Global Aircraft Micro Turbine Engine Market to Generate $4,074.90 Million by 2031, Owing to Rising Demand for Electric and Hybrid-Electric Aircraft

Aircraft micro turbine engines are designed specifically for unmanned aerial vehicles and small vehicles. These engines are much more compact as compared to piston engines and have a high power-to-weight ratio which helps the unmanned aerial vehicle to carry heavier loads over larger distances. Moreover, these engines offer higher stability to the vehicles which makes it easier for the aircraft to fly at higher altitudes. Another important benefit of aircraft micro turbine engines is that they are easier to manufacture as compared to conventional piston engines.

Forecast Analysis of the Aircraft Micro Turbine Engine Market

In recent years, there has been a steady increase in demand for electric and hybrid-electric aircraft which is predicted to be the primary growth driver of the global aircraft micro turbine engine market in the forecast period. Additionally, increasing demand for urban air mobility is anticipated to push the market forward. Along with this, various advantages provided by micro turbine engines such as higher efficiency are projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, the limited market penetration of aircraft microturbine engines is estimated to create hurdles in the full-fledged growth of the aircraft micro turbine engine market in the coming period.

Regionally, the aircraft micro turbine engine market in the Europe region is expected to be the most dominant by 2031. Rising demand for more efficient and dependable aircraft engines, together with the expansion of the region's aviation industry is expected to be the leading factor behind the growth of the market in this region.

According to the report published by Research Dive, the global aircraft micro turbine engine market is expected to gather a revenue of $4,074.90 million by 2031 and grow at 5.8% CAGR in the 2022–2031 timeframe. Some prominent market players include AeroDesignWorks GmbH, Kratos Defense & Security Solutions, Inc., Turbotech SAS, Elliott Company, PBS Group, Williams International., General Electric Company, Sentient Blue Technologies, Micro Turbine Technology B.V., INC., Honeywell International Inc., and many others.

Covid-19 Impact on the Aircraft Micro Turbine Engine Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The aircraft micro turbine engine market, too, faced a negative impact of the pandemic. The disruptions in the global supply chains immensely affected the manufacturing of aircraft micro turbine engines as the production cycles were hampered. Moreover, demand for aerial vehicles reduced which ultimately brought down the demand for micro turbine engines. Both these factors affected the growth rate of the market substantially.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the aircraft micro turbine engine market to flourish. For instance:

• In March 2020, UAV Turbines, a leading developer of micro turbines, announced the launch of Monarch 5 turboshaft engine, a micro turbine engine that can run on natural gas. This product launch is expected to help the company to cater to the demands of the market in a comprehensive manner in the near future.
   
• In June 2022, Rolls-Royce, a leading car manufacturer, announced the launch of hybrid-electric flight with advanced propulsion system. This product launch is expected to expand the scope of operations of Rolls-Royce in the next few years.
   
• In February 2023, PBS Velká Bíteš , a Czech Republic-based company, announced the launch of PBS TJ150, a pyrotechnic ignition version of its engine. This product launch is expected to boost the market share of the company in the next few years.