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Global Aircraft Electrification Market Analysis by Component, Technology, Application, System, Region and segments forecast till 2033
Market Overview
The global aircraft electrification market is estimated to be USD 6,000 million in 2022 and is projected to reach USD 20,000 million by 2033, at a CAGR of 14.3%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 6,000 Million |
Market Forecast in 2033 | USD 20,000 Million |
CAGR % 2023-2033 | 14.3% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Honeywell International Inc., Safran, Thales Group,Raytheon Technologies , Ampaire, GE Aviation, Zunum Aero, Bye Aerospace, Nabtesco Corporation, Hartzell Engine Technologies LLC, PBS AEROSPACE, EaglePicher Technologies, Eviation, Electroflight, Radiant Power Corporation, Meggitt PLC, Equator Aircraft, H3X Technologies, MagniX, AMETEK Inc., Joby Aviation, Rolls-Royce, Pipistrel, BAE System, Beta Technologies, Heart Aerospace, Airbus, Siemens, Hartzell Engine Technologies LLC, PBS AEROSPACE, EaglePicher Technologies, Nabtesco Corporation, Wright Electric, ZeroAvia and Others. |
Global Aircraft Electrification market- Description
An electric aircraft is powered by electric motors driven by plunge producing propellers. It has distributed prod system. Electricity can be endowed to aircraft through batteries, fuel cells, solar cells, ground power cables, and others. The first artificial intelligence electric aircraft flew for just 14 minutes in 1973. Since then mass researches have been reckoned in this sector and experts are considering electric planes as the future of aviation.
The global aircraft electrification market is expected to spectate significant growth in the coming years, due to increase in need to reduce carbon emissions and control environmental pollution. Augment in initiatives to lower dependency on oil is likely to boost the demand for aircraft electrification. Electrification has silently and slowly permeated the aircraft industry. Hydraulic and pneumatic systems are gradually transitioning to electric-based systems, authorising the creation of aircraft that are more efficient and, therefore, easier to maintain. Moreover, coupled with a strong push to lower carbon emissions, is permitting hybrid-electric aircraft to take flight.
With a surge in the number of global aircraft fleet size and air travel, pollution levels are projected to rise even higher. Hence, there is a command for electric aircraft, which will help lessen the carbon footprint. Organizations and governing bodies such as the International Civil Aviation Organization, the European Union Aviation Safety Agency and the Federal Aviation Administration, have roared for sustainable substitutes of aircraft fuel as they estimate that aircraft-generated emissions are expected to witness a three-fold increase in volume. In aircraft electrification, producers aim to improvise efficiency by replacing hydraulically controlled systems with electric systems.
The wave of electrification in the aircraft industry is generating opportunities to widen technology, increase mobility in dense communities, and produce cleaner, more justifiable modes of transportation. Simultaneously, this wave raises safety, cost concerns and reliability at all stages that cannot be ignored. If we hope to one-day commute on air taxis from city to city or notably reduce our carbon footprint when we travel long distances by plane, we would need rigorous testing for that.
Key Trends of Global Aircraft Electrification Market:
Concerns over environmental pollution:
There is abundance of evidences that show aircraft emissions cause pollution. The European Union states that direct emissions from aviation account for around 3% of the EUs total greenhouse gas emissions, and more than 2% of global emissions.
Reports show that if present technology is not advanced, then CO2 output from aircraft will likely heightened by more than two times. Therefore, global aircraft electrification is expected to grow in near future.
Low operational cost:
An electric aircraft can have a 90% less fuel cost and 50% less cost on maintenance in comparison to fossil fuel aircraft. For instance, the Pipistrel Alpha Electro is an ultra-light electric aircraft, which can carry up to 2 passengers and can cover almost 160 km on an hours charge. The expenditure of electricity per hour of flight is approximately between $4 to $6. Hence, low operation cost is expected to boost the demand for aircraft electrification.
Segmental Analysis of Global Aircraft Electrification Market:
Based on Component
Batteries
Power Electronics
Electric Pumps
Generators
Fuel Cells
Solar Cells
Electric Actuators
Motors
Distribution Devices
The battery segment is anticipated to lead the market during the forecast period. Lithium-sulphur is one of the battery technologies competing to supersede lithium-ion as the prime battery technology of the next generation. The ability of Li-S batteries to store and release energy offers an opportunity to create batteries that hold as much as five times more charge than lithium for a given size and weight of the cell.
Based on Technology
Fully Electric
More Electric
Hybrid Electric
The hybrid electric segment is projected to be the highest market for the aircraft electrification. Hybrid electric technology utilizes both airplane fuel as well as electricity to drive the propulsion system. This technology helps decrease fuel burn, emissions, energy consumption and noise for single-aisle passenger aircraft.
