Global Aircraft Electrification Market Size Was Valued at USD 6.50 billion In 2021, And Is Projected to Reach USD 15.85 billion By 2028, Growing at A CAGR of 13.58% From 2022 To 2028.
The electrification of aircraft is fascinating due to its various advantages, including lower emissions and reduced noise. Additionally, Aircraft electrification offers a viable eco-friendly option for commercial aviation. To achieve environmental objectives, substantial decreases in carbon emissions are necessary. By substituting conventional hydraulic and pneumatic systems with electric alternatives, aircraft can achieve approximately 3% fuel savings by decreasing the quantity of engine bleed air required for their operation. According to the EU's Flightpath 2050 program, aviation emissions are rising by approximately 5% annually, with a goal of achieving a 75% reduction in carbon emissions per passenger kilometer by 2050.
Electrifying aircraft is a crucial move towards accomplishing those goals and fighting climate change. Due to the increasing necessity to reduce carbon emissions and control pollution, the global aircraft electrification sector is expected to expand considerably in the coming years. Heightened initiatives to reduce dependence on oil are anticipated to boost the demand for aircraft electrification. Electric motors power propellers that generate thrust in an electric airplane.
Top Key Players Covered In Aircraft Electrification Market
Airbus Group, Bombardier Inc., Honeywell International Inc., Raytheon Company, Safran Group, Thales Group, The Boeing Company, TTTech Computertechnik AG, United Technologies Corporation (UTC), Zodiac Aerospace SA and other major players.
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Our Aircraft Electrification market report ensures accuracy by conducting a precise examination of the industry. We establish a robust foundation for our findings through extensive utilization of primary and secondary sources. To enhance the depth of our evaluation, we employ industry-standard tools such as Porter's Five Forces Analysis, SWOT Analysis, and Price Trend Analysis.
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Drivers:
Sustainability in the Aviation Sector Enhancing the Aircraft Electrification Market
Recent progress in power electronics, fault-tolerant designs, electro-hydrostatic actuators, flight control mechanisms, high-density electric motors, and power generation and conversion systems has driven the need for more electric aircraft. Numerous regulations on aviation emissions have been implemented as attention turns to eco-friendly aircraft. Producers are transitioning to increased electric aircraft as emission regulations grow more rigorous. Electric airplanes are gaining popularity as aircraft makers realize the advantages of this design, including improved fuel efficiency, reduced maintenance expenses, greater reliability, and fewer hydraulic and pneumatic parts in engine setups. In the next few years, it's probable that additional electric planes with limited ranges will be feasible for regional travel.
Segmentation Analysis of the Aircraft Electrification Market
By Technology
- More Electric
- Hybrid Electric
- Fully Electric
By Application
- Commercial
- Military
- General Aviation
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Regional Examination of Aircraft Electrification Market
North America leads the Aircraft Electrification Market. As a result of many aircraft deliveries featuring more electric architecture to the United States, North America is presently a significant market for more electric aircraft. The vital infrastructure, along with a significant emphasis on research and development in aircraft subsystems electrification, is expected to assist the North American region in creating a larger market for electric aircraft. In 2021, Lockheed Martin delivered 142 F-35 fighter aircraft to the United States and its partners. The power-by-wire system of the F-35 represents a major advancement in electric aviation technology. The primary flight surfaces are managed by independent electro-hydrostatic actuators (EHAs).
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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The Study Objectives are:
- A comprehensive insight into key players operating in the Aircraft Electrification Market and their corresponding data.
- It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
- Regional analysis, which includes insight into the dominant market and corresponding market share.
- It also includes various socio-economic factors affecting the evolution of the market in the region.
- The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
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