Aircraft Electrification Market Highlights
Aircraft Electrification Market is accounted to register a CAGR of 14.90% during the forecast period and is estimated to reach USD 28.6 Billion by 2032.
The aircraft electrification market is witnessing significant growth as the aviation industry seeks to reduce carbon emissions and enhance fuel efficiency. Electric propulsion systems, electrically powered aircraft subsystems, and electrified ground support equipment are gaining attention. The market is driven by environmental regulations, advancements in electric technology, and the pursuit of sustainable aviation solutions.
Segment Analysis
The global aircraft electrification market has been segmented based component, technologies, application, platform and system.
On the basis of component, the market is segmented into batteries, fuel cells, electric actuators, electric pumps, generators, motors, power electronics, and distribution devices. In 2022, the batteries section was the largest globally. Li-S batteries can be designed to hold up to five times as much energy as lithium batteries of the same size and weight due to their ability to store and release energy.
Based on technologies, the global aircraft electrification market has been segmented into more electric, hybrid electric, and fully electric. In 2022, the hybrid electric market sector was the largest on the planet. One of the most significant advantages of a hybrid vehicle over one powered by petrol is that it is more environmentally friendly and cleaner to drive.
Based on application, the global aircraft electrification market has been segmented into power generation, power distribution, power conversion, and energy storage. Power generation segment dominated the global market in 2022. Modern aeroplanes use an electric generator, while older aircraft use physical hydraulic or pneumatic technologies to generate energy.
Based on platform, the global aircraft electrification market has been segmented into fixed wing, rotary wing, unmanned aerial vehicles (uavs), and advanced air mobility. Unmanned Aerial Vehicles (uavs) Platform segment dominated the global Aircraft Electrification market in 2022. UAVs are capable of a wider variety of motions than human planes.
Based on system, the global aircraft electrification market has been segmented into propulsion system, environmental control system, landing gear system, ice protection system, flight control system, and thrust reverser systems. The propulsion system segment dominated the global Aircraft Electrification market in 2022. The introduction of electrical propulsion systems is being driven by rising concerns over reducing fuel use and carbon emissions.
MRFR recognizes the following companies as the key players in the global aircraft electrification market : Ametek.Inc., Astronics Corporation, BAE Systems, Collins Aerospace, Honeywell International Inc., MagniX, Meggitt plc, Rolls-Royce plc, Safran S.A., and Thales Group
Regional Analysis
The global aircraft electrification market share, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Aircraft Electrification Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Aircraft Electrification Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Aircraft Electrification Market comprises of Middle East, Africa, and Latin America.
The increasing proportion of future innovations and the existence of multiple enterprises driving the electrification of the aviation sector are some of the factors impacting the growth of the North American aircraft electrification market.
Moreover, in 2022, the Europe aircraft electrification market held a sizable market share. Growing demand for hybrid electric propulsion systems in this region is driving up market revenue. Several key stakeholders on the continent are sponsoring research and development activities in electricity distribution systems because the European Union (EU) wants to achieve climate neutrality by 2050.
Additionally, from 2023 to 2032, the Asia Pacific aircraft electrification industry is anticipated to experience rapid expansion. Due to a greater emphasis on lowering carbon emissions and aviation noise, the industry is growing. Furthermore, regional passenger traffic growth, escalating passenger security concerns, and expanded research and development in the aeroplane electrification sectors are all propelling market expansion.
Furthermore, the rest of the world's aircraft electrification market is divided into the Middle East, Africa, and Latin America. The Latin America aircraft electrification market is gaining momentum as the aviation industry focuses on reducing carbon emissions and improving fuel efficiency. Electrification of aircraft systems and components, such as electric propulsion systems and electrical power distribution, is being pursued. The market growth is driven by government initiatives, environmental regulations, and advancements in electric aircraft technology.
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