Based on Application
Power Generation
Energy Store
Power Distribution
Power Conservation
The power generation segment is permissible to grow at the highest CAGR rate for the aircraft electrification. In an aircraft, power is produced with the support of an integrated drive generator, a variable frequency generator, an external ground power unit and an auxiliary power unit,
Based on Platform
Fixed Wing
Advanced Air Mobility
Unmanned Aerial Vehicles
Rotary Wing
The business and general aviation segment is thought to grow at the highest CAGR rate for the aircraft electrification. The growth of the business & general aviation segment of the market is due to surge in corporate profits, rise in the number of high-net-worth individuals, and an increase in the replacement demand for existing business jets with new ones.
Based on System
Landing Gear System
Propulsion System
Environmental Control System
Flight Control System
Thrust Reverser System
The propulsion system segment is anticipated to grow at the highest CAGR rate for the aircraft electrification. Electrification of propulsion systems is predicted to boost the power for take-off, thereby creating an efficient electrical replacement for a traditional turbofan with a 2-megawatt liquid-cooled electric motor.
Global Aircraft Electrification Market: Regional Analysis
The global Aircraft Electrification market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America and Middle East and Africa. North America leads the aircraft electrification market amid the high demand for new aircraft in the region. The growing upcoming projects, and the emergence of several start-ups backing the electrification in the aviation industry are additional factors influencing the growth of the North American aircraft electrification market
Global Aircraft Electrification market- Impact of COVID-19
The COVID-19 pandemic has had a significant impact on the aviation industry, including the aircraft electrification market. The pandemic has led to a decrease in air travel, which has resulted in reduced demand for new aircraft and aircraft components, including electrification systems. However, despite the short-term impact of the pandemic, the long-term outlook for the aircraft electrification market remains positive. Prior to the pandemic, the aircraft electrification market was growing rapidly, driven by factors such as the increasing demand for more fuel-efficient aircraft, the need to reduce carbon emissions, and the development of advanced electric propulsion systems. These trends are expected to continue in the coming years, driving growth in the aircraft electrification market.
In response to the pandemic, many aircraft manufacturers and suppliers have shifted their focus to developing new technologies and products that can help to improve the safety and efficiency of air travel. This includes the development of new electrification systems, such as more efficient electric motors, advanced batteries, and power electronics, which can help to reduce the weight and improve the performance of aircraft.
Global Aircraft Electrification market- Recent Developments
In 2020, Honeywell International Inc. announced a new partnership with Vertical Aerospace to develop an electric vertical takeoff and landing (eVTOL) aircraft for use in urban air mobility applications.
In 2021, Rolls-Royce Holdings plc unveiled its new electric and hybrid-electric propulsion systems for use in commercial aircraft and regional air travel.
In 2022, Airbus SE announced plans to launch its first electric aircraft, the E-Fan X, for commercial use in the coming years.
Global Aircraft Electrification market: Key Companies
Honeywell International Inc.
Safran
Thales Group
Raytheon Technologies
Ampaire
GE Aviation
Zunum Aero
Bye Aerospace
Nabtesco Corporation
Hartzell Engine Technologies LLC
PBS AEROSPACE
EaglePicher Technologies
Eviation, Electroflight
Radiant Power Corporation
Meggitt PLC
Equator Aircraft
H3X Technologies
MagniX
AMETEK Inc.
Joby Aviation
Rolls-Royce
Pipistrel
BAE System
Beta Technologies
Heart Aerospace
Airbus
Siemens
Hartzell Engine Technologies LLC
PBS AEROSPACE
EaglePicher Technologies
Nabtesco Corporation
Wright Electric
ZeroAvia
Others
Global Aircraft Electrification market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
Why to buy this Report?
Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.
Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.
Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.
Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.
1. Global Aircraft Electrification Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Aircraft Electrification Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2022 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million)
1.4. Global Aircraft Electrification Market Scope and Market Estimation
1.4.1. Global Aircraft Electrification Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Aircraft Electrification Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Aircraft Electrification Market Segmentation
1.5.1. Component of Global Aircraft Electrification Market
1.5.2. Technology of Global Aircraft Electrification Market
1.5.3. Application of Global Aircraft Electrification Market
1.5.4. Platform of Global Aircraft Electrification Market
1.5.5. System of Global Aircraft Electrification Market
1.5.6. Key Regions of Global Aircraft Electrification Market
2. Global Aircraft Electrification Market - Executive Summary
2.1. Global Aircraft Electrification Market Summary & Snapshot
2.2. Global Aircraft Electrification Market, By Component (Us$ Million)
2.3. Global Aircraft Electrification Market, By Technology (Us$ Million)
2.4. Global Aircraft Electrification Market, By Application (Us$ Million)
2.5. Global Aircraft Electrification Market, Platform (Us$ Million)
2.6. Global Aircraft Electrification Market, System (Us$ Million)
2.7. Global Aircraft Electrification Market, By Geography (Us$ Million)
2.8. Global Aircraft Electrification Market Outlook & Future Opportunities
3. Aircraft Electrification Market Trends, Outlook, and Factors Analysis
3.1. Global Aircraft Electrification Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Aircraft Electrification Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Aircraft Electrification Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. There is a growing need for cleaner and quiet airplanes.
