Global Aircraft Micro Turbine Engines Market is valued approximately USD 2.8 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2022-2029. Aircraft micro turbine engines are small, lightweight engines that are used to power small aircraft such as drones, helicopters, and light planes. These engines are typically less than 100 pounds in weight and 000can produce up to 150 horsepower. The Aircraft Micro Turbine Engines market is expanding because of factors such as increase in air passenger traffic and increase in procurement of military aircraft.
Micro turbine engines work by compressing air and mixing it with fuel in a combustion chamber. The resulting hot gases are then used to drive a turbine which generates power. The exhaust gases are then expelled from the engine. Its prevalence has progressively increased during the last few decades. According to the Statista, there were over 400 airports and airstrips in India, with 153 of them operational. In the year 2022, airports in India handled over 188 million passengers, with over 22 million of them being international travelers. Furthermore, in 2021, it is estimated that the number of air passengers traveling to and from the U.S. was 99 million. Another important component driving space increase is procurement of military aircraft. As per Statista, with over 14,500 military aircraft, Asia-Pacific is the region with the highest number of military aircraft in 2021. In the same year, the United States accounted for a quarter of the global military aircraft fleet. In addition, in 2023, NATO members possessed around 20,633 military aircraft units, with 7,175 of these being non-combat helicopters. Another 3,398 aircraft were fighter jets. Also, rising government initiatives in micro turbine technology and a rise in the number of development programs for electric aircraft would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Aircraft Micro Turbine Engines stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Aircraft Micro Turbine Engines Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of key market players in the region. According to the Statista, in 2020, CFM International held 38% of the commercial aircraft engine market in North America. General Electric Aviation came third, with 29 percent of the North American market. Furthermore, Asia Pacific is expected to grow with a highest CAGR during the forecast period, owing to factors such as growing number of populations resulting in increasing number of air passenger traffic in the market space.
Major market player included in this report are:
General Electric Company
Honeywell International Inc.
Kratos Defense & Security Solutions, Inc.
Micro Turbine Technology B.V.
PBS Group. a.s.
Sentient Blue Technologies
Recent Developments in the Market:
- In January 2023, GE Gas Power and IHI Corporation collaborate together for the development of ammonia combustion technologies for industrial gas turbines to generate electricity with low or minimum carbon emissions. The collaboration helps in global transition to a lower-carbon future in the power generating industry.
Global Aircraft Micro Turbine Engines Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Engine Type, Distribution Channel, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Engine Type
By Distribution Channel
Rest of the World