Challenges: How COVID-19 happened and charting the path forward for Aircraft Microturbine Engine Market

The COVID-19 pandemic has a considerable impact on the aircraft microturbine engine market. The outbreak of pandemic has led to major lockdown situations in most of the countries across the world. During this period, the utilization of drones and eVTOL has increased due to their efficiency in population surveillance during the lockdown period. The majority of the developed, as well as developing countries prefer to use drones to keep an eye on the population and ensure their safety. For instance, in March 2020, EHang, one of the China-based aircraft manufacturers offered 61 passenger grade drones for the surveillance of the general population. Such types of activities represent the vast applicability of these machines during viral outbreaks. During this unprecedented situation, we are helping our clients in understanding the impact of COVID19 on the global aircraft microturbine engine market.

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As per a new report published by Research Dive, the global aircraft microturbine engine market is set to generate revenue of $125.2 million by 2029, at a CAGR of 9.5% during the forecast period.

The segmentation of the market has been done based on end-use, engine type, platform, horsepower, fuel type, application, and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analyst estimates, low operating & maintenance costs are significant factors accelerating the growth of the aircraft microturbine engine market. However, the higher acquisition cost of microturbine engines has obstructed the growth of the global aircraft microturbine engine market.

OEM to Dominate the Market during the Forecast Period

Based on end-use, the global market for aircraft microturbine engines is segmented into OEM and aftermarket. The OEM market accounted for $83.9 million in revenue in 2029 and is expected to grow at 8.9% CAGR. The growth of the OEM segment is primarily attributed to its cost benefits which are directly related to the minimal cost of production.

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The major players of the global aircraft microturbine engine market include UAV Turbines, Inc., Honeywell International Inc, Rolls-Royce plc, Kratos Defense & Security Solutions, Inc., Elliott Group, AeroDesignWorks GmbH, JetsMunt SL, GE, AMT Netherlands B.V., and PBS Group.

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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.