Overview and Scope
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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Top 5 Major Players:
- Safran S.A.,
- Thales Group,
- Raytheon Technologies,
- General Electric Company,
North America was the largest region in the aircraft electrification market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The aircraft electrification market report table of contents includes:
1. Executive Summary
2. Aircraft Electrification Market Characteristics
3. Aircraft Electrification Market Trends And Strategies
4. Aircraft Electrification Market – Macro Economic Scenario
5. Global Aircraft Electrification Market Size and Growth
….
32. Global Aircraft Electrification Market Competitive Benchmarking
33. Global Aircraft Electrification Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Aircraft Electrification Market
35. Aircraft Electrification Market Future Outlook and Potential Analysis
36. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Aircraft Electrification Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Aircraft Electrification Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Aircraft Electrification Market, Segmentation By Platform, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Safran S.A. Financial Performance
Table 75: Thales Group Financial Performance
Table 76: Raytheon Technologies Financial Performance
Table 77: General Electric Company Financial Performance
Table 78: BAE Systems Financial Performance
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