Global Aircraft Micro Turbine Engines Market.
Global Aircraft Micro Turbine Engines Market is projected to be valued at USD 47.52 Billion by 2026, expanding at a CAGR of 9.8% between 2019 and 2026. The increasing use of UAVs for countering internal and external security threats is primarily driving the growth of the market. Furthermore, low operating & maintenance costs are driving the growth of the market.
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The growing use of UAVs by the defense agencies for tactical missions.
Growth Opportunities in the Market
Turboshaft micro turbine engines segment accounted for the largest market share in 2019: The turboshaft micro turbine engines segment is also expected to grow at the highest CAGR during the forecast period from 2019 to 2026. The growth can be attributed to the high utilization of turboshaft micro turbine engines in UAVs, air taxis, light aircraft, and CAVs. This is because a turboshaft micro turbine engine creates less noise, weighs less, and requires less maintenance.
VTOL segment is expected to witness a higher growth in the market: The VTOL segment is expected to grow at a higher CAGR during the review period. This is due to the increasing demand for VTOL UAVs by the military and commercial end users and high investments in the development of micro turbine engines for VTOL.
Commercial segment is expected to register the highest growth in the market: The commercial segment is expected to grow at the highest CAGR during the review period. This is due to the increasing use of UAVs for commercial applications such as climate & pollution monitoring, mapping & surveying, and recreational photography and videography among others. Moreover, the increase in the development of advanced air taxis and CAVs is driving the growth of this segment.