Aircraft micro turbine Market Worth USD 129.4 Million by 2028 | At a Growth Rate of 10.1% Development Factors and Analysis
The global Aircraft Micro Turbine market size was USD 25.9 million in 2020. The market is projected to grow from USD 29.1 million in 2021 to USD 58.7 million in 2028 at a CAGR of 10.6% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Aircraft Micro Turbine Market, 2021-2028.”
As per our expert analysts, the market for micro turbine for aviation sector is developing since the past decade. The rising utilization of micro turbines for UAVs and small aircrafts is among the prime aspect, which is said to be accountable for considerable growth in the impending years.
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COVID-19 Pandemic to Create Disruption in Supply Chain for Micro Turbine Components
The general influence of the COVID-19 pandemic on the aircraft micro turbine engine has turned out to be adverse. The fundamental players are facing commotions in manufacturing, terminations of aircraft orders, lowered demand, and withdrawal of their collaboration with other organizations. Furthermore, supplies of various drones were postponed during COVID-19 pandemic and the acquisition of defense equipment needed associated services has been impacted owing to absence of prospects in the market, leading in fewer military drone business deals.
We conduct our reports based on an exhaustive review approach that precisely emphasizes on providing accurate information. Our experts have imposed a data navigation technique that thereby aids us to offer reliable approximations and examine the general market aspects precisely. Further, our researchers have gained admittance to various international as well as domestically sponsored registers for offering the up-to-date material so that the stakeholders and business experts capitalize only in the fundamental zones.
On the basis of engine type, the market is classified into turboshaft, turbojet, and turboprop.
In terms of fuel type, the market is segregated into JET-A-1, diesel, kerosene, natural gas, and sustainable aviation fuel.
Based on the application, the market is categorized into VTOL, Air Taxi, RC planes, and UAVs.
In regards of end-user, the market is bifurcated into military and commercial.
The military segment is anticipated to have a dominant share in the market during the forecast period.
The Aircraft Micro Turbine market has been divided into North America, Europe, Asia Pacific, and the rest of the world.
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Rising Inclination towards Hybrid Electrification & Zero Carbon Emission Initiative to Boost Growth
Research demonstrates that the variety of high battery-powered electrical air vehicles are not compatible with moderately lesser power density of presently obtainable batteries. Basically adding more batteries will lead to the aircraft transforming to be heavy to fly with a practical cargo. The solution is a hybrid system that in turn is set to power the aircraft in flight with battery power offering an elevation during crucial stages such as take-off, hover, and landing. Prime players engaged in the business are capitalizing more in R&D to develop as the forthcoming prime players of hybrid technologies in Aircraft Micro Turbine market.
North America market size stood at USD 10.2 million in 2020. North America to dominate the market owing to the existence companies, sellers, and suppliers in the U.S and Canada. This region held the largest Aircraft Micro Turbine market share in 2020.
The market Europe is anticipated observe considerable growth owing to majority of prime players and OEMs used to micro turbine manufacturing business belonging to this region.
The market in Asia Pacific is estimated to display significant growth owing to the growing demand for target drones and UAVs.
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Crucial Announcements by Fundamental Organizations to Spur Aircraft Micro Turbine Market Growth
The key players implement numerous tactics to boost their position in the market as dominating companies. One such crucial tactic is procuring companies to boost their brand importance among users. Another efficient stratagem is to intermittently unveil inventive products with systematic review of the market as well as its target audience.
September 2021: DRDO declared that they have positively completed flight-tests high speed dispensable aerial target ABHYAS off Odisha coast. It is driven by a gas turbine engine to withstand a long durable flight at subsonic speed and that the target aircraft is fortified with MEMS (Micro-Electro-Mechanical Systems).
List of Key Players Covered in the Report
- AeroDesignWorks GmbH (Germany)
- General Electric Company (U.S.)
- Kratos Defense & Security Solutions, Inc. (U.S.)
- PBS Group. a.s. (India)
- Sentient Blue Technologies (Italy)
- Turbotech SAS (France)
- Williams International (U.S.)
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