Aircraft Electrification Market Soars, Expected to Reach USD 20.0 Billion by 2030, at a CAGR of 14.3%
CHICAGO, Dec 13, 2023 – The global Aircraft Electrification Market is experiencing remarkable growth, with an estimated increase from USD 6.0 billion in 2021 to a projected USD 20.0 billion by 2030, showcasing an impressive Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period. These insights are detailed in a comprehensive report by MarketsandMarkets, a leading market research and consulting firm.
In order to increase economy, lower emissions, and improve overall aircraft performance, electrified systems and components are being used in aeroplanes, marking a significant turning point in aviation history. The market for aircraft electrification is anticipated to develop due to a number of factors, including the growing need for ecologically friendly and fuel-efficient aircraft, improvements in electric propulsion technology, and the integration of electrified systems across a range of aircraft platforms. The study profiles major participants in the global aircraft electrification market and examines important segments, growth factors, opportunities, and constraints.
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Key Segments:
Technology Segment: The Aircraft Electrification market includes various technologies such as electric propulsion, power distribution, energy storage, and electric actuation, each contributing to the overall electrification of aircraft systems.
Application Segment: Electrification is applied to various aircraft components and systems, including electric motors, power electronics, landing gear systems, and auxiliary power units, reflecting the diverse applications within the aviation industry.
Platform Segment: The market serves different aircraft platforms, including commercial aviation, military aviation, and general aviation, each with unique requirements for electrification based on mission profiles and operational needs.
Browse 221 market data Tables and 50 Figures spread through 268 Pages and in-depth TOC on “Aircraft Electrification Market by Technology, Component, Application, System, Platform and Region – Forecast to 2030”
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Growth Drivers:
Demand for Fuel-Efficient Aircraft: The increasing demand for fuel-efficient aircraft, driven by fuel cost concerns and environmental sustainability goals, propels the adoption of electrification technologies to optimize energy usage.
Advancements in Electric Propulsion: Ongoing advancements in electric propulsion technologies, including electric motors and hybrid-electric systems, contribute to the electrification of aircraft propulsion, reducing reliance on traditional fuel-based engines.
Environmental Sustainability Goals: The aviation industry’s commitment to environmental sustainability and emissions reduction encourages the adoption of electrification solutions that align with global environmental standards.
Challenges:
Regulatory Certification: Ensuring regulatory compliance and certification for new electrified systems poses challenges, requiring collaboration between industry stakeholders and aviation authorities.
Integration Complexity: The integration of electrified systems with existing aircraft structures and avionics introduces complexity and may require careful planning and testing to ensure seamless integration.
Opportunities:
Development of Urban Air Mobility (UAM): The emergence of Urban Air Mobility (UAM) and electric vertical takeoff and landing (eVTOL) platforms presents opportunities for innovative electrification solutions in the rapidly evolving urban air transportation sector.
Government Support and Funding: Support from governments and regulatory bodies, along with funding initiatives for research and development in electric aviation, creates opportunities for market growth.
Key Players:
The report identifies key players in the global Aircraft Electrification Market, including:
Rolls-Royce Holdings plc: A leading aerospace and defense company, actively involved in the development of electric propulsion systems and electrified aircraft technologies.
Honeywell International Inc.: A diversified technology and manufacturing company, providing electrification solutions for aircraft systems, including power distribution and electric actuation.
United Technologies Corporation (Collins Aerospace): A multinational conglomerate providing a range of aerospace and defense solutions, contributing to the development of electrified systems for various aircraft platforms.
Airbus SE: A major player in the aerospace industry, actively involved in the development of electric propulsion and electrification solutions for both commercial and military aircraft.
Siemens AG: A global technology company providing electrification solutions for various industries, including aviation, with a focus on electric propulsion and power distribution systems.
The aviation industry’s dedication to sustainability and innovation is expected to propel the worldwide aircraft electrification market to substantial growth. Aviation’s future is anticipated to be significantly shaped by the market as electrification technologies advance and become more widely accepted.
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