New York, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- A latest report on the global aircraft microturbine engine market published by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future lookout of the market. This report is a valuable study for stakeholders, investors, market participants, and new players looking for comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Aircraft Microturbine Engine Market
The COVID-19 pandemic has had a negative impact on the growth of the global market for aircraft microturbine engine in 2020. As per the report, the global aircraft microturbine engine market garnered $60.1 million in 2021 and is expected to hit $125.2 million by 2029, rising at a CAGR of 9.5%.
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Factors Impacting the Aircraft Microturbine Engine Market Growth during the COVID-19 Crisis
Before the pandemic, the global aircraft microturbine engine market was estimated to grow with a CAGR of 10.3%; however, after the outbreak of pandemic, the market is anticipated to experience deterioration in growth and rise with 9.5% CAGR in the forecast period. This is mainly due to implementation of lockdown restrictions owing to which aircraft manufacturers are experiencing challenges in production processes, cash-flow shortages, and a substantial undesirable impact on the supply chains during the pandemic period. Moreover, stoppage of aircraft services and manufacturing industries during the pandemic is hindering the market growth to a great extent.
Current Face of the Aircraft Microturbine Engine Market Due to COVID-19
Before the outbreak of the pandemic, the market was estimated to garner $73.1 million in 2020. In the present situation, the market size has declined and reached up to $40.2 million in 2020.
The key players in the aircraft microturbine engine market are making strategic investments in novel technologies for recovering the industry from the incurred losses. For instance, in March 2020, UAV Turbines, Inc., a maker of microturbine propulsion engines for unmanned aerial vehicles (UAVs), developed Monarch 5 turboshaft engine which can run on natural gas. Such initiatives are likely to help the market recuperate from the pandemic losses. The market is expected to recover from the incurred losses by the first or second quarter of 2023.
Future Lookout of the Global Aircraft Microturbine Engine Market
According to the report, the global aircraft microturbine engine market is expected to observe significant growth after the end of the COVID-19 pandemic, owing to the rising investments in R&D activities, partnerships, and new developments in the market. Some of the leading players, such as
- Elliott Group
- UAV Turbines, Inc.
- Kratos Defense & Security Solutions, Inc.
- AMT Netherlands B.V.
- Honeywell International Inc
- Rolls-Royce plc
- AeroDesignWorks GmbH
- JetsMunt SL
- GE
- PBS Group, and others,
are expected to come up with cutting-edge developments and pave way for rewarding opportunities for the market growth in the forthcoming years. – Request an on-demand Customization of Aircraft Microturbine Engine Market
For instance, in November 2021, Kratos Defense & Security Solutions, Inc., a leading National Security Solutions provider and a leader in aircraft microturbine engine market, joined hands with RPS Defense, a leading provider of aviation services and mission solutions, to offer tactical UAS operational and maintenance services.
More about Aircraft Microturbine Engine Market:
- How has Covid-19 Pandemic Impacted the Aircraft Microturbine Engine Market?
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