Aircraft Electrification Market 2024-2033 | Size, Share, Growth

The Aircraft Electrification by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aircraft Electrification, 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.

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.

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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

Companies in the aircraft electrification market are focusing on turbocharger technology and developing new products to strengthen their position in the market. In order to maintain sea-level take-off manifold pressure and full, rated power up to the engine’s critical altitude, a turbocharger compresses the engine’s intake of air. For example, in 2022, Rolls-Royce, a UK-based company that manufactures aero-engine, developed turbogenerator technology, which includes a new small engine designed for hybrid-electric applications. The technology will be a scalable onboard power source that will complement the Rolls-Royce Electrical propulsion portfolio and provide a longer range of sustainable aviation fuels and subsequently if hydrogen combustion becomes feasible.

The aircraft electrification market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

Major Players:

• Safran S.A.
• Thales Group
• Raytheon Technologies
• General Electric Company
• BAE Systems

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