The Aircraft Micro Turbine Engines Market is projected to grow from USD 2.8 billion in 2021 to USD 4.5 billion by 2030, at a CAGR of 5.5%. The market exhibits lucrative growth potential during the forecast period primarily due to the inherent operational benefits of micro turbine engines, including low operating and maintenance costs of micro turbine engines and the introduction of new generation hybrid architecture in aircraft. Nevertheless, the emergence of hybrid electric power generation technology and the development of distributed power generation systems are anticipated to open several growth opportunities for aircraft micro turbine engine manufacturers during the forecast period.
The key market players are primarily based in North America and Europe. Raytheon Technologies Corporation (US), Honeywell International Inc. (US), Kratos Defense & Security Solutions Inc. (US), Safran SA (France), and UAV Turbines Inc. (US) are some of the major players of aircraft micro turbine engines market. Major focus was given to the development of new aircraft micro turbine engines due to the evolving requirements of the platforms across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the aircraft micro turbine engines market.
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Raytheon Technologies Corporation
Raytheon Technologies Corporation, formed by the merger of United Technology Corporation (UTC) and the Raytheon Company, is a leading provider of products for defense, civil government, and cybersecurity applications. The company operates mainly via Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. Pratt & Whitney has a product offering on Auxiliary Power Unit (APU) and is an industry leader in designing, manufacturing, and maintaining APUs. It is also a major supplier of gas turbine engines for a host of turboprop, turbofan, and turboshaft aircraft.
Honeywell International Inc.
Honeywell International Inc. (Honeywell) is an established player in technology and manufacturing, offering safety, energy, and security solutions. The leading business segment for Honeywell is aerospace which offers products, software, and services for manufacturing aircraft. These products and services are offered to original equipment manufacturers (OEM) and other customers in end markets comprising air transport, regional, business, general aviation aircraft, airlines, aircraft operators, and defense & space contractors. The aerospace segment also supplies aircraft engines, integrated avionics, products for aircraft manufacturers, turbochargers & other spare parts, APUs, and propulsion engines for aircraft.
Kratos Defense & Security Solutions, Inc.
Kratos Defense & Security Solutions, Inc. (Kratos) is a government contractor at the forefront of the US Department of Defense (DoD) recapitalization of strategic weapon systems to address peer and near-peer threats and related Rapid Innovation Initiatives. Kratos concentrates on designing, developing, and producing small yet high-performance and affordable jet engines for cruise missiles and Unmanned Aerial Vehicles (UAVs). The company is focused on multiple programs and initiatives to lower the price of future engines while maintaining the high engine performance necessary to meet aggressive mission objectives. Its objectives include providing propulsion systems that can be mass purchased for use in advanced cruise missiles and UAVs.
Safran SA (Safran) is a leading technology group formed by the merger between the aircraft & rocket engine and aerospace component manufacturer group, SNECMA (Safran Aircraft Engines), and security company, SAGEM (Company of General Applications of Electricity and Mechanics). The company majorly operates through 3 segments: aerospace propulsion, aeronautical, defense and aerosystems equipment, and aircraft interiors. Safran Electrical & Power, a subsidiary of Safran, provides electrical and power systems for civil and military aircraft. This includes power generation systems, load management systems, system integration, and support services for flight inspection systems.
UAV Turbines Inc.
UAV Turbines, Inc. (UAV Turbines) focuses on developing lightweight, reliable, and fuel-efficient micro turbine engines to provide propulsion and power generation in small to medium-sized UAVs for the defense and commercial sectors. UAV Turbines is regarded as the pioneer of microturbine technology, whose developments in aircraft micro turbine engines have increased overall performance while causing a sufficient reduction in the total cost of ownership. The technical team members of UAV Turbines possess long years of experience designing systems for major players in the aerospace industry.
The Monarch RP family of propulsion systems introduced by UAV Turbines offers a quieter flight and an increased flight time compared to current engine systems. These propulsion systems run on less-volatile heavy fuels and provide abundant onboard electrical power.
Aircraft Micro Turbine Engines Market by End Use (OEM, Aftermarket), Platform (General Aviation, Commercial Aviation, Military Aviation, Advanced Air Mobility), Horsepower, Engine Type, Fuel Type and Region - Forecast to 2030
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