USD 34.95 billion
Aircraft Micro Turbine Engine Market Size, Share, Growth Analysis, By Engine(Turbofan Micro Turbine Engines and Hybrid Micro Turbine Engines), By Distribution Channel(OEM and aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2110 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Aircraft Micro Turbine Engine Market Insights
Aircraft Micro Turbine Engine Market size was valued at USD 38.10 billion in 2022 and is poised to grow from USD 41.52 billion in 2023 to USD 82.74 billion by 2030, at a CAGR of 9% during the forecast period (2024-2031)
The demand for aircraft micro turbine engines is expected to experience substantial growth over the projection period. This is primarily attributed to their compact size, relatively low initial investment, cost-effective operations and maintenance, and the advantages of autonomous electronic control.
Compared to other small-scale power generation technologies, micro turbine technology offers several potential advantages, such as compact size, lightweight design, fewer moving parts, higher efficiency, lower emissions, and the ability to utilize waste fuels.
Implementing waste heat recovery can further enhance efficiencies to more than 80% in micro turbine systems. These advantageous characteristics are driving the significant demand projected for aircraft micro turbine engines over the forecast period.
The market is expected to benefit from the increasing research and development efforts focused on technologically advanced aircraft, which bring benefits like reduced emissions, improved efficiency, and lower fuel consumption.
R&D activities have intensified in recent years to develop better aircraft micro turbine engines due to these advantages. However, the aviation sector demands substantial financial investment, with every component, no matter how small, requiring rigorous testing and improvements before integration into an aircraft.
The costs of research and development for aircraft parts can be considerable. Additionally, expenses related to maintenance and repairs of used engines contribute to the overall cost of aviation micro turbine engines, which may hinder the market's expansion.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Turbofan Micro Turbine Engines
Fastest Growth
Turbofan Micro Turbine Engines
Growth Rate
9% CAGR
Global Aircraft Micro Turbine Engines Market ($ Bn)
Country Share for North America Region (%)
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Aircraft Micro Turbine Engine Market Segmental Analysis
The global aircraft micro turbine engine market is segmented on the basis of engine, distribution channel, application, and region. The engine segment is further divided into turbofan micro turbine engines and hybrid micro turbine engines . Based on the 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, Middle East and Africa, and Latin America.
Aircraft Micro Turbine Engine Market Analysis By Engine
The largest segment in this dynamic market is the turbofan micro turbine engines. These cutting-edge engines have captured the aviation industry's attention with their exceptional efficiency and impressive thrust capabilities. The turbofan micro turbine engines are known for striking a perfect balance between power and fuel efficiency, making them the preferred choice for commercial and regional aircraft. With a substantial market share and a track record of reliable performance, the turbofan micro turbine engines are set to maintain their dominance throughout the projection period.
On the other hand, the hybrid micro turbine engines segment emerges as the fastest-growing category in the market. The aviation sector's growing emphasis on sustainability and environmental consciousness has led to an increased demand for hybrid technologies that reduce emissions and fuel consumption. As airlines and aircraft manufacturers increasingly prioritize eco-friendly solutions, the hybrid micro turbine engines are projected to witness exponential growth, presenting an attractive prospect for investors and stakeholders. With an environmentally responsible approach and innovative engineering, this segment is anticipated to soar to new heights in the aircraft micro turbine engine market.
Aircraft Micro Turbine Engine Market Analysis By Distribution Channel
The largest segment, OEM (Original Equipment Manufacturer), takes center stage in the market dynamics. As aircraft manufacturers continue to design and develop state-of-the-art airplanes, they rely heavily on OEMs to supply technologically advanced and high-performance micro turbine engines. The OEM segment's dominant position is bolstered by the demand for new aircraft worldwide and the need for reliable and efficient engines to power these cutting-edge aviation marvels. With OEMs being the primary choice for aircraft manufacturers seeking top-notch propulsion solutions, this segment is set to maintain its commanding presence and play a crucial role in the market's growth.
Meanwhile, the aftermarket segment emerges as the fastest-growing category in the aircraft micro turbine engine market. As airlines and operators seek cost-effective solutions to improve the performance and extend the lifespan of existing aircraft, the demand for aftermarket services and replacement micro turbine engines skyrockets. Moreover, as aircraft fleets expand and technology evolves, there is a growing need for innovative aftermarket solutions, propelling the segment's rapid growth. With its customer-centric approach and ability to cater to diverse requirements, the aftermarket segment is positioned to soar to new heights, presenting a lucrative and attractive opportunity in the dynamic aircraft micro turbine engine market.
Global Aircraft Micro Turbine Engines Market by engine type
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Aircraft Micro Turbine Engine Market Regional Insights
In the fiercely competitive global aircraft micro turbine engine market, certain regions stand out for their remarkable influence and rapid expansion. The dominating region in this thriving market is North America. Known for its robust aviation industry and strong presence of leading aircraft manufacturers, North America has consistently held a significant share in the market. The region's demand for cutting-edge aircraft, fueled by technological advancements and the need for fuel-efficient propulsion systems, has driven the adoption of aircraft micro turbine engines. Additionally, North America's focus on research and development, coupled with a supportive regulatory environment, has further propelled the growth of this market in the region.
