The global aircraft microturbine engine market was valued at $60.1 million in 2021 and is anticipated to surpass $125.2 million by 2029, at a CAGR of 9.5%.
In previous years, the aircraft microturbine engine market has witnessed significant growth. In 2020, the market is anticipated to witness a significant drop in the revenue due to the Coronavirus outbreak. But, over the coming years, the market is projected to flourish when the pandemic situation relaxes.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|10.3%||9.5%||Q1/Q2 2023||79||USD 73.1 Million||USD 40.2 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Extensively increasing technological evolutions in the aircraft microturbine engine market is one of the significant factors responsible for market growth. Furthermore, an increasing number of strategic collaborations and contracts are likely to propel the growth of the market during the forecast period. For instance, in December 2019, one of the significant players in the microturbines engine market, Capstone Turbine Corporation, entered into a strategic distribution partnership with two major regional players. Moreover, this partnership will aid the company to strengthen its market presence in Mid-Atlantic, Southeastern United States & the Caribbean.
However, the high cost associated with microturbine engines is the major restraining factor for the aircraft microturbine engines market
The COVID-19 pandemic has negatively impacted the aircraft microturbine engine market, as the aircraft makers are facing production challenges, cash-flow shortages, and a significant negative impact on the supply chain. However, the government plans to support the companies operating in the aerospace & defense sector will likely provide greater visibility for them. For instance, in March 2020, the U.S. government signed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). This bill will provide $61.0 billion in grants for the loans and excise tax relief for the aviation industry. Moreover, market players will consider substitute supply chain strategies, like vertical integration along with investigating new sources of supply.
The deployment of highly skilled people for the critical workforce and ensuring adequate liquidity for the venture as well as its key suppliers will help to grow this market, during the COVID-19 crisis. Additionally, in March 2020, a pioneer of microturbine technology, UAV Turbines, Inc. invented Monarch 5 turboshaft engine which can run on natural gas. This engine is lightweight, portable, along with having reliable power generation capacity and fuel flexibility. These innovations may drive the global aircraft microturbine engine market.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Furthermore, as per the study conducted by Research Dive analysts, the global aircraft microturbine engine market is expected to continue its substantial growth in the coming years. Due to the tremendous downfall in 2020, the market will witness profitability by Q3/Q4 2022. It is projected that the global aircraft microturbine engine market shall witness an extensive growth after the COVID-19 crisis. Certain positive factors such as increasing demand for private and commercial aircrafts, extensive research and development activities, and introductions of new products in the market are projected to offer stimulus for the growth of the market after this great pandemic.
For instance, in April 2020, AeroVironment, Inc. introduced Quantix Recon, a fully-automated, hybrid vertical take-off and landing vehicle to prove its strong market presence even after the viral outbreak. Also, the governmental bodies across the world are providing financial support that will help to decrease the significant downsizing.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Aircraft Micro Turbine Engine Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity