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Aircraft Micro Turbine Engine Market Growth – at a CAGR of 5.6 %, Market Trends – Increasing penetration of drones in e-commerce last mile delivery Increasing adoption of Unmanned Aerial Vehicle (UAV) and Unmanned Aircraft Systems (UAS) in defense and military intelligence are some key factors driving the market revenue growth” - Emergen Research
VANCOUVER, BC, CANADA, May 25, 2023 /einpresswire.com / -- The global aircraft micro turbine engine market size was USD 1.31 Billion in 2022 and is expected to register a revenue CAGR of 5.6 % during the forecast period, according to latest analysis by Emergen Research. Unmanned Aerial Vehicles (UAV) and Unmanned Aircraft Systems (UAS) are widely deployed in military intelligence and defense, which is driving market revenue growth. Major UAV and UAS components include micro turbine engines, which Original Equipment Manufacturers (OEMs) for these devices are progressively using in their commercial production. The army, navy, air force, and marines swiftly acquire UAVs and UAS for attack and surveillance applications. Defense ministries and governments across the globe investing heavily in unmanned systems technologies, ecosystems, and military intelligence programmers. The United States Department of Defense (DoD) stated in January 2023 that it will invest USD 2.6 billion in unmanned systems through at least 29 programmers. Also, e-commerce last-mile delivery companies are increasingly using aircraft micro turbine engines, which is driving market revenue growth.
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Some Key Highlights From the Report
The turbojet micro turbines segment is expected to account for largest revenue share over the forecast period. Lighter, more fuel-efficient versions of conventionally effective turbojet engines are known as turbojet micro engines. Defense and military UAV Original Equipment Manufacturing (OEM) organizations across the globe are significantly acquiring turbojet micro engines for production of new and advanced UAV aircraft for combat and attack purposes.
The Unmanned Aerial Vehicles (UAVs) segment accounted for largest revenue share in 2022. Unmanned Aerial Vehicles (UAVs) are significantly adopted in commercial applications across various industries including energy, utilities, agriculture, logistics, and other industries. According to The Federal Aviation Administration (FAA) of the U.S., in financial year 2022 349,580 commercial drones were registered.
The Original Equipment Manufacturer (OEM) segment accounted for largest revenue share in 2022. Major aircraft drone OEM manufacturers, such as are receiving large contracts to build aircraft micro turbine engines. Furthermore, various aircraft OEM firms are investing in Research and Development (R&D) efforts for electric aircraft production, which is likely to drive revenue growth of this segment throughout the forecast period.
North America market accounted for a relatively larger revenue share in 2022. Unmanned Aerial Vehicles (UAVs) are becoming significantly popular in military and defense activities, which is driving market revenue growth in this region. Unmanned Aerial Vehicles (UAV) have been widely used by the Army, navy, air force, and Marines to carry out a variety of missions. The United States government and the Department of Defense (DOD) are investing in a variety of military intelligence or defense technology, which is further driving market revenue growth in this region. The Department of Defense (DOD) announced in December 2022 that it will spend over USD 100 billion over the following five years on significant upgrades and improvements to its current portfolio of tactical aircraft, according to the U.S. Government Accountability Office (GAO).
Major Players/Manufacturers profiled in the report are:
PBS AEROSPACE Inc., Barnard Microsystems Ltd., Honeywell International Inc., Rolls-Royce Holdings plc, Zanzottera Technologies S.r.l., GE Aerospace, Orbital Corporation, Meggitt PLC, Maxon International Ltd., Loweheiser S.L, Cosworth LLC, UAV Turbines, Inc.
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Emergen Research has segmented the global aircraft micro turbine engine market on the basis of engine type, platform, application, end-use, and region:
Engine Type Outlook (Revenue, USD Billion; 2019-2032)
Turbojet Micro Turbines
Turbofan Micro Turbines
Turboshaft Micro Turbines
Auxiliary Power Unit (APU) Micro Turbines
Hybrid-Electric Micro Turbines
Platform Outlook (Revenue, USD Billion; 2019-2032)
Light Business Jets
Application Outlook (Revenue, USD Billion; 2019-2032)
Unmanned Aerial Vehicles (UAVs)
Military and Defense
Urban Air Mobility (UAM)
Industrial and Marine Applications
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Original Equipment Manufacturer (OEM)
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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