New York, USA, April 19, 2021 (GLOBE NEWSWIRE) -- The aircraft microturbine engine industry is likely to observe a decline in the growth rate due to the COVID-19 pandemic. According to a report published by Research Dive, the global aircraft microturbine engine market is projected to surpass $125.2 million during the forecast period from 2022 to 2029. Detailed analysis on drivers, restrains, lucrative growth opportunities, challenges, major segments, and strategic moves by market players are offered in the report to better capture the effect of Covid-19 pandemic on the global market.
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Highlights of the Report
• The estimated CAGR of the aircraft microturbine engine market before COVID-19 pandemic was 10.3% over the forecast period.
• The CAGR of the global industry after pandemic crisis is expected to be 9.5% by 2029.
• In 2020, the anticipated market size of the aircraft microturbine engine industry before COVID-19 pandemic was $73.1 million.
• Due to COVID-19 pandemic, the market size of the global industry is expected to surpass $40.2 million in 2020.
Check out How COVID-19 impacts the Global Aircraft Microturbine Engine Market. Click here to Connect with our Analyst to get more Market Insight: https://www.researchdive.com/connect-to-analyst/192
Key Features of the Market
As per our analysts, the aircraft makers & manufacturers are facing cash-flow shortages, disruption in supply chain, and production challenges during Covid-19 pandemic, which is adversely impacting the global aircraft microturbine market. However, the government of various countries are taking initiatives to support the companies operating in the aerospace & defense industry. For instance, in March 2020, the government of U.S. signed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), in order to provide $61.0 billion in grants for the excise tax relief and loans for the aviation industry. This is predicted to propel the growth of the global market during the forecast period. Moreover, ensuring adequate liquidity for ventures & key suppliers and the deployment of highly skilled workforce is estimated to help the market to sustain during the COVID-19 crisis.
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Key Players of the Industry
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.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Post-Pandemic Market Landscape
The growing technological advancements and evolutions in the aircraft microturbine engine is expected to drive the global market growth during the forecast period. In addition, the strategies adopted by significant players of the industry, such as product launches and strategic collaborations is estimated to boost the market growth post COVID-19 pandemic.
For instance, in May 2019, UAV Turbines, Inc., a pioneer of microturbine technology, launched ‘Monarch RP’ family of microturbine engines, which are the first engines that will provide commercial and defense partners with quiet, reliable, and powerful propulsion systems. The company has focused on creating the world’s first reliable, high-performance, lightweight microturbine engine for small aircraft that runs on heavy fuel.
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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