New York, USA, June 21, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aircraft micro turbine engine market is anticipated to generate a revenue of $4,074.90 million and rise at a CAGR of 5.8% over the estimated timeframe from 2022 to 2031.
As per our analysts, the growing demand for electric and hybrid-electric aircraft in the aviation industry to reduce carbon emissions and promote sustainable air travel is expected to boost the growth of the aircraft micro turbine engine market during the forecast period. Moreover, the increasing demand for urban air mobility (UAM) in urban cities to reduce transportation congestion and the growing need for microturbine engines in electric vertical takeoff and landing (eVTOL) aircraft due to their compact size, greater fuel efficiency, and reduced noise emissions are expected to create huge growth opportunities for the aircraft micro turbine engine market over the estimated timeframe. However, the limited market penetration of aircraft microturbine engines may restrict the growth of the market over the analysis period.
Segments of the Aircraft Micro Turbine Engine Market
The report has divided the market into segments based on engine type, distribution channel, application, and region.
Engine Type: Turboshaft Sub-Segment to be Most Productive
The turboshaft sub-segment held the highest market share in 2021. The increasing use of turboshaft engines in a wide range of applications such as in turboprop aircraft, helicopters, and some small unmanned aerial vehicles (UAVs) is expected to augment the growth of the market sub-segment over the estimated timeframe.
Distribution Channel: Aftermarket Sub-Segment to be Most Profitable
The aftermarket sub-segment generated the highest revenue in 2021. The aftermarket segment of the microturbine engine market mainly focuses on replacing microturbines in older aircraft, along with light aircraft, military UAVs, and advanced air mobility platforms which is expected to uplift the growth of the aircraft micro turbine engine market sub-segment over the analysis timeframe.
Application: Civil Sub-Segment to be Most Beneficial
The civil sub-segment held the biggest market share in 2021. This is mainly because the civil application of aircraft microturbine engines includes commercial as well as general aviation applications. The increasing use of micro turbine engines as auxiliary power units (APUs) in commercial aviation is expected to fortify the growth of the market sub-segment in the coming period.
Region: Europe Market Held the Maximum Market Share in 2021
The Europe region of the aircraft micro turbine engine market held the dominant market share in 2021. This is mainly due to the increasing demand for more efficient and dependable aircraft engines in the aviation industry of the region. Moreover, the rising demand for tiny, lightweight, and fuel-efficient engines across European countries for the expansion of the UAV sector is expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Aircraft Micro Turbine Engine Market
The outbreak of the Covid-19 pandemic has harshly impacted the growth of the aircraft micro turbine engine market, likewise, various other industries. This is mainly due to the sharp drop in air travel during the pandemic owing to the spontaneous spread of the deadly virus and stringent government-imposed regulations. Moreover, many aircraft manufacturers have postponed the deployment of new aircraft that might require microturbine engines owing to supply chain disruptions. All these factors have declined the market’s growth throughout the crisis.
Key Players of the Aircraft Micro Turbine Engine Market
The major players of the market include
- PBS Group
- Kratos Defense & Security Solutions Inc.
- Sentient Blue Technologies
- Honeywell International Inc.
- Turbotech SAS
- General Electric Company
- Williams International
- Elliott Company
- Micro Turbine Technology B.V.
- AeroDesignWorks GmbH
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
For instance, in June 2021, GE Aerospace, a world-leading provider of jet and turboprop engines, and Safran, a French multinational company that designs, manufactures, and develops aircraft engines announced the opening of a demonstrator project based on test-building a new open-bladed jet engine. This project would also focus on featuring metal 3D-printed parts. The new engine would be environmentally friendly engines, and the successor of the engines used on the Boeing 737 MAX and some Airbus A320neo aircraft.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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