Press release
Zero-Emission Aircraft Industry Set to Achieve $48.99 Billion Milestone by 2029 | Steady 15% CAGR
Zero-Emission Aircraft
What Is the Long-Term Growth Forecast for the Zero-Emission Aircraft Market Size 2025?
The market size for zero-emission aircraft has experienced a swift expansion in the past few years. It is projected to escalate from its worth of $24.04 billion in 2024 to $28.04 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.6%. Factors such as environmental regulations, technological enhancements in electric propulsion, rising worries over climate change, public knowledge and demands, as well as demo projects, have contributed to the growth seen in the historical timeframe.
What CAGR is Forecasted for the Zero-Emission Aircraft Market Through 2029?
The market size for zero-emission aircrafts is projected to experience a significant increase in the upcoming years, swelling up to a staggering $48.99 billion by 2029 with a compound annual growth rate (CAGR) of 15.0%. This predicted surge in the forecast period can be linked to factors like the increasing demand for eco-friendly travels, governmental investments in green aviation, the shift towards urban air mobility, the rebound of global air travel, harmonization of regulations and the rise of eco-friendly aviation fuels. Principal trends during this forecasted period include technological advancements in the aerospace field, the development of battery technologies, solutions for hybrid-electric aircrafts, hydrogen-fueled aircrafts, zero-emission in regional aviation, and tech collaborations.
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What Are the Critical Factors Driving Zero-Emission Aircraft Market Development?
The ascent in air traffic is forecasted to stimulate the development of the zero-emission aircraft market in the future. Air traffic pertains to aircraft operations within specified airspace and airports, covering all flight varieties such as commercial, cargo, and private aviation. The surge in air traffic can be linked to numerous critical aspects, including economic expansion, globalization, and burgeoning tourism. Zero-emission aircraft present a more eco-friendly substitute to conventional aircraft, addressing issues related to climate change and making air travel more appealing to environmentally aware travelers and regulators. For instance, data from the Bureau of Transportation Statistics, a government agency based in the US, revealed that in March 2023, the passenger count for American airlines rose by 30%, escalating from 658 million in 2021 to 853 million in 2022. Hence, the escalating air traffic is fuelling the advancement of the zero-emission aircraft market in the succeeding period.
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How Does the Zero-Emission Aircraft Market Break Down Across Major Segments?
The zero-emission aircraft market covered in this report is segmented -
1) By Type: Turboprop Rear Bulkhead, Turbofan System, Blended Wing Body
2) By Source: Hydrogen, Electric, Solar
3) By Range: Short-Haul, Medium-Haul, Long-Haul
4) By Technology: Electric Motor Technology, Fuel Cell Technology, Hydrogen Fuel Storage, Power Management And Distribution Technology, Other Technology
5) By Application: Passenger Aircraft, Cargo Aircraft
Subsegments:
1) By Turboprop Rear Bulkhead: Structural Components, Engine Integration Systems, Aerodynamic Features
2) By Turbofan System: Engine Components, Fuel Efficiency Mechanisms, Noise Reduction Technologies
3) By Blended Wing Body: Aerodynamic Design Features, Structural Materials, Engine Placement Systems
What Are the Major Trends Transforming the Zero-Emission Aircraft Industry?
Innovations in electric aircraft technologies are becoming a prominent trend in the zero-emission aircraft market. Electric aircraft indicates aircraft variants that employ batteries to power an electric engine in place of jet fuel. Firms in the zero-emission aircraft market are introducing revolutionary aircraft powered by battery technology to maintain their market stance. For example, Eviation Aircraft, a company based in Israel and specializing in electric aircraft, unveiled Alice in September 2022, marking a significant milestone as an all-electric passenger aircraft. Alice, which functions similarly to electric cars or mobile phones, is a nine-passenger aircraft powered by battery technology. After a mere 30 minutes of charging, Alice can operate for up to 2 hours, symbolizing a promising advancement in the pursuit of greener and more sustainable aviation.
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Which Players Are Driving Innovation in the Zero-Emission Aircraft Market?
Major companies operating in the zero-emission aircraft market include AeroDelft, Airbus SE, Bye Aerospace, Eviation Aircraft, Joby Aviation, Lilium GmbH, Wright Electric, Boeing Company, Northrop Grumman Corporation, SpaceX Aerospace Company, ZeroAvia Inc., MagniX, Zunum Aero, SkyDrive Inc., Pipistrel d.o.o., HyPoint Inc., Wisk Aero, XTI Aircraft Company, Rolls-Royce plc, Ampaire Inc., Alaka'i Technologies, Volocopter GmbH, Vertical Aerospace, H55, Heart Aerospace, Scaled Composites, Embraer SA, Faradair Aerospace Limited, Beta Technologies
Which Regions Are Driving Global Zero-Emission Aircraft Market Expansion?
Europe was the largest region in the zero-emission aircraft market in 2024. The regions covered in the zero-emission aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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