The global aircraft micro turbine engine market was valued at $34.8 million in 2020, and is projected to reach $75.9 million in 2030, registering a CAGR of 9.0%.
The rapid spread of COVID-19 had a significant impact on the global aircraft micro turbine engine market in 2020, owing to the implementation of strict lockdown measures, and the disruption in the supply chain of required materials across the world. COVID-19 pandemic led to several challenges for the aviation sector including logistics challenges, supply-demand gap, among others. On the other hand, the aircraft micro turbine engine manufacturers had to reduce expansion and R&D investments to withstand the decline in revenue and operating performance of the airline industry. The challenges such as manufacturing difficulties and low demand for aircraft engines amid stringent lockdown measures and grounding of aircraft throughout the world were observed throughout 2020 and mid-2021, and the demand for aircraft engine engines is expected to resume back in pre-COVID-19 levels only after a few years.
Aircraft micro turbine engine is a small-sized combustion turbine that utilizes micro combustion to offer cogeneration to utilize heat & electricity at the same time. It is preferred due to its features such as utilization of a variety of fuels, small size, and efficiency. As aircraft micro engines are compact, they utilize very small space to fit in and save space for other components in design
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Companies covered in this report study:• 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
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.
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.
Key Market SegmentsBy Engine Type• Turboshaft• TurbojetBy Distribution Channel• OEM• AftermarketBy Application• Civil• Defense• Others
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. 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.
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.
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See Campaign: https://www.alliedmarketresearch.com/aircraft-micro-turbine-engine-market-A07204Contact Information:Name: David Correa
Email: Send Email
Organization: Allied Market Research
Address: 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States