Press release
Global Aircraft Electrification Market to Reach $11.85 Billion by 2029, Growing at 12.6% CAGR
Aircraft Electrification
The escalating need to diminish the carbon footprint propels the aircraft electrification industry forward. The term carbon footprint alludes to the overall greenhouse gases volume, especially carbon dioxide, that an activity or process like manufacturing or shipping of a product, or even a person's actions, generates over a pre-determined timespan. This carbon footprint can be mitigated by altering the way these activities are implemented. One significant alteration is aircraft electrification, which aims to decrease the carbon footprint. Electric aircraft, which use electricity instead of fuel, lessen the release of damaging gases into the environment, hence reducing carbon footprint. For instance, data from the interdisciplinary journal Earth System Science Data (ESSD) Copernicus, based in Germany, showed that international aviation and shipping carbon emissions comprised 2.8% of global emissions in December 2023. These emissions are anticipated to surge by 11.9% in 2023, with aviation soaring by 28% from 2022, surpassing 1.2 Gt CO2. Consequently, the rising demand to minimize carbon footprint is expected to enhance the aircraft electrification market's growth.
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What growth opportunities are expected to drive the aircraft electrification market's CAGR through 2034?
In recent times, the size of the aircraft electrification market has seen a swift expansion. It is projected to escalate from $6.34 billion in 2024 to $7.38 billion in 2025, experiencing a compound annual growth rate (CAGR) of 16.4%. The historic growth of the market can be ascribed to several factors such as an upsurge in air travel, heightened demand for hybrid and electric propulsion aircraft, augmentation in military spending, robust economic progress in emerging markets, along with an increase in aviation emissions.
The expected size of the aircraft electrification market is anticipated to increase substantially in the coming years, hitting $11.85 billion in 2029 with a compound annual growth rate (CAGR) of 12.6%. This projected growth within the forecast period is largely due to factors such as government backing, a rising requirement for eco-friendly and noiseless aircraft, a surge in passenger air travel, intensified efforts to cut emissions, and an escalating demand for new fighter jets in emerging economies. The forecast period is also expected to see key trends such as an emphasis on technological advancement, hybrid electric innovations, more resources channeled towards research and development, and strategic alliances.
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What are the emerging trends shaping the future of the aircraft electrification market?
Firms in the aircraft electrification market are honing in on turbocharger technology and innovating new products to solidify their standing in the industry. The function of a turbocharger is to compress the engine's air intake, which allows maintenance of sea-level take-off manifold pressure and full-rated power up to the engine's critical altitude. For instance, in 2022, the UK-based aero-engine manufacturer, Rolls-Royce, unveiled its turbogenerator technology. This encompasses a novel, miniaturized engine meant for hybrid-electric uses. The technology will serve as a scalable source of onboard power, set to enhance the Rolls-Royce Electrical propulsion array. It's also expected to extend the use of sustainable aviation fuels and potentially open the door for feasible hydrogen combustion in the future.
Which growth-oriented segments of the aircraft electrification market are leading the industry's development?
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
Subsegments:
1) By Batteries: Lithium-Ion Batteries, Nickel-Cadmium Batteries, Solid-State Batteries
2) By Fuel Cells: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC)
3) By Solar Cells: Photovoltaic Solar Panels, Concentrated Solar Power Systems
4) By Electric Actuators: Linear Electric Actuators, Rotary Electric Actuators
5) By Electric Pumps: Hydraulic Electric Pumps, Fuel Electric Pumps
6) By Generators: Electric Generators, Auxiliary Power Units (APUs)
7) By Motor: Brushless DC Motors, Synchronous Motors
8) By Power Electronics: Inverters, Converters
9) By Distribution Devices: Circuit Breakers, Switches And Relays
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What regions are leading the charge in the aircraft electrification market?
North America was the largest region in the aircraft electrification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aircraft electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the aircraft electrification market?
Major companies operating in the aircraft electrification market include 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, Zeroavia, Agusta Westland, Bosasa Group.
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What Is Covered In The Aircraft Electrification Global Market Report?
•Market Size Forecast: Examine the aircraft electrification market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the aircraft electrification market for a structured understanding.
•Key Players Overview: Analyze major players in the aircraft electrification market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aircraft electrification market.
•Segment Contributions: Evaluate how different segments drive overall growth in the aircraft electrification market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aircraft electrification market.
•Industry Challenges: Identify potential risks and obstacles affecting the aircraft electrification market.
•Competitive Landscape: Review strategic developments in the aircraft electrification market, including expansions, agreements, and new product launches.
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