New York, United States , April 19, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Electrification Market Size to Grow from USD 10.3 Billion in 2023 to USD 26.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.91% during the forecast period.
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The aviation industry's fast growing aircraft electrification market is made up of research and application of electric propulsion systems, electrical power production and distribution systems, and other related technologies in aircraft. This sector of the economy has received a lot of attention recently due to the increased demand for aircraft solutions that are more affordable, environmentally friendly, and fuel-efficient. Even while the initial investment costs for these technologies may be high, over the course of their lives, electrified aircraft can be more cost-effective due to long-term operating benefits including decreased fuel and maintenance expenses. The emergence of UAM, which includes concepts such as electric vertical takeoff and landing (eVTOL) aircraft for urban transportation, is driving innovation in electric propulsion technology.
Aircraft Electrification Market Value Chain Analysis
Academic institutions, research and development (R&D) centres, and industry R&D divisions work together to progress the technology related to electric propulsion, battery systems, power electronics, and other critical components of aircraft electrification. Component suppliers are essential in providing the systems and parts required for electrically powered aircraft. This includes electric motors, power electronics, battery systems, wiring, connectors, and other electrical components. Manufacturers include electrification technologies into their designs of aircraft. This means reconstructing aircraft structures, systems, and individual parts in order to integrate electric propulsion systems while upholding safety and regulatory compliance. System integrators are responsible for assembling various components into complete electric propulsion systems. Airlines and operators are the final users of electric aircraft. Their fleet electrification decisions are based on operational requirements, route conditions, and budgetary considerations. They evaluate the effectiveness, economics, and performance of electric propulsion systems.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Aircraft Electrification Market Size By Application (Power Distribution, Power Generation, Power Conversion, Energy Storage), By Technology (Hybrid Electric, Fully Electric, More Electric), By Platform (Military Aviation, Commercial Aviation, General Aviation, UAV, Advanced Air Mobility), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033".
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Insights by Application
The power distribution segment accounted for the largest market share over the forecast period 2023 to 2033. As planes electrify, more sophisticated power distribution systems become required. With the addition of more electrically powered systems and components, such as propulsion, avionics, and cabin systems, aircraft power distribution must become more effective and trustworthy. Robust power distribution systems are required to regulate the flow of electricity to and from energy storage systems, such as batteries built inside aeroplanes. Power distribution systems must effectively charge, discharge, and regulate battery energy while upholding battery safety and dependability. In order to improve performance and fuel economy, aircraft manufacturers are constantly searching for methods to decrease weight and boost efficiency.
Insights by Technology
The hybrid electric segment is dominating the market with the largest market share over the forecast period 2023 to 2033. Compared to traditional gas turbine engines, hybrid electric propulsion systems offer improved fuel efficiency and reduced pollution. They achieve this by combining electric propulsion with conventional engines or generators to enable more efficient power generation and distribution. Because hybrid electric propulsion systems consume less fuel and require less maintenance, airlines can save money by implementing them. Economic benefits are driving interest in and investment in hybrid electric aircraft systems. By providing additional power when needed, hybrid electric systems can extend the range of electric aircraft. Now more appropriate for longer flights, hybrid electric solutions mitigate one of the primary shortcomings of fully electric aircraft.
Insights by Platform
The UAV segment accounted for the largest market share over the forecast period 2023 to 2033. UAVs are becoming more and more popular in a variety of sectors, such as mapping, delivery services, agriculture, defence, and surveillance. The growth of this market segment is being driven by UAVs because of their flexible and reasonably priced solutions for a wide range of applications. Electric UAVs are more environmentally friendly and suitable for use in sensitive and urban areas because they produce less noise and emit fewer pollutants than their counterparts with internal combustion engines. In an effort to reduce pollution and noise, regulatory bodies may also mandate or promote the use of electric unmanned aerial vehicles. The UAV industry is seeing great innovation and diversification, with new use cases and applications appearing on a regular basis.
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Insights By Region
North America is anticipated to dominate the Aircraft Electrification Market from 2023 to 2033. In the aviation sector, innovation and technology developments are centred in North America. Many businesses, academic institutes, and start-ups focused on electric propulsion systems, battery technology, power electronics, and other components necessary for aircraft electrification are based in the region. One of the most important aspects of the North American aircraft electrification market is the establishment of charging infrastructure. To facilitate the integration of electric aircraft into the current aviation infrastructure, airports and aviation stakeholders are investing in the development of ground-based charging stations, in-flight charging options, and infrastructure modifications.
Asia Pacific Market Statistics
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Some of the fastest-growing aviation markets globally are found in the Asia-Pacific region, where the middle class is developing, urbanisation rates are rising, and disposable incomes are rising. Interest in more ecologically friendly and fuel-efficient aeroplane options, such as electrified planes, is developing due to the region's increasing need for air travel. Because of their existing supply chains and capacities for aerospace manufacturing, the APAC region is a desirable place to produce parts for electric aircraft. China and Japan, for example, are investing in developing their own local batteries, power electronics, and electric propulsion systems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the Global Aircraft Electrification Market Size include Collins Aerospace, Honeywell International Inc., Rolls-Royce plc, Thales Group, BAE Systems, Safran S.A., Ametek.Inc., MagniX, Meggitt plc, and Astronics Corporation
Get Discount At @ https://www.sphericalinsights.com/request-discount/4181 Recent Market Developments
- In January 2024, Surf Air Mobility has agreements with two Kenyan carriers to supply its technology. Safarilink and Yellow Wings have reached an agreement to utilise SAM's exclusive powertrain upon FAA certification, anticipated in 2026.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Electrification Market, Application Analysis
- Power Distribution
- Power Generation
- Power Conversion
- Energy Storage
Aircraft Electrification Market, Technology Analysis
- Hybri,d Electric
- Fully Electric
- More Electric
Aircraft Electrification Market, Platform Analysis
- Military Aviation
- Commercial Aviation
- General Aviation
- UAV
- Advanced Air Mobility
Aircraft Electrification Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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