Aircraft Micro Turbine Engine Market Size Projected to Generate a Revenue of $4,074.90 Million by 2031Download Sample Reports Overview
The Global Aircraft Micro Turbine Engine Market Size is predicted to be valued at $4,074.90 million by 2031, surging from $2,331.80 million in 2021, at a CAGR of 5.8%.
Impact Analysis of COVID-19 on the Aircraft Micro Turbine Engine Market
The COVID-19 impact on aircraft micro turbine engine market had a major effect on the aircraft microturbine engine market due to disruptions in global supply chains. Manufacturers have had difficulty acquiring raw materials and components needed for microturbine engine production due to restrictions on international trade and transportation. This resulted in production delays and increase ina expense of manufacturing aircraft, affecting the availability, and pricing of aircraft microturbine engines. Therefore, aircraft manufacturers and operators had to adjust their production schedules and procurement strategies, potentially resulting in lower output and higher prices for microturbine engines, affecting the overall competitiveness and profitability of the aircraft microturbine engine market. Also, the pandemic's uncertain and unpredictable market circumstances have affected the demand for aircrafts, potentially leading to a decrease in orders and deliveries, further impacting the demand for microturbine engines.
Global Aircraft Micro Turbine Engine Market Analysis
Microturbine engines are small combustion turbines that typically have power outputs ranging from 25 kW to 500 kW. They have evolved from technologies used in automotive and truck turbochargers, auxiliary power units (APUs) for airplanes and small jet engines. Microturbines are a type of distributed generation technology that can generate both heat and electricity on a relatively small scale. Microturbines are typically used for stationary energy generation applications, where they can provide electricity and heat for various purposes. They are often used in combined heat and power (CHP) or cogeneration systems, where the waste heat produced during electricity generation can be captured and used for heating or other thermal applications. This makes microturbines highly efficient in utilizing the energy from the fuel, as they can achieve high overall energy conversion efficiencies. Microturbines have a number of benefits, including their small size and minimal footprint, which makes them ideal for a variety of uses with constrained space. They can be used in a variety of situations, including residential, and commercial, as well as remote areas where grid electricity is unavailable. Microturbines can run on a variety of fuels, including natural gas, biogas, diesel, and other liquid or gaseous fuels, allowing fuel flexibility based on availability and environmental concerns. These factors are estimated to drive the aircraft micro turbine engine market growth during the forecast period.
The aviation industry is heavily regulated, and the certification process for new aircraft engines can be a lengthy and expensive. The process typically involves a series of rigorous tests and evaluations to ensure that the engine meets strict safety and performance standards. This can pose significant challenges for microturbine engine manufacturers as they seek to bring their products to market. All these are the major factors projected to hamper the growth of the aircraft micro turbine engine market size during the forecast period.
Microturbine engines can also provide distinct advantages when used to power small unmanned aerial vehicles (UAVs) and urban air mobility (UAM) aircraft. Microturbine engines can provide higher power and endurance for UAVs, allowing them to carry bigger payloads or undertake more difficult missions. Microturbine engines can provide a higher level of reliability and safety in the case of UAM aircraft than typical combustion engines due to its simpler design and fewer moving parts. Also, microturbine engines can produce less noise and emit less pollution, making them a more appealing option for usage in urban areas where noise and pollution are the key concerns. In general, microturbine engines have the potential to play a key role in the development of the burgeoning UAV and UAM businesses, providing distinct advantages. These factors are expected to create several growth opportunities for the aircraft micro turbine engine market share during the forecast period.
Global Aircraft Micro Turbine Engine Market, Segmentation
The aircraft micro turbine engine market is segmented on the basis of engine type, distribution channel, application, and region.
The engine type segment is further classified into turboshaft and turbojet. Among these, the turboshaft sub-segment accounted for a dominant market share in 2021. Turboshaft engines are a type of micro turbine engine that are specifically designed to produce mechanical power, rather than thrust. They are commonly used in helicopters and other rotorcraft, where their high power-to-weight ratios and smooth power output make them ideal for powering the rotor system.
The distribution channel segment is further classified into OEM and aftermarket. Among these, the aftermarket sub-segment accounted for a dominant market share in 2021. The aftermarket for aircraft micro turbine engines plays a vital role in providing replacement parts, maintenance, repair, and overhaul services for engines that are already in use. In the case of micro turbine engines, manufacturers are typically the sole source of replacement parts and services for auxiliary power units (APUs). While the aftermarket for micro turbine engines in light aircraft, military UAVs, and advanced air mobility aircraft is still in its initial stages, it is expected to grow significantly as more of these products are commercialized.
The application segment is further classified into civil, defense, and others. Among these, the civil sub-segment accounted for a dominant market share in 2021. In addition to military and UAV applications, the market for aircraft micro turbine engines also has significant potential for civil use. Micro turbine engines have the potential to revolutionize the civil aviation industry by offering a more efficient and environmentally friendly alternative to traditional gas turbine engines. Another advantage of micro turbine engines is their low emissions profile. They produce significantly less carbon emissions and other pollutants compared to traditional gas turbine engines.
The aircraft micro turbine engine market share in Asia-Pacific is projected to have a dominant market share during the forecast period. The region has seen a rapid increase in demand for air travel, and there is a rising need for more efficient and reliable aircraft engines to support this growth. One of the main factors driving the market growth in Asia-Pacific is the increase in demand for UAVs. This is particularly relevant for countries such as China, India, and Japan, which are investing heavily in UAV technology for a range of applications, including military, commercial, and civil uses.
Key Players in the Global Aircraft Micro Turbine Engine Market
Some of the leading aircraft micro turbine engine market analysis players are
- AeroDesignWorks GmbH
- Elliott Company
- General Electric Company
- Honeywell International Inc.
- Kratos Defense & Security Solutions Inc.
- PBS Group
- Sentient Blue Technologies
- Turbotech SAS
- Williams International.
- Micro Turbine Technology B.V