Aircraft Electrification Market worth USD 13.6 billion in 2032 | Raytheon Technologies Corporation, Meggitt PLC, BAE Systems

The Aircraft Electrification Market size was USD 5.4 Billion in 2022 and is anticipated to reach USD 13.6 Billion in 2032, growing at a rate of 9.7% from 2023 to 2032.

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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.

Fuel cell-powered systems are a third type of electrification technology. Fuel cells generate electricity from a chemical reaction between hydrogen and oxygen.

Aircraft electrification is a promising technology for reducing fuel consumption and emissions. However, the technology is still in its early stages of development, and there are a number of challenges that need to be addressed before it can be widely adopted.

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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. The International Civil Aviation Organization (ICAO) has set a goal of reducing the carbon dioxide emissions from aviation by 50% by 2050.

The need for aircraft manufacturers to reduce their dependence on fossil fuels is another driver for the growth of aircraft electrification market.

Restraints & Challenges

The key restraints and challenges in aircraft electrification market are the high cost of electric aircraft and the lack of infrastructure to support them.

The high cost of electric aircraft is due to the expensive batteries required to power them.

The lack of infrastructure to support electric aircraft is a major challenge, as there are few charging stations and airports that can accommodate them.

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.

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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.

Market Segments

By Component

Batteries
Generators
Motors
Others

By Application

Power Generation
Power Distribution
Power Conversion
Energy Storage

By Technology

More Electric
Hybrid Electric
Fully Electric

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This release was published on openPR.