3.2.1.2. Increasing high demand for new aircraft
3.2.1.3. Low-cost operations of aircraft
3.2.2. Restraints
3.2.2.1. Low density of batteries.
3.2.3. Opportunities
3.2.3.1. Alternative energy sources for electric power generation are becoming more prevalent.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Aircraft Electrification Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Aircraft Electrification Market
3.9.1. By Component
3.9.2. By Technology
3.9.3. By Application
3.9.4. By Platform
3.9.5. By System
3.9.6. By Regions
4. Global Aircraft Electrification Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Aircraft Electrification Market, 2020 2021 (Us$ Million)
4.2. Global Aircraft Electrification Market, By Component, 2020 To 2021 (Us$ Million)
4.3. Global Aircraft Electrification Market, By Technology, 2020 To 2021 (Us$ Million)
4.4. Global Aircraft Electrification Market, By Application, 2020 To 2021 (Us$ Million)
4.5. Global Aircraft Electrification Market, By Platform, 2020 To 2021 (Us$ Million)
4.6. Global Aircraft Electrification Market, By System, 2020 To 2021 (Us$ Million)
4.7. Global Aircraft Electrification Market, By Region, 2020 To 2021 (Us$ Million)
5. Global Aircraft Electrification Market Estimates & Forecast Trend Analysis, by Component
5.1. Global Aircraft Electrification Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033
5.2. Global Aircraft Electrification Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2033
5.2.1. Batteries
5.2.2. Fuel Cells
5.2.3. Solar Cells
5.2.4. Electric Actuators
5.2.5. Electric Pumps
5.2.6. Generators
5.2.7. Motors
5.2.8. Power Electronics
5.2.9. Distribution Devices
6. Global Aircraft Electrification Market Estimates & Forecast Trend Analysis, by Technology
6.1. Global Aircraft Electrification Market Share (%) Estimates and Forecasts, By Technology, 2022 & 2033
6.2. Global Aircraft Electrification Market Revenue (US$ Million) Estimates and Forecasts, by Technology, 2022 to 2033
6.2.1. More Electric
6.2.2. Hybrid Electric
6.2.3. Fully Electric
7. Global Aircraft Electrification Market Estimates & Forecast Trend Analysis, by Application
7.1. Global Aircraft Electrification Market Share (%) Estimates and Forecasts, By Application, 2022 & 2033
7.2. Global Aircraft Electrification Market Revenue (US$ Million) Estimates and Forecasts, by Application, 2022 to 2033
7.2.1. Power Generation
7.2.2. Power Distribution
7.2.3. Power Conversion
7.2.4. Energy Storage
8. Global Aircraft Electrification Market Estimates & Forecast Trend Analysis, by Platform
8.1. Global Aircraft Electrification Market Share (%) Estimates and Forecasts, By Platform, 2022 & 2033
8.2. Global Aircraft Electrification Market Revenue (US$ Million) Estimates and Forecasts, by Platform, 2022 to 2033
8.2.1. Commercial Aviation
8.2.2. Military Aviation
8.2.3. Business & General Aviation
8.2.4. AAM
8.2.5. Fixed Wing
8.2.6. Rotary Wing
8.2.7. Unmanned Aerial Vehicles (UAVs)
8.2.8. Advanced Air Mobility
9. Global Aircraft Electrification Market Estimates & Forecast Trend Analysis, by System
9.1. Global Aircraft Electrification Market Share (%) Estimates and Forecasts, By System, 2022 & 2033
9.2. Global Aircraft Electrification Market Revenue (US$ Million) Estimates and Forecasts, by System, 2022 to 2033
9.2.1. Propulsion System
9.2.2. Environmental Control System
9.2.3. Landing Gear System
9.2.4. Ice Protection System
9.2.5. Flight Control System
9.2.6. Thrust Reverser System
10. Global Aircraft Electrification Market Analysis and Forecast, by Region
10.1. Global Aircraft Electrification Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033
10.2. Global Aircraft Electrification Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2033
10.2.1. North America
10.2.2. Europe
10.2.3. Asia Pacific
10.2.4. Middle East and Africa
10.2.5. Latin America
11. North America Aircraft Electrification Market: Estimates & Forecast Trend Analysis
11.1. North America Aircraft Electrification Market Assessments & Key Findings
11.2. North America Aircraft Electrification Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. North America Aircraft Electrification Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
