The market segmentation is based on engine type, distribution channel, application, and region. The engine type segment is further divided into turboshaft and turbojet. Based on distribution channel, the market is divided into OEM and aftermarket. By application, the market is fragmented into civil, defense, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive analysis and profiles of the major aircraft micro turbine engine market players include AeroDesignWorks GmbH, Elliott Company, General Electric Company, Honeywell International Inc., Kratos Defense & Security Solutions, Inc., Micro Turbine Technology B.V., PBS Group. a.s., Sentient Blue Technologies, Turbotech SAS, and Williams International.
By Engine Type
Turboshaft is projected as the most lucrative segments
Increase in air passenger traffic across the globe
According to International Civil Aviation Organization’s (ICAO) yearly worldwide statistics, the total number of commuters carried on scheduled flights rose to 4.38 billion in 2019, which was 3.65% higher than the previous year. Highest passenger traffic was witnessed in Asia-Pacific. In October 2018, the International Air Transport Association (IATA) publicized that current developments in air transport project that the passenger count could double to 8.2 billion in 2037. The COVID-19 pandemic led to a severe downfall in air traffic figures. Although recently, in May 2021, the International Air Transport Association (IATA) stated that the global air passenger traffic is anticipated to recover to almost 88% of pre-COVID levels during 2022, and is projected to outdo this level during 2023. This signifies a robust demand for air travel globally.
The abovementioned statistics indicate considerable rise in air passenger traffic over the years internationally. This rise would result in tremendous surge in demand for new aircraft and new & overhauled aircraft components throughout the world, which would directly impact the sales of aircraft micro turbine engines throughout the world. Thus, the rise in air traffic is anticipated to drive the growth of the aircraft micro turbine engine market during the forecast period.
By Distribution Channel
OEM is projected as the most lucrative segments
Low operating & maintenance costs
Micro turbine technology offers several potential advantages compared to other technologies for small-scale power generation, including compact size, lightweight nature, lesser number of moving parts, higher efficiencies, lower emissions, and capability to utilize waste fuels. In addition, waste heat recovery can also be used with micro turbine systems so as to achieve efficiencies higher than 80%.
Attributed to their small size, relatively low capital costs, low operations and maintenance costs, and automatic electronic control, aircraft micro turbine engines are expected to witness significant demand during the forecast period. Moreover, R&D activities regarding the development of aircraft micro turbine engines have amplified over the last few years owing to the advent of technologically-advanced aircraft along with benefits such as reduced emissions, enhanced efficiency, and lower fuel consumption that are expected to fuel the growth of the aircraft micro turbine engine market during the forecast period.
By Application
Civil is projected as the most lucrative segments
High costs of micro turbine engines
Aviation is a capital-intensive industry. Even a smallest part has to be tested and improved several times before it can be installed in an aircraft. This adds up the cost of R&D for aircraft components. Moreover, manufacturers have to obtain a certificate by aviation agencies such as Federal Aviation Administration (FAA) and European Union Aviation Safety Agency (EASA) prior to the production of aircraft parts, including micro turbine engines before fitting them in respective aircraft models. Moreover, the maintenance & repair costs of used engines add up to the overall costs of aircraft micro turbine engines, thus acting as a restraint to the market growth.
Increase in procurement of military aircraft amid rise in geopolitical tensions
Currently, the world is witnessing rise in geopolitical tensions. Countries in the Middle East and Asia, for instance, China, India, Pakistan, Afghanistan, North Korea, Israel, Palestine, and others, are the epicenter of global conflicts. To be ready for war-like situations, several countries have placed orders with military aircraft manufacturers. Various countries have increased their defense spending to acquire modern defense equipment to enhance their defense capabilities. The global military expenditure has seen exponential growth in recent years. According to Stockholm International Peace Research Institute (SIPRI), the global military expenditure reached $1,981 billion in 2020 with a 2.6% year-on-year increase. The military expenditure accounted for 2.4% of the global gross domestic product in 2020. Thus, increase in global military expenditure has augmented the adoption of modern, more lethal warfare systems, including highly efficient aircraft micro turbine engines. Rise in defense spending by numerous countries globally is expected to propel the growth of the aircraft micro turbine engine market during the forecast period.
