Global Aircraft Microturbine Engines Market Expected to Grow at a CAGR of 9.5% and Generate $ 125.2 Million by 2029 – Exclusive Pre and Post COVID-19 Impact Analysis Report by Research Dive
New York, United States, April 19, 2021 (GLOBE NEWSWIRE) – The aircraft microturbine engine industry is likely to see a decline in growth rate due to the COVID-19 pandemic. According to a report published by Research Dive, the global aircraft microturbine engine market should exceed $ 125.2 million during the forecast period of 2022 to 2029. A detailed analysis of the drivers, restraints, lucrative growth opportunities, challenges, key segments and strategic movements of market players is offered in the report in order to better capture the effect of the Covid-19 pandemic on the global market.
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Highlights of the report
• The estimated aircraft microturbine engine market CAGR before the COVID-19 pandemic was 10.3% during the forecast period.
• The global industry CAGR after the pandemic crisis is expected to be 9.5% by 2029.
According to the report, the global aircraft microturbine engine market is expected to recover by Q3 / Q4 of 2022 and experience impressive growth during the forecast period.
• In 2020, the predicted market size of the Aircraft Microturbine Engine industry prior to the COVID-19 pandemic was $ 73.1 million.
• Due to the COVID-19 pandemic, the market size of the global industry is expected to exceed $ 40.2 million in 2020.
Learn about the impact of COVID-19 on the global aircraft microturbine engine market. Click here to connect with our analyst for more market insight: https://www.researchdive.com/connect-to-analyst/192
Main characteristics of the market
According to our analysts, aircraft manufacturers and aircraft manufacturers are facing cash shortages, supply chain disruptions and production challenges during the Covid-19 pandemic, which is negatively impacting the world market for aircraft microturbines. However, the government of various countries is taking initiatives to support companies operating in the aerospace and defense industry. For example, in March 2020, the United States government signed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), to provide $ 61.0 billion in subsidies for tax relief. excise and loans for the aviation industry. This is expected to propel the growth of the global market during the forecast period. In addition, it is believed that ensuring adequate liquidity for key companies and suppliers and deploying a highly skilled workforce would help the market to sustain itself during the COVID-19 crisis.
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Key industry players
1. UAV Turbines, Inc.
2. Rolls-Royce plc
3. Honeywell International Inc
4. Kratos Defense & Security Solutions, Inc.
5. AeroDesignWorks GmbH
6. Elliott Group
7. JetsMunt SL
8. AMT Netherlands BV
10. PBS Group.
Access varied market reports carrying in-depth analysis of the market situation, updated with the impact of COVID-19: https://www.researchdive.com/covid-19-insights
Post-pandemic market landscape
The increasing technological advancements and developments of the aircraft microturbine engine are expected to drive the growth of the global market during the forecast period. Additionally, strategies adopted by major industry players such as product launches and strategic collaborations are expected to drive market growth after the COVID-19 pandemic.
For example, in May 2019, UAV Turbines, Inc., a pioneer in microturbine technology, launched the “ Monarch RP ” family of microturbine engines, which are the first engines to provide commercial and defense partners with systems silent, reliable and powerful propulsion. . The company focused on creating the world’s first lightweight, high-performance and reliable microturbine engine for small, heavy-fueled aircraft.
The report summarizes various aspects of all these important players including business performance, product portfolio, recent developments and strategic moves and SWOT analysis. Click Here For The Absolute Best Business Development Strategies Summary Report
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