Meanwhile, the fastest-growing region in the global aircraft micro turbine engine market is Asia Pacific. This dynamic region is experiencing an aviation boom, with increasing air travel demands and a burgeoning commercial airline fleet. Rapid economic growth, urbanization, and the emergence of low-cost carriers are contributing to the surging demand for aircraft in Asia Pacific. As airlines in the region strive to enhance fuel efficiency and reduce emissions, the adoption of micro turbine engines has witnessed an impressive surge. Moreover, governments' initiatives to modernize their aviation infrastructure and promote indigenous aerospace capabilities are providing a conducive environment for market growth. With its tremendous growth potential, Asia Pacific presents a captivating prospect for industry players seeking to expand their footprint in this flourishing market.
Global Aircraft Micro Turbine Engines Market By Geography
- Largest
- Fastest
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Aircraft Micro Turbine Engine Market Dynamics
Aircraft Micro Turbine Engine Market Drivers
Increasing Demand for Fuel Efficiency
- With rising fuel prices and environmental concerns, airlines and aircraft operators are seeking fuel-efficient solutions. Aircraft micro turbine engines offer higher efficiency, resulting in reduced fuel consumption and lower emissions, which align with the industry's sustainability goals.
- The adoption of micro turbine engines in unmanned aerial vehicles (UAVs) and military aircraft is on the rise due to their small size, low noise profile, and high power-to-weight ratio, fueling the market's growth.
Aircraft Micro Turbine Engine Market Restraints
Competition from Other Propulsion Technologies
- The development and production of micro turbine engines involve substantial research and development costs, which can be a deterrent for some manufacturers and operators.
- Micro turbine engines face competition from alternative propulsion technologies, such as electric and hybrid-electric systems. Advancements in these technologies could pose a challenge to the market's growth in the future.
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Aircraft Micro Turbine Engine Market Competitive Landscape
The key players in the global aircraft micro turbine engine market are investing in research and development activities. They are also investing in product development and novel product launches to expand their consumer base. Players are also collaborating with numerous end user industries to penetrate into regional markets.
Aircraft Micro Turbine Engine Market Top Player’s Company Profiles
- AeroDesignWorks GmbH (Germany)
- Elliott Company (United States)
- General Electric Company (United States)
- Honeywell International Inc. (United States)
- Kratos Defense & Security Solutions, Inc. (United States)
- Micro Turbine Technology B.V. (Netherlands)
- PBS Group. a.s. (Czech Republic)
- Sentient Blue Technologies (Italy)
- Turbotech SAS (France)
- Williams International (United States)
- Austro Engine GmbH (Austria)
- Brayton Energy, LLC (United States)
- Capstone Turbine Corporation (United States)
- Enexor BioEnergy (United States)
- Flexjet LLC (United States)
- IHI Corporation (Japan)
- JetCat Americas LLC (United States)
- Pratt & Whitney Canada Corp. (Canada)
- Rolls-Royce Holdings plc (United Kingdom)
- Tesla Microturbine (United States)
Aircraft Micro Turbine Engine Market Recent Developments
- In July 2022, Ricardo, a prominent aerospace engineering company, entered into a significant collaboration with Pratt & Whitney Canada.
- In July 2022, Fusionflight, a pioneering drone manufacturer, unveiled an innovative 8-kW microturbine generator with a striking characteristic – it weighs less than one-tenth of an equivalent petrol generator.
Aircraft Micro Turbine Engine Key Market Trends
Rising Demand for Electric and Hybrid-electric Propulsion
- With a growing emphasis on sustainability and environmental concerns, the aviation industry has been exploring electric and hybrid-electric propulsion technologies. These alternative propulsion systems are gaining traction as aircraft manufacturers and operators seek to reduce carbon emissions and enhance fuel efficiency.
Growing Applications in UAVs and Military Aircraft
- Micro turbine engines are finding increased applications in unmanned aerial vehicles (UAVs) and military aircraft due to their small size, high power-to-weight ratio, and low noise profile. The defense sector's modernization efforts are boosting the demand for micro turbine engines in this segment.
Aircraft Micro Turbine Engine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, The global aircraft micro turbine engine market analysis reveals a thriving industry driven by factors such as the demand for fuel-efficient and lightweight propulsion systems, advancements in technology, and a growing emphasis on sustainability. The market is witnessing increased applications in UAVs and military aircraft, as well as collaborations and partnerships among key players to drive innovation. Additionally, emerging economies are contributing to the market's growth with rising air travel demands. The trend of exploring electric and hybrid-electric propulsion technologies is gaining momentum, and waste heat recovery and hybridization are being explored to further improve efficiency. Overall, the aircraft micro turbine engine market is poised for significant expansion, catering to the evolving needs of the aviation sector.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 38.10 billion |
| Market size value in bbz" | USD 82.74 billion |
| Growth Rate | 9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Aircraft Micro Turbine Engine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Aircraft Micro Turbine Engine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Aircraft Micro Turbine Engine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aircraft Micro Turbine Engine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Aircraft Micro Turbine Engine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Aircraft Micro Turbine Engine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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