Market Trends of Global Aircraft Micro Turbine Industry
This section covers the major market trends shaping the Aircraft Micro Turbine Market according to our research experts:
Turbojet Segment is Projected to Dominate During the Forecast Period
The turbojet segment will dominate the market during the forecast period. The growth is due to its high-speed capabilities. The radial jet engines are used for small aircraft and high-speed drones. An increase in the demand for unmanned aircraft for military applications creates demand for these engines. The micro turbine is used to produce energy in aircraft engines, by controlling the sensors processing energy. Furthermore, rapidly growing air traffic and rising investment in drone development will boost the market growth in the coming years. According to the International Air Transport Association (IATA) report, the overall number of air travelers will reach to reach USD 4 billion by 2024. Also, the introduction of next-generation hybrid architecture in aircraft is driving the growth of the market. Microturbine engines are a hybrid power source for small, unmanned aircraft systems. Increasing focus on reducing aircraft emissions and maintaining in-flight power-generating capacity will drive the aircraft micro turbine market in the coming years.
Europe is Estimated to Hold Highest Market Share During the Forecast Period
Europe held the largest market share in the marine battery market and continue its domination during the forecast period. Growing demand for unmanned aerial vehicles from the military forces and the rising use of smaller aircraft for leisure and tourism propels the market growth across the region. Key original equipment manufacturers in Europe are focusing on developing next-generation solutions for low-carbon emissions and high-power systems. The United Kingdom government permitted more than 130 companies to fly drones in civilian airspace.
Rising demand for drones for commercial as well as military applications drives market growth across the region. According to the SESAR (Single European Sky ATM Research) report, in 2019, there were around 10,000 commercial drones in use in Europe and the number will reach 200,000 by 2025 and 395,000 by 2035. The SESAR is the European air traffic control infrastructure modernization program aimed at developing the new generation air traffic management (ATM) system.
Furthermore, increasing demand for private jets post covid creates demand for new engines. According to the European Business Aviation Association, London reported 37 percent more private flights in July 2022, than in the same period in 2019 while Paris showed a 43 percent increase in private flights from 2019. Overall, in Europe, private traffic rose around 30 percent from pre-pandemic levels to nearly 179,000 flights. Thus, increasing investment in the aviation sector and the rising number of air passengers drive market growth across Europe.
