Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Aircraft Electrification - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Aircraft Electrification was estimated at US$6.8 Billion in 2023 and is projected to reach US$15.1 Billion by 2030, growing at a CAGR of 12% from 2023 to 2030.
The move towards aircraft electrification is driven by the need to reduce carbon emissions, enhance energy efficiency, and decrease dependency on fossil fuels, which are becoming increasingly critical as the global aviation industry seeks sustainable growth pathways. Electrification not only promises to lower operational costs through reduced fuel consumption and maintenance but also aims to significantly decrease the environmental impact of air travel by reducing noise levels and emissions.
How Are Technological Advancements Shaping the Aircraft Electrification Movement?
Technological advancements are at the heart of the push towards aircraft electrification. Innovations in battery technology, electric motors, and power electronics are crucial for overcoming the challenges associated with electric propulsion, including energy density, safety, and reliability. Developments in superconducting materials and hybrid-electric systems also play a pivotal role, offering ways to enhance the efficiency and performance of electrical systems while managing the weight penalties typically associated with electric components.
Furthermore, advancements in software and digital systems allow for more sophisticated energy management and operational efficiency, integrating various subsystems in the aircraft to optimize power consumption and distribution in real-time.
What Are the Major Challenges Facing Aircraft Electrification?
Despite its potential benefits, aircraft electrification faces significant challenges that must be addressed to realize widespread adoption. One of the primary barriers is the current limitation in battery technology, particularly concerning energy density and weight, which significantly impacts the range and payload capabilities of electric aircraft. Safety concerns related to high-voltage electrical systems and battery fires also pose considerable challenges, necessitating rigorous standards and innovative solutions to ensure reliability and passenger safety.
Additionally, the lack of existing infrastructure to support electric aircraft, such as charging stations at airports and maintenance facilities equipped to handle electric systems, further complicates the transition from conventional aircraft designs.
What Are the Growth Drivers for the Aircraft Electrification Market?
The growth in the aircraft electrification market is driven by several factors, including stringent global regulations on carbon emissions pushing the aviation industry to adopt cleaner technologies. Increasing fuel prices are also a significant economic factor, as airlines seek more fuel-efficient technologies to reduce operating costs. Additionally, public and governmental pressure for greener transportation modes has led to greater investment and funding for research and development in electric aviation solutions.
The rising interest in urban air mobility solutions, such as drones and electric vertical takeoff and landing (eVTOL) aircraft, for commercial and personal transport in congested urban centers, provides a substantial push for the industry. Technological breakthroughs in related fields, such as autonomous flight and advanced materials, further enable this shift by making electric aircraft more viable and attractive. These drivers, combined with the evolving consumer behavior favoring sustainability, ensure that aircraft electrification remains a key focus area for innovation and development in the aerospace sector.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Aircraft Distribution Devices segment, which is expected to reach US$3.9 Billion by 2030 with a CAGR of a 14.3%. The Aircraft Power Electronics segment is also set to grow at 10.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $1.9 Billion in 2023, and China, forecasted to grow at an impressive 16.6% CAGR to reach $3.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Aircraft Electrification Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Aircraft Electrification Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Aircraft Electrification Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Airbus Sas, Astronics Corporation, BAE Systems PLC, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 403 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $6.8 Billion |
| Forecasted Market Value (USD) by 2030 | $15.1 Billion |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- World Market Trajectories
- Aircraft Electrification - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Advances in Battery Technology Propel Electric Aircraft Developments
- Hybrid-Electric Designs Expand the Feasibility of Electrified Aircraft
- Demand for Reduced Operational Costs Spurs Adoption of Electric Propulsion
- Innovations in Superconducting Materials Enhance Electric Motor Efficiency
- Growth in Urban Air Mobility Creating New Opportunities for Electrified Aircraft
- Lightweight Materials Innovations Supporting Aircraft Electrification
- Public and Private Funding Boosts Electric Aircraft Development Projects
- Consumer Demand for Greener Travel Options Influences Market Dynamics
FOCUS ON SELECT PLAYERS (Total 52 Featured):
- Airbus
- Astronics
- BAE Systems
- Crane Aerospace & Electronics
- Cyient
- Eaton Corporation
- Eviation
- GE Aerospace
- Honeywell Aerospace Technologies
- Honeywell International
- magniX USA
- Moog
- Parker Hannifin
- Rolls-Royce
- SAFRAN Group
For more information about this report visit https://www.researchandmarkets.com/r/y3w9mp
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