11.3.1. By Component
11.3.2. By Technology
11.3.3. By Application
11.3.4. By Platform
11.3.5. By System
11.3.6. By Major Country
11.3.6.1. The U.S.
11.3.6.2. Canada
12. Europe Aircraft Electrification Market: Estimates & Forecast Trend Analysis
12.1. Europe Aircraft Electrification Market Assessments & Key Findings
12.2. Europe Aircraft Electrification Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Europe Aircraft Electrification Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Component
12.3.2. By Technology
12.3.3. By Application
12.3.4. By Platform
12.3.5. By System
12.3.6. By Major Country
12.3.6.1. Germany
12.3.6.2. The U.K.
12.3.6.3. France
12.3.6.4. Italy
12.3.6.5. Spain
12.3.6.6. Rest of Europe (includes all other European countries)
13. Asia Pacific Aircraft Electrification Market: Estimates & Forecast Trend Analysis
13.1. Asia Pacific Aircraft Electrification Market Assessments & Key Findings
13.2. Asia Pacific Aircraft Electrification Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Asia Pacific Aircraft Electrification Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
13.3.1. By Component
13.3.2. By Technology
13.3.3. By Application
13.3.4. By Platform
13.3.5. By System
13.3.6. By Major Country
13.3.6.1. China
13.3.6.2. Japan
13.3.6.3. India
13.3.6.4. ASEAN
13.3.6.5. South Korea
13.3.6.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
14. Middle East & Africa Aircraft Electrification Market: Estimates & Forecast Trend Analysis
14.1. Middle East & Africa Aircraft Electrification Market Assessments & Key Findings
14.2. Middle East & Africa Aircraft Electrification Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Middle East & Africa Aircraft Electrification Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
14.3.1. By Component
14.3.2. By Technology
14.3.3. By Application
14.3.4. By Platform
14.3.5. By System
14.3.6. By Major Country
14.3.6.1. GCC
14.3.6.2. South Africa
14.3.6.3. Egypt
14.3.6.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
15. Latin America Aircraft Electrification Market: Estimates & Forecast Trend Analysis
15.1. Latin America Market Assessments & Key Findings
15.2. Latin America Aircraft Electrification Market Share (%) Estimates and Forecasts, 2022 & 2033
15.3. Latin America Aircraft Electrification Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
15.3.1. By Component
15.3.2. By Technology
15.3.3. By Application
15.3.4. By Platform
15.3.5. By System
15.3.6. By Major Country
15.3.6.1. Brazil
15.3.6.2. Mexico
15.3.6.3. Rest of Latin America (includes all other Latin America countries)
16. Competitive Landscape
16.1. Aircraft Electrification Market Revenue Share Analysis (%), By Major Players (2021)
16.2. Aircraft Electrification Market Competition Matrix, By Leading Players
16.3. Aircraft Electrification List of Emerging, Prominent and Leading Players
16.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.
17. Company Profiles
17.1. Honeywell International Inc.
17.1.1. Company Overview & Insights
17.1.2. Financial Performance
17.1.3. Product / Service Portfolio
17.1.4. Geographical Footprint & Share
17.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
17.2. Safran
17.3. Ampaire
17.4. Thales Group
17.5. Raytheon Technologies
17.6. GE Aviation
17.7. Zunum Aero
17.8. Bye Aerospace
17.9. Eviation
17.10. Electroflight
17.11. Radiant Power Corporation
17.12. Meggitt PLC
17.13. Equator Aircraft
17.14. H3X Technologies
17.15. MagniX
17.16. AMETEK Inc.
17.17. Joby Aviation
17.18. Rolls-Royce
17.19. Pipistrel
17.20. BAE Systems
17.21. Beta Technologies
17.22. Heart Aerospace
17.23. Airbus
17.24. Siemens
17.25. Hartzell Engine Technologies LLC
17.26. PBS AEROSPACE
17.27. EaglePicher Technologies
17.28. Nabtesco Corporation
17.29. Wright Electric
17.30. ZeroAvia
17.31. Others
18. Assumptions and Research Methodology
18.1. Data Mining
18.2. Secondary Research
18.3. Primary Research
18.4. Subject Matter Expert Advice
18.5. Quality Check
18.6. Final Review
18.7. Data Triangulation
18.8. Bottom-Up Approach
18.9. Top-Down Approach
18.10. Research Flow
18.11. Key Insights from Industry Experts
18.12. Data Sources
18.13. Assumptions
18.14. Limitations
19. Conclusions and Recommendations
19.1. Key Research Findings and Conclusion
19.2. Key Insights & Recommendations from Analysts