According to a recent report published by Allied Market Research, titled, “Aircraft Micro Turbine Engine Market by Engine Type, Distribution Channel, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global aircraft micro turbine engine market was valued at $34.8 million in 2020, and is projected to reach $75.9 million by 2030, registering a CAGR of 9.0%.
North America dominates the market, in terms of revenue, followed by, Asia-Pacific, Europe, and LAMEA. U.S. dominated the global aircraft micro turbine engine market in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making durable and long-lasting aircraft micro turbine engines. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in air passenger traffic across different nations in the region along with implementation of stringent aircraft fuel-efficiency regulations and regular inspections across the prominent countries such as China, India, and Japan.
By engine type, the aircraft micro turbine engine market is segregated into turboshaft and turbojet. The turboshaft segment accounted for the highest revenue in 2020, owing to rise in technological developments in making smaller, lighter, and high-performance turboshaft engines that can attain high flight levels.
On the basis of distribution channel, the market is divided into OEM and aftermarket. The OEM segment garnered highest revenue in 2020, owing to the rise in air travel along with surge in demand for low weight and higher efficiency engines.
Depending on application, the aircraft micro turbine engine market is segregated into civil, defense, and others. The civil segment was the major revenue generator in 2020, owing to increasing number of new players, along with the advent of new aerial mobility solutions.
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 the activities of aircraft micro turbine engine operations globally.
Key Findings Of The Study
- By engine type, the turboshaft segment is expected to register a significant growth during the forecast period.
- On the basis of distribution channel, the OEM segment is anticipated to exhibit significant growth in future.
- Depending on application, the civil segment is projected to lead the global aircraft micro turbine engine market.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players operating in the global aircraft micro turbine engine market 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.