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The electric and hybrid aircraft propulsion system market size is estimated to grow at a CAGR of 4.53% between 2023 and 2028. The market size is forecast to increase by USD 12.31 billion. The growth of the market depends on several factors such as the growing demand for light and ultralight electric aircraft, the performance benefits of electric and hybrid aircraft propulsion systems over conventional power aircraft and the use of advanced techniques for aircraft construction.
The report includes a comprehensive outlook on the electric and hybrid aircraft propulsion system market offering forecasts for the industry segmented by Technology, which comprises hybrid powertrain and all-electric powertrain. Additionally, it categorizes End-user into military, commercial, and civil and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Electric and Hybrid Aircraft Propulsion System Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Traditionally, non-propulsive aircraft systems were dependent on mechanical, hydraulic, and pneumatic sources of power. The major shortcomings of hydraulics have been reliability issues and high maintenance costs, while low-efficiency issues have plagued pneumatic systems. Due to the complex construction of these systems, even the tiniest of leaks are often difficult to locate and trace. Long repair times are required, forcing the grounding of the aircraft until the fault has been addressed. This leads to higher costs and inconveniences for operators and passengers alike. A well-designed electric-powered system is not subject to any of the shortcomings inherent in hydraulic, pneumatic, and mechanical systems and is relatively flexible and light, with higher efficiency.
Further, aircraft and engine manufacturers need to attain the required level of performance reliability without adhering to conventional design limitations. This has opened various opportunities for developing all-electric and hybrid propulsion aircraft. Thus, the global electric and hybrid aircraft propulsion system market is expected to see high growth during the forecast period.
With the evolution of modern long-range aircraft, the complexities of its internal systems have increased as well. Electrical systems were introduced in Boeing 737 in 1967 in the form of electrical cabin equipment and avionics. With the introduction of the Fly by Wire (FBW) system in the Airbus A320 in the 1980s, the total weight reduction was significant as the mechanical linkages were removed, with the cockpit operating the flight control surfaces through electrical transmission. The approach of replacing bulky, outdated components of an aircraft control system with electrical systems has now been developed into a concept called the MEA.
However, together with variable frequency generation and power electronics, the electrical output of different types of electrical equipment can be efficiently controlled to increase the performance characteristics of the aircraft while negligibly impacting the total weight. Such changes are evolutionary and help increase aviation safety parameters. Hence, an increase in the use of electrical systems in modern aircraft can boost the growth of the global electric and hybrid aircraft propulsion system market during the forecast period.
The electric and hybrid aircraft propulsion system is generally overhyped as the design concepts of aerospace companies have low conversion rates on the application as working commercial models. A flight requires significant amounts of energy, and achieving it is difficult due to the technological limitations of the battery industry. Electrification of cars was successful due to its focus on cost-effectiveness and making them more compact. The main concern in an aircraft is weight and not cost or volume. For designing an electric and hybrid aircraft propulsion system with commercial payload-range characteristics, the battery must have a minimal energy density of 500Wh/kg, while most commercial batteries at present can deliver only 30%-50% of the requirement.
Moreover, this enables flight ranges of 200 miles to 400 miles as well on shorter distance routes. In addition to high energy density, high recharging speeds, and long battery life cycles will be crucial in underpinning the economics of battery-powered aircraft. Hence, limitations of existing technology can hamper the growth of the electric and hybrid aircraft propulsion system market during the forecast period.
The market share growth by the hybrid powertrain segment will be significant during the forecast period. A hybrid aircraft uses both conventional and electric power systems that work in tandem to optimize performance characteristics. Since the present generation of lithium-ion batteries can power an aircraft for just a few minutes, electric power can be used in flight phases such as taxiing from the hangar to the runway.
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The hybrid powertrain segment was the largest and was valued at USD 29.91 billion in 2018. During high-demand flight phases such as takeoff and climb, the electric system can supplement the energy provided by a turbine generator without producing much noise. Once the aircraft attains cruise altitude, it can sustain flight with just the generator driving the electric fans and divert excess power back to recharge the onboard batteries, allowing the aircraft to descend and land as an electric and hybrid aircraft propulsion system producing minimal sound. Further, hybridization can reduce fuel consumption by up to 5% when compared to a regular flight, in addition to improving energy management. Two potential sources of electricity are fuel cells, which convert hydrogen into electricity, and batteries. During flight, the aircraft uses a variety of energy sources, either concurrently or alternately. Thus, due to such innovations, the hybrid powertrain segment drives the growth of the market during the forecast period.
Based on end-user, the market has been segmented into military, commercial, and civil. The military segment will account for the largest share of this segment. The military segment is primarily driven by high investments in R&D by governmental organizations. Military UAVs are used for disaster management, security, communications applications, search and rescue, monitoring, and attack missions. Further, the disruptive hybrid-electric propulsion architecture of Electra's low-carbon aircraft is not possible without this turbogenerator. A gas turbine, one or more electric generators, and a cutting-edge voltage and power control system are all combined to form a turbogenerator. Based on its Arrano turboshaft engine, Safran Helicopter Engines will develop the Electra turbogenerator and supply the two GENeUS electrical generators. Numerous turbogenerator types at different power levels have already undergone ground testing by Safran Helicopter Engines. Thus, such collaborations and developments in the military segment can boost the growth of the market during the forecast period.
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Europe is estimated to contribute 46% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Europe has the largest market share in the electric and hybrid aircraft propulsion system market in 2023. Significant research works in the field of electric aviation are carried out in Europe, as the region is home to several leading electric and hybrid aircraft propulsion system manufacturers. Manufacturer-operator collaborations, such as the one between Slovenia-based Pipistrel d.o.o and Uber Technologies, Inc., have promoted development efforts. The demo aircraft will be used for measuring the effects of temperature, altitude, electromagnetic forces, and other factors on the electric engine.
In addition, the data collected will help in improving the engine's performance, reliability, and safety. The project also aims to solidify standards to regulate future electric and hybrid aircraft propulsion systems and to train new designers and engineers to move forward with the work. Hence, such developments can boost the growth of the regional electric and hybrid aircraft propulsion system market during the forecast period.
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.
Airbus SE - The company offers electric and hybrid aircraft propulsion systems such as EcoPulse, Vahana, and CityAirbus NextGen.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Airbus SE, Bye Aerospace, Cranfield Aerospace Solutions Ltd., Elektra Solar GmbH, General Electric Co., GKN Aerospace Services Ltd., Honeywell International Inc., Israel Aerospace Industries Ltd., Lange Aviation GmbH, Leonardo Spa, Lockheed Martin Corp., magniX, MAN Energy Solutions SE, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, Siemens AG, Textron Inc., The Boeing Co., and Joby Aviation Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The electric and hybrid aircraft propulsion system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Electric And Hybrid Aircraft Propulsion System Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.53% |
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Market Growth 2024-2028 |
USD 12.31 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.82 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 46% |
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Key countries |
US, China, France, Germany, and Slovenia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Airbus SE, Bye Aerospace, Cranfield Aerospace Solutions Ltd., Elektra Solar GmbH, General Electric Co., GKN Aerospace Services Ltd., Honeywell International Inc., Israel Aerospace Industries Ltd., Lange Aviation GmbH, Leonardo Spa, Lockheed Martin Corp., magniX, MAN Energy Solutions SE, Raytheon Technologies Corp., Rolls Royce Holdings Plc, Safran SA, Siemens AG, Textron Inc., The Boeing Co., and Joby Aviation Inc. |
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Market dynamics |
Parent market analysis, 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 the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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