Press release
Aircraft Electrification Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | Thales Group, BAE Systems, Moog Inc., Textron Inc., Embraer S.A
Aircraft Electrification Global Market
The Business Research Company offers in-depth market insights through Aircraft Electrification Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Rising Focus On Carbon Footprint Reduction Drives Growth In The Electric Aviation Market
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.
Competitive Landscape:
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.
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Top Trend - Focus On Turbocharger Technology Strengthens Companies' Positions In The Aircraft Electrification Market
Companies in the aircraft electrification market are focusing on turbocharger technology and developing new products to strengthen their position in the market. In order to maintain sea-level take-off manifold pressure and full, rated power up to the engine's critical altitude, a turbocharger compresses the engine's intake of air. For example, in 2022, Rolls-Royce, a UK-based company that manufactures aero-engine, developed turbogenerator technology, which includes a new small engine designed for hybrid-electric applications. The technology will be a scalable onboard power source that will complement the Rolls-Royce Electrical propulsion portfolio and provide a longer range of sustainable aviation fuels and subsequently if hydrogen combustion becomes feasible.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Electrification Market Characteristics
3. Aircraft Electrification Market Trends And Strategies
4. Aircraft Electrification Market - Macro Economic Scenario
5. Aircraft Electrification Market Size And Growth
…..
27. Aircraft Electrification Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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