The COVID-19 pandemic has a considerable impact on the aircraft microturbine engine market. The outbreak of pandemic has led to major lockdown situations in most of the countries across the world. During this period, the utilization of drones and eVTOL has increased due to their efficiency in population surveillance during the lockdown period. The majority of the developed, as well as developing countries prefer to use drones to keep an eye on the population and ensure their safety. For instance, in March 2020, EHang, one of the China-based aircraft manufacturers offered 61 passenger grade drones for the surveillance of the general population. Such types of activities represent the vast applicability of these machines during viral outbreaks. During this unprecedented situation, we are helping our clients in understanding the impact of COVID19 on the global aircraft microturbine engine market.
Check out How COVID-19 impact on the Aircraft Microturbine Engine Market. Click here to Connect with Analyst @ https://www.researchdive.com/connect-to-analyst/192
OEM to Dominate the Market during the Forecast Period
Based on end-use, the global market for aircraft microturbine engines is segmented into OEM and aftermarket. The OEM market accounted for $83.9 million in revenue in 2029 and is expected to grow at 8.9% CAGR. The growth of the OEM segment is primarily attributed to its cost benefits which are directly related to the minimal cost of production.
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Based on engine type, the global market is segmented into turbojet MTE and turboshaft MTE. The market size for the turboshaft MTE segment accounted for $65.1 million in 2029 and is all set to rise at a CAGR of 10.3% during the period of forecast. Higher adoption of turboshaft MTE for the incorporation of the majority of aircrafts is likely to drive the segment growth.
VTOL Segment to be Most Lucrative
Based on the platform, the global market for aircraft microturbine engine is classified into VTOL, air taxi, cargo aerial vehicle, ultra-light aircraft, business jet, military trainer aircraft, and military unmanned aerial vehicles. The market size for VTOL was $27.5 million in 2029 and is estimated to grow at 10.8% CAGR. Higher adoption of military unmanned aerial vehicles is anticipated to offer growth for the segment in the global market.
Based on horsepower, the global market is segmented into 5-50 HP, 50-100 HP, and 100-200 HP. 5-20 HP horsepower segment generated a revenue of $27.5 million in 2029 and is anticipated to grow at 10.8% CAGR during the period of forecast.
Biofuel to Hold Significant Market Share
Based on fuel type, the global market for aircraft microturbine engine is classified into kerosene, diesel, Jet-A, biofuel, and synthetic fuel. The market size for biofuel was $53.6 million in 2029 and is estimated to grow at 10.4% CAGR. The significant consumption of biofuels is predicted to contribute to the segment growth.
Based on application, the global market is segmented into civil, urban air mobility, and unmanned military. The urban air mobility segment generated a revenue of $32.5 million in 2029 and is anticipated to grow at 10.0% CAGR during the period of forecast.
Geographical Analysis
Based on region, the global aircraft microturbine engine market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific aircraft microturbine engine market accounted for $32.4 million in 2029 and is anticipated to rise at 10.0% CAGR throughout the forecast period. The developing economy and increasing investments in aircraft technologies are expected to offer a lucrative opportunity for the Asia Pacific market growth.
Major Market Players
- UAV Turbines, Inc.
- Honeywell International Inc
- Rolls-Royce plc
- Kratos Defense & Security Solutions, Inc.
- Elliott Group
- AeroDesignWorks GmbH
- JetsMunt SL
- GE
- AMT Netherlands B.V
- PBS Group.
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