Aircraft Micro Turbine Engines Market worth $61 million by 2030
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The VTOL segment is estimated to grow at the highest rate in the aircraft micro turbine engines market across the forecast period
Based on platform, the VTOL segment is estimated to surge with the highest growth rate throughout the forecast period. The development of VTOL aircraft is aimed at providing quick mobility in urban regions across the world. With a large population dwelling in urban areas, the time spent by a passenger in traffic has increased, resulting in the need for quick mobility services. Companies such as Airbus (France) and Boeing (US) are investing in research and development around electric and hybrid VTOL aircraft. VTOL developers are focusing on a hybrid-electric power generation system to enhance the reach of such aircraft platforms. For instance, Rolls-Royce (US) announced the development of a comprehensive hybrid aerospace turbine engine that is expected to be available for experimental flights after 2021. The development includes a prototype of the APUS i-5 aircraft to demonstrate the commercial applications of hybrid-electric technology. The system could be used across a wide range of transportation platforms, including VTOLs, to enable distributed electric propulsion in aircraft.
The urban air mobility segment is estimated to surge with a prominent growth rate in the aircraft micro turbine engines market throughout the forecast period
Based on application, the urban air mobility segment is estimated to surge with the highest growth rate across the forecast period. Urban air mobility vehicles with hybrid-electric propulsion that can take off from and land on any suitable surface are in the development stage, making this a futuristic market. According to the Vertical Flight Society, the rising number of players focusing on the development of electric or hybrid-electric VTOLs is expected to lead to the production of 42,000 eVTOL aircraft by 2035. The greater the number of electric or hybrid-electric VTOL aircraft being manufactured, the higher will be the demand for micro turbine engines to power these aircraft. Similarly, commercial applications of aerial vehicles, such as air taxis, will further increase the penetration of aircraft micro turbine engines across the forecast period.
North America is projected to lead the aircraft micro turbine engines market from 2021 to 2030
Based on region, North America is expected to witness the largest share of the global aircraft micro turbine engines market during the forecast period. The US is projected to be the leading contributor to the North American aircraft micro turbine engines market, driven by large investments in the development of electric or hybrid-electric aircraft and the emergence of several startups supporting the evolution of micro turbine engines in the aviation industry. In recent years, aerial vehicle manufacturers in the region have been focusing on the development of aircraft that are cost-effective, energy-efficient, lightweight, and capable of carrying large payloads over long distances.
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The aircraft micro turbine engines market has been gaining traction over the past few years due to the presence of several established companies as well as startups. Some of the major players in the aircraft micro turbine engines market include Honeywell International Inc. (US), UAV Turbines, Inc. (US), Kratos Defense & Security Solutions, Inc. (US), Rolls-Royce Holdings plc (US), and Turbotech SAS (France).
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