Market Size – USD 6.50 Billion in 2021, Market Growth - CAGR of 13.58%, Market Trends –the increasing demand from electronics industry is widening the scope for Aircraft Electrification Market.
According to the current analysis of Introspective Market Research, the global Aircraft Electrification Market was valued at USD 6.50 Billion in 2021 and is expected to reach USD 15.85 Billion by the year 2028, at a CAGR of 13.58%.
Aircraft electrification is a new trend in the aviation industry and a positive step towards a sustainable aviation industry. Alternative fuels or electricity can be used to power aircraft with hybrid-electric drive systems. They're quiet, and the separation of energy and thrust generation allows for entirely new aircraft designs. Electrification of aircraft promises more efficient, silent, and sustainable flight while also lowering fuel consumption and operating costs for airlines. Current limits on carbon emissions and noise pollution, as well as the high cost of fuel and concerns about efficiency, make developing a substitute power source for aircraft a priority. At the same time, recent technological breakthroughs in power and energy density have pushed electric options closer to becoming technically and economically viable alternatives to present aircraft propulsion systems. Electric flight, the next revolution in electricity, will help us to meet our carbon reduction goals while also providing passengers with a new class of quieter, more ecologically friendly transportation well into the next century.
For some aviation corporations, the choice to explore electric power is motivated by cost-cutting opportunities rather than environmental concerns. Fuel prices are a major variable expense for airlines, and when they arise, so do passenger ticket prices. High fuel prices can be a substantial expense for general aviation pilots and a deterrent to flying more frequently. Hybrid or all-electric flight is a step toward making flying more accessible to the general public. For example, the new "eBeaver," a DHC-2 de Havilland Beaver seaplane with a four-blade Hartzell composite propeller that runs on magniX's 750-horsepower electric propulsion system. When compared to piston motor drivetrains, which cost between $300 and $450 per operating hour, the electric drive train costs roughly $12 per running hour. The all-electric Alice aircraft by Eviation is estimated to have operational expenses of only $200 per flight hour, or about 20% less than a comparable turboprop. Such development in the electric aviation sector would certainly boost the Aircraft Electrification Market during the forecasted period.
Aircraft Electrification Market Report Highlight:
- By Technology, the Hybrid electric segment dominates the Aircraft Electrification Market over the forecast period. The propulsion system in hybrid electric technology is powered by both aviation fuel and electricity.
- By Application, the Commercial segment is expected to dominate the Aircraft Electrification Market. Commercial sector largest utilized business which is likely to grow in the coming years.
- North America presently dominates the Aircraft Electrification Market, and this dominance is expected to remain in the coming years.
- Europe is the fastest-growing region in the Aircraft Electrification Market. The European region is more focused on the building infrastructure related to aircraft electrification which is the major factor while operating at large.
Aircraft Electrification Market Segmentation:
- More Electric
- Hybrid Electric
- Fully Electric
- General Aviation
Major Key Players for Target Drone Market:
- Airbus Group, (Leiden, Netherlands)
- Bombardier Inc (Montreal, Canada)
- Honeywell International Inc (Charlotte, United States)
- Raytheon Company (Waltham, United States)
- Safran Group (Paris, France)
- Thales Group (Paris, France)
- The Boeing Company (Chicago, United States)
- TTTech Computertechnik AG (Wien, Austria)
- United Technologies Corporation (Waltham, United States)
- Zodiac Aerospace SA (Plaisir, France)
For this report, Introspective Market Research has segmented the Aircraft Electrification Market based on region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM