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Hybrid Electric Aircraft Market Report: Size, Share, and Growth Forecast
Hybrid Electric Aircrafts Global Market Report 2024
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According to The Business Research Company's, The hybrid electric aircrafts market size has grown exponentially in recent years. It will grow from $1.41 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to increasing fuel costs, growing environmental concerns, stricter emissions regulations, rising demand for energy-efficient aviation, and government support for green aviation initiatives.
The hybrid electric aircrafts market size is expected to see exponential growth in the next few years. It will grow to $4.35 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%. The growth in the forecast period can be attributed to the growing adoption of urban air mobility (UAM), increasing focus on noise reduction, expanding airline sustainability goals, development of hybrid propulsion systems for larger aircraft, and rising investment in electric aviation infrastructure. Major trends in the forecast period include the development of hybrid-electric air taxis, advancements in fast charging infrastructure, the shift towards modular electric powertrains, the expansion of government incentives for sustainable aviation, and the integration of AI for flight optimization and energy management.
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Market Drivers and Trends:
The rising air traffic is expected to propel the growth of the hybrid-electric aircraft market going forward. Economic growth and rising incomes increase consumer spending on travel, leading to higher demand for air transportation. Additionally, the expansion of international tourism and the availability of affordable airfares further boost passenger volumes and air traffic. Hybrid-electric aircraft can help air traffic by reducing emissions and noise, leading to more efficient and environmentally friendly operations at congested airports. For instance, in February 2024, according to a report published by the International Air Transport Association (IATA), a Canada-based trade association, in 2023, global air traffic increased by 36.9% from 2022. Therefore, the rising air traffic will drive growth in the hybrid-electric aircraft market.
Major companies operating in the hybrid-electric aircraft market are focusing on the development of high speed propulsion designs, such as turbogenerator technology to enhance efficiency and minimize environmental impact through advanced power solutions. Turbogenerator technology employs a turbine to generate electricity, often integrated with high-speed engines, to deliver power both efficiently and reliably. For example, in June 2022, Rolls-Royce Holdings plc, a UK-based aerospace and defense firm, introduced a new turbogenerator system designed as an onboard power source for hybrid-electric aircraft. This system, which offers scalable power output ranging from 500 kW to 1200 kW, is set to complement Rolls-Royce's existing electric propulsion solutions. The innovation aims to extend flight range by utilizing sustainable aviation fuels and future hydrogen combustion technologies, thereby supporting longer-distance travel with reduced or net-zero emissions for increased passenger capacity.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Siemens AG, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell Aerospace, National Aeronautics and Space Administration (NASA), Safran S.A., Rolls-Royce Holdings plc, Israel Aerospace Industries Ltd., Embraer S.A., GKN Aerospace Services Limited, Daher, Aurora Flight Sciences, Heart Aerospace AB, Aura Aero S.A.S., MagniX International, Dufour Aerospace AG, Manta Aircraft Inc., Airspace Experience Technologies Inc., Zunum Aero Inc., Ampaire Inc., Elroy Air Inc., Electra Aero Inc.
Hybrid Electric Aircrafts Market 2024 Key Insights:
• The hybrid electric aircrafts market size is expected to see exponential growth in the next few years. It will grow to $4.35 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%.
• Rising Air Traffic To Boost Hybrid-Electric Aircraft Market Growth
• Turbogenerator Innovation In Hybrid-Electric Aircraft Development
• North America was the largest region in the hybrid electric aircrafts market in 2023
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