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The aircraft micro turbine engines market is estimated to grow at a CAGR of 6.7% between 2022 and 2027. The size of the market is forecast to increase by USD 1,136.05 million. The growth of the market depends on several factors, including advancements in engine technologies, a rise in the procurement rate of new-generation aircraft, and an increasing preference for aircraft and engine leasing activities.
This report extensively covers market segmentation by platform (general aviation, commercial aviation, military aviation, and advanced air mobility), end-user (propulsion and auxiliary power), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global aircraft micro turbine engines market as a part of the global aerospace and defense market within the global capital goods market. The global aerospace and defense market covers products and companies engaged in the production of aerial platforms used under commercial and general aviation; defense platforms used under naval, land, and air domains; arms and ammunition; defense electronics; defense logistics equipment; and space platforms, equipment, and launch vehicles. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The advancements in engine technologies are notably driving the market growth, although factors such as high production costs and delays in engine deliveries may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Aircraft Micro Turbine Engines Market Driver
The advancements in engine technologies are notably driving market growth. Since the advent of commercial aviation, airlines have been engrossed in employing operational engines with increased fuel efficiency and reduced overall operational costs. Thus, the selection of advanced materials with increased durability is preferred to ensure performance without compromising on the service life aspect of aircraft engines.
The present generation of engines is digitally controlled, and the power output is controlled using sensors at different levels of flight. Sensors are located at various key locations, and multi-dimensional data such as temperature, pressure, vibration, and oil debris are collected in real-time. This has improved the maintenance and overhauling of aero-engine parts and components, significantly reducing maintenance costs.
Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the range of aircraft. These developments have generated a huge demand for such engines. This will propel the development of next-generation engines, which will channel substantial funds for developing and procuring efficient engines during the forecast period.
Significant Aircraft Micro Turbine Engines Market Trend
The adoption of 3D printing systems for engine components is the primary trend in the market. The process of 3D printing involves the synthesis of successive layers of materials to manufacture small- and micro-sized components as per the specifications provided in their associated computer-aided design (CAD) file through an electron beam or laser. This advanced printing method reduces manufacturing time and associative material wastage while permitting quick design alterations of the component's internal features.
In the aviation sector, manufacturers are highly dependent on 3D printing to alleviate supply chain constraints, limit warehouse space, and reduce wasted materials from traditional manufacturing processes. Rapid production of aircraft parts as per market demand will help in saving enormous amounts of space and money. Most aero-engine manufacturers have started using 3D printing technology to fabricate critical and complex components such as fuel nozzles. In June 2021, Aerospace manufacturers, GE Aviation and Safran, announced the commencement of a demonstrator project for an open-bladed jet engine, and it is set to feature metal 3D-printed parts. Such innovative designs hold significant potential to enhance performance and reduce the design and prototyping period of engines.
Major Aircraft Micro Turbine Engines Market Challenge
High production costs and delays in engine deliveries are the major challenges impeding the market. The cost of an aircraft engine can be segmented into associative development costs and production costs. A rise in either one of the segments can contribute to an unforeseen escalation in costs and elongation of the delivery period. A modern aircraft engine is the culmination of years of R&D activities conducted on a component-level basis. Each advancement in the technology of the related components can pave up an entirely new avenue of research. To deliver the best results, such development activities are carried out for an extended period and include several hours of rigorous testing and documentation before commercially releasing the new engine. The rigorous testing procedure does not always ensure the smooth functioning of the engine, as many issues may arise once the engine enters service.
The significant cost association in the initial stages of production also poses a challenge for engine OEMs that are striving to promote new and efficient engines in the market. Bombardier had to slash its C Series aircraft delivery order by 50% due to the unavailability of geared turbofan (GFT) engines. The occurrence of such incidences is more likely to have a negative impact on the global aircraft microturbine engines market during the forecast period.
Key Aircraft Micro Turbine Engines Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Aircraft Micro Turbine Engines Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Stuttgart Engineering Propulsion Technologies UG - Under this segment, the company manufactures machine tools and parts such as CNC machines, milling, turning, plastic parts, equipment, and appliances. The company offers aircraft micro turbine engines such as RR300, and RR50
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the general aviation segment will be significant during the forecast period. A general aircraft is one that transports people or cargo from one area to another. General aircraft encompass both general aviation and scheduled airline services. General aircraft are used for various transportation purposes, such as tourism, passenger travel, business travel, and freight transportation. They are an important part of the global aviation system as they help generate long-term improvements in economic, social, and environmental efficiency. Such factors will thus drive the growth of the general aircraft segment of the global aircraft microturbine engines market during the forecast period.
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The general aviation segment was valued at USD 903.69 million in 2017 and continued to grow until 2021. The general aircraft segment is expected to witness significant growth in terms of market revenue owing to factors such as the growth in disposable income of the middle-class population and the emergence of low-cost airline companies. This has had a positive impact on the number of air passengers, which, in turn, has led to an increase in the demand for general aircraft in the market.
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Europe is estimated to contribute 33% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is North America. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America was the leader in the global aircraft microturbine engines market in 2022. The market growth in North America is predominantly supported by the robust military force, particularly in the US. North America has a huge aircraft fleet, especially in the US. The region is home to technologically advanced countries such as the US and Canada, which have driven the aviation industry in the region. The aviation industry in North America has grown and has the presence of several aircraft OEMs. The defense sector benefits from this due to the increasing government investment in R and D and the purchase of advanced fighters, helicopters, and transport and training aircraft from companies in the region, including global aircraft microturbine engines. Increased focus on buying electric and hybrid aircraft propulsion system airport infrastructure, coupled with favorable regulatory changes, could support the growth of the regional market during the forecast period.
The impact of COVID-19 on the North American aircraft microturbine engine market has been moderate. However, Passenger traffic is slowly starting to recover, which, in turn, will contribute to the recovery of the electric and hybrid aircraft propulsion system market in North America, which will lead to an increased demand for aircraft micro turbine engines during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Aircraft Micro Turbine Engines Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.7% |
Market growth 2023-2027 |
USD 1,136.05 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.06 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 33% |
Key countries |
US, Canada, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AeroDesignWorks GmbH, AMT Netherlands B.V., Bowman Power Group Ltd., Ebara Corp., General Electric Co., Hawk Turbine AB, Ingenieurburo CAT M.Zipperer GmbH, Jets Munt S.L., Kratos Defense and Security Solutions Inc., MTT bv, PBS Group AS, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Stuttgart Engineering Propulsion Technologies UG, The Williams Co. Inc., TURBOTECH SAS, Honeywell International Inc., and Safran SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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