The Zero-Emission Aircraft Global Market Report 2024 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 Zero-Emission Aircraft Global Market Report 2024, The zero-emission aircraft market size has grown rapidly in recent years. It will grow from $20.82 billion in 2023 to $24.5 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to environmental regulations, advancements in electric propulsion, increased concerns about climate change, public awareness and pressure, demonstration projects.
The zero-emission aircraft market size is expected to see rapid growth in the next few years. It will grow to $44.01 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to market demand for sustainable travel, government funding for green aviation, transition to urban air mobility, global air travel recovery, standardization of regulations, emergence of sustainable aviation fuels. Major trends in the forecast period include technological innovation in aerospace, evolution of battery technologies, hybrid-electric aircraft solutions, hydrogen-powered aircraft, zero-emission regional aviation, technological collaboration.
The increasing stringency of the emission regulations is expected to propel the growth of the zero-emission aircraft market going forward. Stringency on aircraft emission regulations refers to the degree of strictness or severity of rules and policies that aim to decrease greenhouse gas emissions and other harmful substances that originate from aircraft. Zero-emission aircraft propulsion systems produce no emissions during operation due to hydrogen-powered engines, including greenhouse gases and other harmful pollutants. For instance, in February 2021, according to the International Council on Clean Transportation, a US-based non-profit research organization, the U.S. Environmental Protection Agency (EPA) implemented its first federal policy in 2021. It regulates greenhouse gas emissions from commercial aircraft. Similarly, the International Civil Aviation Organization (ICAO), a Canada-based specialized agency had set a goal of reducing CO2 emissions from aviation by 2% per year from 2020 and achieving carbon-neutral growth improvement by 2050. Therefore, the increasing stringency of the emission regulations is driving the growth of the zero-emission aircraft market going forward.
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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
Electric aircraft technologies are a key trend gaining popularity in the zero-emission aircraft market. Electric aircraft refers to aircraft types that utilize batteries to power an electric motor instead of jet fuel. Companies operating in the zero-emission aircraft market are launching innovative aircraft using battery technology to sustain their position in the market. For instance, in September 2022, Eviation Aircraft, an Israeli-based developing electric aircraft, launched Alice, a first-of-its-kind all-electric passenger aircraft. It is a nine-passenger electric aircraft with battery technology similar to electric cars or cell phones. With just 30 minutes of charging, the Alice can fly for up to 2 hours, making it a promising development in the aviation industry’s pursuit of more sustainable and environmentally-friendly air travel.
The zero-emission aircraft 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
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