Global Aircraft Electrification Market Worth $11.56 Billion by 2029, Growing at 12.1% CAGR

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Aircraft Electrification Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent times, the aircraft electrification market has seen swift expansion. The market, valued at $6.34 billion in 2024, is projected to increase to $7.33 billion in 2025, representing a compound annual growth rate (CAGR) of 15.6%. The significant growth during the historical period is linked to factors such as higher air travel rates, greater demand for hybrid and electric propulsion aircraft, increased military expenditures, robust economic development in emerging markets, and a surge in aviation-related emissions.

What Is the Expected CAGR for the Aircraft Electrification Market Growth Through 2029?
Anticipations show a quick expansion in the aircraft electrification market size in the coming years, likely reaching $11.56 billion by 2029, with a compound annual growth rate (CAGR) of 12.1%. Factors contributing to this anticipated growth in the forecast period include governmental incentives, an escalating demand for eco-friendly and noise-reducing aircraft, augmented passenger air traffic, a heightened emphasis on minimizing emissions and an increasing need for new fighter jets in emerging economies. The forecast period is expected to see major trends such as technological advancements, hybrid electric technology, further investment in research and development, and forming strategic alliances.

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What Are the Primary Drivers Behind Aircraft Electrification Market Growth?
The escalating need for minimizing carbon footprints fuels the expansion of the aircraft electrification sector. The term carbon footprint refers to the comprehensive quantity of greenhouse gases, most importantly carbon dioxide, being released into the atmosphere over a given time by actions or processes like production and transportation of goods. By altering the way these activities are executed, carbon footprints can be decreased. Aircraft electrification serves as one such modification which will contribute to the decrease in carbon footprint. Electric aircraft operate on electricity instead of fuel, hence curbing the release of harmful gases into the atmosphere and consequently lowering carbon footprint. As an illustration, data released in December 2023 by Earth System Science Data (ESSD) Copernicus, a journal from Germany, reveals that global international aviation and shipping carbon emissions, responsible for 2.8% of the world's emissions, are estimated to surge by 11.9% in 2023, with aviation showing a 28% increase from 2022, culminating to 1.2 Gt CO2. Because of this, the escalating necessity of reducing carbon footprints will prompt the advancement of the aircraft electrification market.

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What Are the Key Segments Driving Aircraft Electrification Market Growth?
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

What Are the Technological Trends Impacting the Aircraft Electrification Market?
Firms operating within the realm of aircraft electrification are honing in on turbocharger technology and the creation of innovative products to bolster their standing in the market. Turbochargers compress the engine's air intake to remain consistent with sea-level take-off manifold pressure and maintain the full, rated power until reaching the engine's critical altitude. For example, Rolls-Royce, a British company specializing in aero-engine manufacturing, introduced new turbogenerator technology in 2022. This technology encompasses a novel, smaller engine crafted specifically for hybrid-electric usage. This new power source will broaden the capabilities of the Rolls-Royce Electrical propulsion range and pave the way for a broader use of sustainable aviation fuels. It could also open up possibilities for hydrogen combustion in the future.

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Who Are the Major Competitors in the Global 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.

Which Region Dominates the Aircraft Electrification Market Share in 2025?
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.

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