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Aircraft Electrification Market is projected to expand at a steady CAGR over the forecast by 2031 | Thales Group, Honeywell International Inc, GE Aviation
Aircraft Electrification Market
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Aircraft electrification is the process of powering an aircraft using electricity instead of traditional fossil fuels. This can be done by either using electric motors to power the aircraft directly, or by using a hybrid system that combines electric motors with a traditional internal combustion engine.
Key Trends:
There are a number of different approaches to aircraft electrification, including hybrid-electric, all-electric, and fuel cell-powered systems.
Hybrid-electric systems are the most common type of electrification technology being developed for aircraft. These systems use both electric and combustion engines to power the aircraft.
All-electric systems are another type of electrification technology under development. These systems use electric motors to power the entire aircraft.
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Key Drivers:
The key drivers of aircraft electrification market are the rising fuel prices, stringent emission regulations, and the need for aircraft manufacturers to reduce their dependence on fossil fuels. The rising fuel prices are the major driver for the growth of aircraft electrification market. The price of jet fuel has increased from $0.61 per gallon in 2001 to $2.11 per gallon in 2019.
The stringent emission regulations are another driver for the growth of aircraft electrification market.
Market Segments:
The aircraft electrification market is segmented by component, technology, application, and region. By component, the market is classified into batteries, generators, motors, and others. On the basis of technology, it is bifurcated into more electric, hybrid electric, and fully electric. Based on application, it is divided into power generation, power distribution, power conversion, and energy storage. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players:
The global aircraft electrification market includes players such as Thales Group, Honeywell International Inc, GE Aviation, Safran, Raytheon Technologies Corporation, Meggitt PLC, BAE Systems, Hartzell Engine Technologies LLC, PBS AEROSPACE, Eagle-Picher Technologies, and others.
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