Aircraft Micro Turbine Engines Market Size

Aircraft Micro Turbine Engines Market Growth Projections and Opportunities

In 2021, the global market for aircraft micro turbine engines reached a valuation of USD 2,127.7 million, and projections indicate it will grow to USD 3,573.3 million by 2030, with a Compound Annual Growth Rate (CAGR) of 5.9% during the period from 2022 to 2030.
Aircraft micro turbine engines are recognized as single-shaft rotary engines, deriving power from micro combustion gas flow. Functionally, they resemble scaled-down versions of larger conventional gas turbine engines. These micro turbine engines are emerging as potential and compact alternatives to other power supply systems, such as battery cells. However, it's crucial to note that the performance of each engine component directly influences the overall engine performance. The utilization of micro turbine engines is increasingly prevalent in both commercial and civil aviation. Moreover, these engines find applications in Unmanned Aerial Vehicles (UAVs) for various purposes, including criminal prevention, telecommunications, agriculture, disaster management, real-time reconnaissance, and remote sensing.
This comprehensive study on the global aircraft micro turbine engines market delves into industry trends, market dynamics, size, competitive landscape, and growth opportunities. The report categorizes the market based on engine type, application, fuel type, end-user, and region/country.
In terms of engine type, the market is segmented into turbojet, turboshaft, and turboprop. The turbojet segment dominated the market in 2021 and is expected to maintain this position throughout the review period. Meanwhile, the turboshaft segment is anticipated to register the highest CAGR from 2022 to 2030.
The application segment includes below Vertical Take-Off and Landing (VTOL), air taxis, cargo aerial vehicles (CAVs), light aircraft, military unmanned aerial vehicles, and others. In 2021, the light aircraft segment led the market, and Vertical Take-Off and Landing (VTOL) is projected to exhibit the highest CAGR during the assessment period.
The market is further categorized by fuel type into jet fuel, diesel, and others. The jet fuel segment dominated the market in 2021, while the others segment is expected to showcase the highest CAGR during the assessment period.
Based on end-user, the market is segmented into commercial aviation and military aviation. The commercial aviation segment held the market's dominant position in 2021, while the military aviation segment is anticipated to exhibit the highest CAGR during the assessment period.
Geographically, the study covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is predicted to lead the aircraft micro turbine engines market in 2021, while Europe is expected to exhibit the highest CAGR during the forecast period.
The global market is characterized by intense competition, featuring several vendors offering innovative solutions. Notable vendors profiled in the study include Raytheon Technologies Corporation, Honeywell International Inc., Kratos Defense & Security Solutions Inc, Safran SA, UAV Turbines Inc., and others. These players contribute to the market with feature-rich and advanced solutions, emphasizing the competitive dynamics within the aircraft micro turbine engines industry.