New York, USA, Aug. 31, 2021 (GLOBE NEWSWIRE) — According to a recent report by Research Dive, the global aircraft microturbine engine market is forecasted to reach $125.2 million by the end of 2029, at a CAGR of 9.5%, increasing from $60.1 million in 2021. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth & restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the aircraft microturbine engine market has recorded a CAGR of 9.5% during recent months, while it was estimated to be 10.3% in the pre-pandemic scenario. The main factor behind the declining state of the market is the restrictions on travel industry across the world during the pandemic.
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Factors Impacting the Revenue before and after the Pandemic
According to the report, the real-time market size has been declined compared to the pre-COVID-19 estimations. The real-time market has generated a revenue of $40.2 million, while it was estimated to be $73.1 million in a pre-COVID analysis. The major factors of this declining state of the market include supply chain disruption, challenges in manufacturing process due to financial scarcity, and shortage of workers during the pandemic period.
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Key Players and Strategies
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 B.V.
10. PBS Group.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
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In December 2019, UAV Turbines, Inc. (UAVT), a global forerunner of microturbine technology, successfully demonstrated its Monarch hybrid range extender (HREX), a microturbine powered generator technology that augments the range of electrically powered medium-sized unmanned aircraft (UAVs). The HREX developmental system can extend the durability of an extensive range of electrically powered UAVs, while simultaneously providing the proven reliability of a gas turbine system.
Post Pandemic Insight
However, with the 2nd wave and the expected 3rd wave of the pandemic, the restrictions on travel are not being lifted totally in many countries. It may extend the recovery period of the market even further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period. Governments are also helping the manufacturing companies to continue operation. These are the factors expected to enhance the market growth during the upcoming years.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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