Aircraft microturbine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Aircraft microturbine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Aircraft Microturbine Market

The aircraft microturbine market size was valued at USD 25.9 million in 2020, and the market is now projected to grow from USD 29.1 million in 2021 to USD 58.7 million by 2028, exhibiting a CAGR of 10.6% during the forecast period of 2021-2028.

The companies have experienced disruption in production, cancellations of aircraft orders and low demand. The COVID-19 pandemic led to martial budget cuts with supply chain disruptions that had hindered the aircraft microturbine market growth. Moreover, delivery of numerous drones was postponed due to the pandemic. The purchase of defense equipment required associated services has been affected, resulting in fewer drone business contracts.

The aircraft microturbine market share globally has been contributed due to the growing demand for hybrid electrification and zero carbon emission initiative. The hybrid system enables the aircraft to fly with battery power. They are providing power during critical stages such as take-off, navigation, and landing. Key companies involved in the business are spending more in R&D activities to emerge as the future major company of this market. The advancements of the equipment can save the cost of maintenance and operations of engines and propelling the market expansion.

The trend of raising the notion of micro turbines for propulsion as an alternative of electric motors and propellers is boosting market growth. The additional speed and thrust of a jet engine is really needed which can be fulfilled by such propeller planes. The airliner engines can put out appreciably more power than electrically-driven propellers is attracting many institutes. They allow the aircraft to travel at much higher velocity.

Comprehensive Analysis of Aircraft Microturbine Market

The aircraft microturbine market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional evaluation considering the dominant supply and demand forces that impact the aerospace & defence industry. These segmentations are methodically segregated by micro engine type, fuel type, application, and end-user. The micro engine types include turboshaft, turbojet, and turboprop. However, the fuel types comprise JET-A-1, diesel, kerosene, natural gas, and sustainable aviation fuel. The applications are VTOL, air taxi, RC planes, and UAVs. The end-users are commercial and military.

The North American region is conducive to the global aircraft microturbine market, leading to a recall of USD 10.2 billion due to the existence of companies, sellers, and distributors and the growing utilization of small drones in the region.

The top players in the market play a vital role in the aerospace & defence industry assuring industrial prospectus growth and setting market values. These players include Kratos Defense & Security Solutions, Inc. (U.S.), PBS Group. A.s. (India), AeroDesignWorks GmbH (Germany), Sentient Blue Technologies (Italy), General Electric Company (U.S.), Turbotech SAS (France), Williams International (U.S.), UAV Turbines, Inc. (U.S.), AMT Netherlands B.V. (Netherlands), Rolls-Royce Holdings plc (U.K.), JetCat Americas (U.S.), JetsMunt SL (Spain), Stuttgart Engineering Propulsion Technologies UG (Germany), Lambert Microturbine (Germany), and Hawk Turbine AB (Sweden), these market players provide a level-playing competitive landscape.

In June 2021, Kratos Defense & Security Solutions, Inc. announced that Kratos Turbine Technologies (KTT) Division has been awarded an USD 8.6 million task order under its Advanced Turbine Technologies for Affordable Mission (ATTAM) ID/IQ contract. Under this contract KTT will complete the design, build, assemble, and test of a reasonably priced turboshaft engine for Group 3 UAVs.

Segmentation Table

Global Aircraft Microturbine Market Scope

ATTRIBUTE DETAILS

Study Period2017-2028

Base Year2020

Forecast Period2021-2028

Historical Period2017-2019

UnitValue (USD Million)

By Micro Engine Type

Turboshaft

Turboprop

Turbojet

SegmentationBy Fuel Type

JET-A1

Diesel

Natural Gas

SAF

By Application

VTOL

Air Taxi

RC Planes

UAV

By End-User

Commercial

Military

By Geography

North America (Micro Engine Type, Fuel type, Application, End-user and Country)

The U.S. (By End-User)

Canada (By End-User)

Europe (Micro Engine Type, Fuel type, Application, End-user and Country)

The U.K. (By End-User)

Germany (By End-User)

France (By End-User)

Rest of Europe (By End-User)

Asia-Pacific (Micro Engine Type, Fuel type, Application, End-user and Country)

Japan (By End-User)

China (By End-User)

India (By End-User)

Australia (By End-User)

Rest of Asia- Pacific (By End-User)

Rest of the World (Micro Engine Type, Fuel type, Application, End-user and Country)

Latin America (By End-User)

The Middle East (By End-User)


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