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

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.