Market Highlights
The global aircraft micro turbine engine market is expected to reach USD 3,573.3 million by 2030, with a CAGR rate of 5.9 % during 2022–2030. Aircraft micro turbine engine are also regarded as being manageable and having relatively little vibration and noise. Additionally, they provide a range of benefits including variable speed, compact size, quick installation, high-speed operation, cheap maintenance, and low NOX emissions. In both commercial and civil aviation, micro turbine engine are becoming more and more common. Additionally, these turbines are used in unmanned aerial vehicle (UAV) applications for tasks like criminal prevention, telecommunications, agriculture, disaster management, real-time reconnaissance, and remote sensing.
Aircraft micro turbine engines are predicted to be in high demand over the projection period due to their tiny size, low capital costs, low operating and maintenance expenses, and autonomous electronic control. Furthermore, RD activities for the development of aircraft micro turbine engines have increased in recent years as a result of the introduction of technologically advanced aircraft with benefits such as reduced emissions, improved efficiency, and lower fuel consumption, which are expected to fuel the growth of the Aircraft Micro Turbine Engine Market Outlook during the forecast period.
COVID-19 Impact Analysis:
The COVID-19 crisis reinforced an already stressed supplier ecosystem, particularly in the North American market, intensified by the Boeing 737 Max situation. The result is a decline in demand, supply disruptions, financial strain, and worker impairment, resulting in one of the industry's largest global shocks in history. Airlines are cancelling new aircraft orders, while OEMs Airbus and Boeing are cutting output predictions by up to 50%. Suppliers with poor financials risk running out of funds, losing key personnel, and failing to recover. All areas contributed to the overall losses in 2020, including North America, which outperformed the rest of the world from 2012 to 2019, when its airlines generated a total economic profit of $44 billion. Because years of consolidation and restructuring had left the North American market with a few large leading competitors, five of the world's top 10 airlines were based in the United States during this period. Nonetheless, they were not spared by the pandemic, and they lost $63 billion by 2020.
Key Players:
MRFR recognizes the following companies as the key players in the global aircraft micro Turbine Engine market:Honeywell International Inc.,GE Aviation, Rolls-Royce PLC, Kratos Defense Security Solutions Inc., Raytheon Technologies Corporation, Safran SA, UAV Turbines Inc., Turbotech SAS, PBS Group, a.s., JETS-MUNT SL, Williams International, Sierra Turbines Inc., AMT NetherlandS B.V., Hawk Turbine AB, and Ingenieurbüro CAT, M. Zipperer GmbH
Segment Analysis:
The global aircraft micro turbine engine market has been segmented on the basis of Engine Type, Application, Fuel Type, End-User, and Region.
The global aircraft micro turbine engine market, based on Engine type, has been segmented into Turbojet, Turboshaft and Turboprop.
The global aircraft micro turbine engine market, based on application has been bifurcated into Vertical Take-off and landing (VTOL), Air Taxis, Cargo Aerial vehicles, Light Aircrafts, Military Unmanned Vehicles and Others.
The global Aircraft Micro Turbine Engine Market, based on fuel type has been divided into Jet Fuel, Diesel and Others.
On the basis of end-user the global Aircraft Micro Turbine Engine Market Insights has been divided into commercial aviation and military aviation.
Key Findings of the Study:
The global aircraft micro Turbine Engine market is projected to reach a value of USD 3,373.7 Million by 2030, with a CAGR of around 5.5% during the forecast period from 2022 to 2030.
North America accounted for the largest market share in 2021.due to the presence of major companies, dealers, and suppliers in the U.S. and Canada such as Jetcats America, Honeywell International, and GE Aviation.
Europe is the fastest-growing regional market globally due to an increase in the number of electric aircraft development programs, the creation of aerial vehicles with cutting-edge technologies, and an increase in air traffic are the main factors anticipated to contribute to the market's expansion in this region over the course of the forecast period.
US is among the top contributors in the micro turbine market.
Rise in air passenger traffic is the key opportunity in this market.
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