relief and loans for the aviation industry. Moreover, the leading companies of the industry will consider substitute supply chain strategies, such as vertical integration along with inspecting new sources of supply.
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Future Scope of the Market
The global aircraft microturbine engine market is projected to recover in the coming years owing to rising technological evolutions and the increase in number of strategic collaborations and agreements between leading players of the market. For instance, in December 2019, Capstone Turbine Corporation, a significant player in the microturbines engine industry, entered into a strategic partnership with two major regional players. This partnership will help the company to strengthen its presence in the market presence in the Mid-Atlantic, Southeastern US, and the Caribbean.
Moreover, the growing demand for commercial and private aircrafts, extensive R&D activities, and the introduction of novel products in the market are other factors projected to foster the growth of the global aircraft microturbine engine market over the forecast period from 2022 to 2029. For instance, in May 2019, UAV Turbines, Inc., a pioneer company focused on the research, design, and development of microturbines, announced the launch of its ‘Monarch RP’ microturbine engines family. The Monarch RP is designed for Group 3 and 4 UAVs and are the first engines that will provide commercial and defense partners with quiet, powerful, and reliable propulsion systems.
Major Market Players
1. UAV Turbines, Inc.
2. Rolls-Royce plc
3. Honeywell International Inc
4. Kratos Defense & Security Solutions, Inc.
5. AeroDesignWorks GmbH
6. Elliott Group
7. JetsMunt SL
8. AMT Netherlands B.V.
9. GE
10. PBS Group.
These players are implementing several strategies such as strategic partnerships, agreements, technological advancements, product launches, and others to gain a competitive edge in the global industry. The report summarizes various aspects of all these significant players including business performance, product portfolio, recent developments & strategic moves, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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