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

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 EU’s 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 hour’s 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

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