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The aircraft electrification market size is forecast to increase by USD 6.17 billion at a CAGR of 13.94% between 2022 and 2027. The growth of the market depends on several factors, such as technological advancements, increased investment, and advancements in battery technology. The market is experiencing significant growth propelled by technological advancements, particularly within the aviation sector. The industry's embrace of cutting-edge technologies is a pivotal factor in this expansion. Breakthroughs in electric motor technology have revolutionized aircraft engines, delivering superior performance characterized by enhanced efficiency, reliability, and reduced maintenance requirements compared to conventional internal combustion engines. Simultaneously, progress in battery technology has yielded batteries boasting higher energy densities, extended lifespans, and accelerated charge times, further driving innovation within the aviation industry.
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This report extensively covers market segmentation by platform (commercial and general, and military), technology (more electric, fully electric, and hybrid electric), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The commercial and general segment is expected to account for the largest share of the global market. The growing passenger traffic is positively impacting the development of the segment. The increasing demand for more efficient and eco-friendly ones to reduce their carbon footprint is driving the commercial segment.
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The commercial and general segment was valued at USD 2.82 billion in 2017 and continued to grow until 2021. Electrification of commercial ones involves using electric propulsion systems such as electric motors, batteries, and power electronics to propel the aircraft. The general segment includes small ones used primarily for personal or business purposes, such as private jets, helicopters, and small regional aircraft. General aviation electrification involves using hybrid-electric or all-electric propulsion systems to replace traditional fuel-driven engines. Such factors will increase segment growth during the forecast period.
The technology segment includes more electric, fully electric, and hybrid electric aircraft. The growing demand for more efficient and environmentally friendly aircraft is expected to surge the demand for electric aircraft which is boosting the growth global market during the forecast period. The concept of more electric aircraft refers to the increased use of electrical power in place of hydraulic and pneumatic systems traditionally used in aircraft. More electric aircraft also allows for more precise control of systems, leading to better overall performance. The move to electric aircraft is driven by the need for higher efficiency and reduced emissions, as well as the desire to reduce maintenance costs and improve reliability.
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Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe has been at the forefront of efforts to reduce carbon emissions in the aviation industry, with several initiatives aimed at promoting the development of electric and hybrid-electric aircraft. Owing to increasing demand for fuel-efficient and environmentally friendly aircraft and increasing adoption of electric and hybrid-electric propulsion systems, the market in Europe will witness high growth.
The market is experiencing rapid growth, driven by the increasing adoption of innovative technologies such as air taxis, drones, and electrically-powered aircraft systems. Aircraft electrification offers numerous benefits, including emissions reduction, fuel efficiency, and noise pollution reduction. Major players in the market are investing heavily in the development of alternating current (AC) generators, hydrogen cells, and biofuel technology to enhance aircraft range and reduce environmental impact. The use of high dielectric strength insulating materials and forced air cooling mechanisms ensures safety and reliability in electrified aircraft systems. Additionally, advancements in avionics equipment and grounding techniques contribute to the expansion of the market, paving the way toward a net zero aviation industry. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Technological advancements are propelling the growth of the market. The aviation industry's increasing adoption of advanced technologies is a crucial driver in this expansion. Breakthroughs in electric motor technology have facilitated the creation of high-performance engines for aircraft, offering enhanced efficiency, reliability, and reduced maintenance compared to traditional internal combustion engines. Concurrently, advancements in battery technology have resulted in batteries with higher energy densities, longer lifespans, and faster charge times. Additionally, the development of advanced power electronics allows efficient control and management of power flow in electric and hybrid electric aircraft. These innovations collectively enable the creation of electric and hybrid-electric aircraft capable of meeting commercial aviation's range and performance requirements, fostering more sustainable air travel. This progression is anticipated to surge demand for aircraft electrification services, driving the global aircraft electrification market's growth in the forecast period.
Electric aircraft gaining popularity is the primary trend in the global market. With the growing concern to reduce its carbon footprint and move towards more sustainable operations, there is robust demand for electric aircraft in the aviation industry.
Another factor driving the demand for electric aircraft is the increasing availability of advanced battery technology essential to powering electric aircraft. In recent years, battery technology has made great strides due to advances in technology such as lithium-ion batteries and all-solid-state batteries. Increasingly energy dense, reliable, and affordable, these batteries will make electric aircraft more practical and feasible. Jet engines used in electric aircraft are gaining popularity as they are quieter than regular piston engines, which is the reason that has led to the increased use of electric aircraft by commercial airlines around the world.
The high development cost is a major challenge to the growth of the market. A significant amount of investment is required in manufacturing electric aircraft, which is a major challenge for the new entrants in the global market. To design and manufacture new components such as high-capacity batteries, electric motors, and power electronics, high cost is required.
The development of electric aircraft requires new infrastructure, such as charging stations, that increase development costs. These infrastructure components can be expensive to develop and build, especially if there is a lack of existing infrastructure that can be reused. The high development cost of electric aircraft poses a significant barrier to new entrants as it requires large upfront investments that may not be feasible for smaller companies or start-ups. Therefore, all these factors will adversely affect the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aegis Power Systems Inc: The company offers aircraft electrification products such as DC power converters. Also, the company is involved in supplying AC-DC and DC-DC power supplies for custom and particular applications.
EaglePicher Technologies LLC: The company offers aircraft electrification solutions such as lithium-ion battery systems. Also, the company offers various products such as thermal batteries, primary batteries, secondary batteries, energetic devices, custom packaging, and charging stations.
The report also includes detailed analyses of the competitive landscape of the market and information about 17 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is rapidly advancing, driven by the need to transition from traditional fuel-based methods to alternative power sources for sustainable and eco-friendly aviation. Major aircraft manufacturers like Boeing and Lockheed Corporation are investing heavily in advanced aircraft technologies to develop fuel-efficient and environmentally friendly aircraft. The adoption of electric aircraft propulsion systems, fuel cells, and electric actuators promises fuel efficiency, emissions reduction, and pollution reduction. These innovations also offer increased aircraft range and cleaner, quieter flights, addressing concerns over greenhouse gas emissions and noise pollution. However, challenges such as high voltage and thermal issues in electrical systems necessitate thermal management solutions and high dielectric strength insulating materials like silicone rubber and polyimide. Despite capital requirements and regulatory challenges, the aircraft electrification market is poised for substantial growth as the industry moves towards net zero emissions and embraces innovative technologies for a sustainable future in aviation.
Aircraft Electrification Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.94% |
Market growth 2023-2027 |
USD 6.17 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.6 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 34% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acme Aerospace Inc and Avionic Instruments LLC, Aegis Power Systems Inc., AMETEK Inc., Astronics Corp., BAE Systems Plc, Carlisle Companies Inc., Crane Co., EaglePicher Technologies LLC, General Electric Co., Hartzell Propeller Inc., Honeywell International Inc., Lee Air Inc., magniX, Nabtesco Corp., Parker Hannifin Corp., PBS Aerospace Inc., Raytheon Technologies Corp., Safran SA, Thales, and U.S. Technologies |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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