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Aircraft Electrification Market 2024 Size, Share, Trends, Demand, Growth And Competitive Outlook 2033
Aircraft Electrification Market
The Business Research Company presents an extensive market research report on the Aircraft Electrification Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The aircraft electrification market size has grown rapidly in recent years. It will grow from $5.54 billion in 2023 to $6.46 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to rise in air travel, an increase in demand for hybrid and electric propulsion aircraft, an increase in military spending, strong economic growth in emerging markets, and an increase in emissions from aviation.
The aircraft electrification market size is expected to see rapid growth in the next few years. It will grow to $10.92 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to government support, growing need for green energy and noise-free aircraft, an increase in passenger air traffic, increasing focus on reducing emissions, and growing demand for new fighter jets in developing countries. Major trends in the forecast period include focus on technological development, hybrid electric technology, investment in research and development and strategic partnerships.
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Key Market Players:
Major companies operating in the aircraft electrification market report are Safran S.A., Thales Group, Raytheon Technologies, General Electric Company, BAE Systems, Honeywell International Inc, Moog Inc, Textron Inc, Eaton, EaglePicher Technologies, Ge India, Nabtesco Corporation, The Boeing Company, Airbus Se, Catl, Byd Auto, Electroflight, Transair Flight Equipment, Custom Cells Itzehoe Gmbh, Saft Company, Wamtechnik Sp. Z O.O., Zenith Aircraft Company, Beta Technologies, Heart Aerospace, Universal Hydrogen, Wright Electric, Magnix, Ampaire, Bye Aerospace, Embraer S.A, Desaer, Collins Aerospace, Azul Linhas Aéreas Brasileiras S/A, Zeroavia, Abu Dhabi Aviation, Agusta Westland, Africa Flight Services, Bosasa Group.
Market Drivers:
The growing demand to reduce the carbon footprint is driving the electric aviation market. Carbon footprint refers to the total volume of greenhouse gases, notably carbon dioxide, that something, such as a person's actions or the manufacturing and shipping of a product, emits over a specified period. Carbon footprints can be reduced by bringing change in the way the activities are carried out. Aircraft electrification is one such change that will lead to a reduction in carbon footprint. Electric aircraft use electricity instead of fuel, reducing the emission of harmful gases into the atmosphere, thereby reducing carbon footprint. According to the World Economic Forum, nearly 3% of the world's carbon dioxide emissions are attributable to the aviation sector. By concentrating on four critical measures, it has committed to becoming carbon neutral by 2050. These include using hydrogen power, carbon offsets, and cleaner fuel. Thus, the growing demand to reduce the carbon footprint will fuel the aircraft electrification market.
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https://www.thebusinessresearchcompany.com/report/aircraft-electrification-global-market-report
The aircraft electrification market covered in this report is segmented -
1) By Component: Batteries, Fuel Cells, Solar Cells, Electric Actuators, Electric Pumps, Generators, Motor, Power Electronics, Distribution Devices
2) By Technology: Electric, Hybrid Electric, Fully Electric
3) By Platform: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles (UAVs), Advanced Air Mobility
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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