By Region
Asia-Pacific would exhibit the highest CAGR of 9.1% during 2021-2030.
COVID-19 impact analysis
- The COVID-19 impact on the aircraft micro turbine engine market is unpredictable, and is expected to remain in force till the second quarter of 2021.
- The COVID-19 outbreak forced the governments to impose stringent lockdown measures that resulted in flight cancellations and ban on e-commerce services, which led to massive decline in commercial aviation and logistics activities across the world.
- Moreover, nationwide lockdown disrupted the supply chains, as several manufacturing facilities across the globe had to partially or fully shut down their operations.
- The adverse impacts of the COVID-19 pandemic resulted in huge supply–demand issues and resulted in long delays in activities of aircraft micro turbine engine operations globally.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global aircraft micro turbine engine market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall aircraft micro turbine engine market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the global aircraft micro turbine engine market with a detailed impact analysis.
- The current aircraft micro turbine engine market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Engine Type
- Turboshaft
- Turbojet
By Distribution Channel
- OEM
- Aftermarket
By Application
- Civil
- Defense
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- AeroDesignWorks GmbH
- Elliott Company
- General Electric Company
- Honeywell International Inc.
- Kratos Defense & Security Solutions, Inc.
- Micro Turbine Technology B.V.
- PBS Group. a.s.
- Sentient Blue Technologies
- Turbotech SAS
- Williams International
Aircraft Micro Turbine Engine Market Report Highlights
| Aspects | Details |
 By ENGINE TYPE |
|
 By DISTRIBUTION CHANNEL |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | Williams International, .KRATOS DEFENSE & SECURITY SOLUTIONS, INC., AeroDesignWorks GmbH, Micro Turbine Technology B.V., HONEYWELL INTERNATIONAL INC., .ELLIOTT COMPANY, PBS GROUP, A. S., GENERAL ELECTRIC COMPANY, SENTIENT BLUE TECHNOLOGIES, TURBOTECH SAS |
Analyst Review
The global aircraft micro turbine engine market is expected to witness significant growth due to surge in air traffic along with rise in fuel-efficiency improvement initiatives making aircraft engines more efficient.
Increase in air passenger traffic across the globe and low operating & maintenance costs are expected to drive the aircraft micro turbine engine market growth during the forecast period. However, high cost of micro turbine engines is expected to restrain the growth of the aircraft micro turbine engine market during the forecast period. Moreover, increase in procurement of military aircraft amid rise in geopolitical tensions is expected to offer lucrative opportunities for the market in future.
To gain a fair share of the market, major players adopted different strategies, for instance, agreement, business expansion, collaboration, contract, product development, product launch, and partnership. Among these, product development is the leading strategy used by prominent players such as AeroDesignWorks GmbH, Kratos Defense & Security Solutions, Inc., and Sentient Blue Technologies. Aforementioned companies designed cutting-edge aircraft micro turbine engines to offer efficient products to expand their business
Q1. What are the different types of aircraft micro turbine engine?
The global aircraft micro turbine engine market valued at $34.8 million in 2020, and is projected to reach $75.9 million by 2030, registering a CAGR of 9% from 2021 to 2030
The report sample for global aircraft micro turbine engine market report can be obtained on demand from the website.
Development of new and improved materials and material-processing techniques; and use of additive manufacturing in making cheaper and quick-to-manufacture aircraft engine parts
Driven by factors such as increase in air passenger traffic across the globe and low operating & maintenance costs, the aircraft micro turbine engine market is expected to register a significant growth during the forecast period
The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated
The leading companies operating in the aircraft micro turbine engine market are General Electric, Honeywell International Inc., and PBS Group
The U.S. and China are key matured markets in the global aircraft micro turbine engine market
Increase in procurement of military aircraft amid rise in geopolitical tensions and high costs of micro turbine engines
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