Aircraft Micro Turbine Engines Market Anticipated for Progressive CAGR Growth During 2020-2030

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Aircraft Micro Turbine Engines: Introduction

• Aircraft micro turbine engines are considered single shaft rotary engines, which extract its energy from a flow of micro combustion gas. The engine of micro turbine somewhat looks akin to a miniature replica of a larger conventional gas turbine engine.
• Aircraft micro turbine engines can be regarded as prospective and compact competitors to other propulsion system power supplies such as battery cells. However, the overall engine performance depends on the individual engine element’s performance.
• The use of micro turbine engines is increasingly becoming popular in commercial and civil aviation. These turbines are also employed in unmanned aerial vehicle (UAV) applications in missions such as national security, telecommunications, agriculture, disaster management, real-time reconnaissance, remote sensing, crime fighting, and election monitoring.
• Aircraft micro turbine engines are also considered easy to handle and relatively have low noise and vibration. Furthermore, they possess variety of features such as variable speed, compact size, simple operability, high speed operation, easy installation, low maintenance, and low NOX emissions.

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Key Drivers of Global Aircraft Micro Turbine Engines Market

• Air quality regulation imposed by various governments across the globe has prompted most of the manufacturers to look for technological innovation in order to minimize the effect of pollutants in the surrounding environment. Some manufacturers of micro turbines have developed advanced combustion technologies to minimize the formation of these pollutants. They have assured low emissions levels from micro turbines fueled with gaseous and liquid fuels. This is expected to boost the aircraft micro turbine engine market in the near future.
• Increase in technological advancements in aircraft micro turbine engines is one of the important factors responsible for the market growth. Significant rise in number of strategic collaborations and contracts is also likely to augment the demand for aircraft micro turbine engines in the near future.
• Ambitious national targets, rapid technological advancements, and international agreements have prompted countries across the world to turn toward the renewable energy sector and upgrade their power generation technologies. This, in turn, is expected to augment the global aircraft micro turbine engines market between 2020 and 2030.

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Restraints of Global Aircraft Micro Turbine Engines Market

• The cost associated with micro turbine engines is very high. This is a major restraining factor of the aircraft micro turbine engines market.
• The power generation capacity of micro turbine engines is limited compared to conventional aircraft engines. This poses a challenge to the global aircraft micro turbine engines market.

Major Developments

• In July 2020, the Russian state-backed Advanced Research Foundation (FPI) and Federal State Unitary Enterprise (VIAM) announced that they had flight tested their 3D printed MGTD-20 gas turbine engine for the first time. The motor was evaluated onboard a light Unmanned Aerial Vehicle (UAV), which was launched over the Kazanbash aviation center in Tatarstan, around 500 miles east of Moscow.
• Post-Brexit, India and the U.K. are set to explore several options for jointly collaborating in defense projects. The countries are expected to finalize a government-to-government format for future defense deals. The U.K. India Business Council (UKIBC) and the Society of Indian Defense Manufacturers (SIDM) signed a Memorandum of Understanding (MoU). The MoU was signed in the presence of the U.K. minister for defense procurement and Director of the UK Department for International Trade’s Defense and Security Organization (DSO).

Asia Pacific to Hold Major Share of Global Aircraft Micro Turbine Engines Market

• Based on region, the global aircraft micro turbine engines market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• Asia Pacific is expected to be a key region of the global aircraft micro turbine engines from 2020 to 2030. Increase in carbon emissions due to rise in passenger traffic is a major factor for the increase in demand for hybrid electrification in major economies such as China, India, Japan, and Australia.
• Asia Pacific is expected to gain supremacy in the aircraft micro turbine engines market in the near future, as China is likely to attract significant foreign investments due to stable growth and robust developments in the economy in recent years
• On the other hand, the size of the U.S. aircraft micro turbine engines market is expected to increase substantially by the end of the forecast period. Aerospace & defense sector is likely to benefit from government incentives and subsidies. For Instance, in March 2020, the U.S. government announced it had signed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). This act will provide US$ 61 Bn in grants for loans and excise tax relief for the aviation industry.

COVID-19 Impact Analysis

• The global economy has been hampered by measures put in place to contain the COVID-19 pandemic. The aviation industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of demand & supply, and discerning expenditure by end-users.
• The COVID-19 pandemic has negatively impacted the aircraft micro turbine engine market, as aircraft makers are facing cash-flow shortages, production challenges, and also a significant negative impact on their supply chain