Electric Aircraft Market: Rise In Environmental Concerns and Growing Awareness of Safety Issues

Electric aircraft is referred to a type of aircraft which is powered by electric motors. The electricity used by electric aircrafts are supplied by various methods such as, ground power cables, batteries, solar cells, power beaming, ultra capacitors and fuel cells among others. Due to relatively high capacity, batteries are the most commonly used energy carriers by electric aircrafts. Earlier the batteries were heavy and inconvenient to use, however, with the development of technological advancement, lighter and rechargeable type of batteries are being increasingly used.

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Some of the advantages of electric aircrafts include, increase in safety caused due to decrease in chances of any kind of mechanical failure, improved and enhanced maneuverability, and reduced risk of fire and explosion among others. It also helps in protecting the environment owing to the elimination in the need for using fossils fuels to run the engine of the aircraft. The global electric aircraft market is expected to maintain a steady growth rate during the forecast period owing to the development of electric propulsion systems and introduction of battery powered electric propulsion systems in the aerospace industry. Further, technological evolutions such as, shift in preference of gas turbines to turbo electric propulsions, and shift from hydraulic landing gear to electric landing gear are expected to create further growth opportunities in the growth of the global electric aircraft market.

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Rise in environmental concerns, growing awareness of safety issues and increase in investments in research and development activities in the aerospace industry coupled with reduced maintenance costs, are some of the factors which are likely to affect the global electric aircraft market positively and therefore drive the growth trajectories of the market during the forecast period. The use of electric power helps in reducing costs by saving fuel consumption. All these factors are expected to optimize the performance of the aviation industry, thereby leading to the growth of the electric aircraft market. Further, expansion of base of commercial and military aviation in both the developed and developing countries are expected to drive the growth of the global electric aircraft market.

However, the presence of some restraining factors such as, lower power to weight ratio of batteries, non-feasibility of costs, lack of technological know-how to repair the batteries in case of damage, and inability of electric aircrafts to travel only shorter distances are expected to create hindrances in the growth of the global electric aircraft market during the forecast period.

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The global electric aircraft market has been segmented based on, type of technology, type of platform, applications and region.

In terms of type of technology, the global electric aircraft market has been further segmented into, power electronics, thermal management systems, energy storage devices and safety systems and advanced material among others.

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