Global Aircraft Electrification Market Size By Component, By Technology, By Application, By Platform, By Geographic Scope And Forecast
Report ID: 253520|No. of Pages: 202
Global Aircraft Electrification Market Size By Component, By Technology, By Application, By Platform, By Geographic Scope And Forecast
Aircraft Electrification Market Size And Forecast
Aircraft Electrification Market size was valued at USD 6.04 Billion in 2021 and is projected to reach USD 21.0 Billion by 2030, growing at a CAGR of 14.8 % from 2022 to 2030.
Electric aeroplanes are less expensive to run than combustion engines since they don’t require the purchase of pricey kerosene, and maintaining an electric powertrain is much simpler and less expensive are the major factors leading to the growth of the market. The Global Aircraft Electrification Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Aircraft Electrification Market Definition
By producing energy with efficiency, fuel can be saved by converting airplanes to electric propulsion using fuel cells. When the main engines are not running, electric power from fuel cells can be used for the brakes of the aircraft as well as for landing and taxiing on the ground. Technology in the field of mobility is being rapidly revolutionized by electric and hybrid-electric aircraft propulsion. With regard to lowering greenhouse gas emissions, air travel has gained significant attention.
The electrification of aircraft parts has the potential to reduce weight, have a positive influence on the environment, use less fuel, boost reliability, and solve problems more quickly. Due to the growing demand for power-dense, efficient, and fault-tolerant flying components, propulsion, actuation, and power generation are the three main areas of focus in more electric aircraft technology. The aerospace industry has been encouraged to employ electrically powered drive systems rather than the traditional mechanical, pneumatic, or hydraulic systems due to the need for environmentally friendly aircraft systems.
Electric aeroplanes are less expensive to run than combustion engines since they don’t require the purchase of pricey kerosene, and maintaining an electric powertrain is much simpler and less expensive. According to some estimates, the cost of operating an electric aircraft per hour is less than one-third that of a fuel-powered aircraft of equivalent size. Economically speaking, lower costs result in lower prices overall, allowing for increased traffic numbers. Some analysts predict that all-electric turboprops could fundamentally alter current regional transportation patterns by replacing trains, buses, and cars.
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Global Aircraft Electrification Market Overview
The size of the global aircraft fleet and air traffic are both predicted to grow, which will cause pollution levels to increase even more. In order to assist minimize the carbon footprint, there is a desire for electric aircraft. Organizations and governing bodies like the Federal Aviation Administration, the International Civil Aviation Organization, and the European Union Aviation Safety Agency have called for sustainable alternatives to aviation fuel because they predict a three-fold increase in aircraft-generated emissions. Manufacturers who electrify aeroplanes do so in an effort to increase efficiency by switching out hydraulically controlled systems for electric ones.
Businesses in the aviation sector are working to cut aeroplane emissions by using fuel cells to generate electricity inside planes. Through a chemical process, fuel cells are able to convert chemical energy from a fuel into electricity. By producing energy with efficiency, fuel can be saved by converting aeroplanes to electric propulsion using fuel cells. When the main engines are not running, electric power from fuel cells can be used for the brakes of the aircraft as well as for landing and taxiing on the ground.
Global Aircraft Electrification Market Segmentation Analysis
The Global Aircraft Electrification Market is segmented on the basis of Component, Technology, Application, Platform, and Geography.
Aircraft Electrification Market, By Component
• Solar Cells
• Batteries
• Fuel Cells
• Electric Actuators
• Electric Pumps
• Others
Based on Component, the market is segmented into Solar Cells, Batteries, Fuel Cells, Electric Actuators, Electric Pumps, and Others. One of the battery technologies vying to replace lithium-ion as the dominant battery technology of the following generation is lithium-sulfur. For a given size and weight of the cell, Li-S batteries have the potential to store and discharge energy up to five times more efficiently than lithium batteries.
Aircraft Electrification Market, By Technology
• More Electric
• Hybrid Electric
• Fully Electric
Based on Technology, the market is segmented into More Electric, Hybrid Electric, and Fully Electric. In hybrid-electric technology, the propulsion system is powered by both electricity and jet fuel. For single-aisle passenger aircraft, this technique helps minimize fuel burn, energy consumption, pollutants, and noise. Both solar and fuel-powered power sources are available for hybrid propulsion.
Aircraft Electrification Market, By Application
• Power Generation
• Power Distribution
• Power Conversion
• Energy Storage
Based on Application, the market is segmented into Power Generation, Power Distribution, Power Conversion, and Energy Storage. An integrated power generator, a variable frequency generator, an auxiliary power unit, and an external ground power unit all help create power in an aeroplane. While sophisticated aeroplanes use an electric generator to produce power, conventional aircraft use mechanical hydraulic and pneumatic systems.
Aircraft Electrification Market, By Platform
• Fixed Wing
• Rotary Wing
• Unmanned Aerial Vehicles (UAVs)
• Advanced Air Mobility
Based on Platform, the market is segmented into Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles (UAVs), and Advanced Air Mobility. The rise in business earnings, the rise in the population of high-net-worth individuals, and an increase in the demand for new business jets are all factors contributing to the expansion of the business & general aviation segment of the market.
Aircraft Electrification Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of Regional Analysis, the Global Aircraft Electrification Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The strong demand for new aeroplanes in the area is the main reason why North America dominates the aircraft electrification industry. Additional factors impacting the growth of the North American aircraft electrification market include the expansion of forthcoming projects and the introduction of various startups that assist electrification in the aviation sector.
Key Players
The “Global Aircraft Electrification Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Honeywell International Inc., Safran S.A., Thales Group, United Technologies Corporation, GE Aviation, Avionic Instruments, LLC, AMETEK Inc., Meggitt PLC, BAE Systems, and Radiant Power Corporation.
Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2022-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Honeywell International Inc., Safran S.A., Thales Group, United Technologies Corporation, GE Aviation, Avionic Instruments, LLC, AMETEK Inc. |
| SEGMENTS COVERED | By Component, By Technology, By Application, By Platform, and By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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Data Collection Matrix
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Econometrics and data visualization model
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Industry Analysis Matrix
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