Aircraft Electrification Market Trends, Growth Opportunities, Business Insights (2024-2033)

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.

Market Overview -

Aircraft electrification refers to the method of using electric motors to power the propeller engines of airplanes to reduce air pollution. In aircraft electrification, the engine employs electric power for all non-propulsive systems and focuses on altering current operations or systems to increase efficiency or to lessen the amount of work the engine must perform through altering the aircraft or operational systems.

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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.

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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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