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Increasing emphasis on the reduction of emissions and aircraft noise is driving market growth
The aircraft electrification market is projected to grow from USD 3.4 billion in 2022 to USD 8.6 billion by 2030, at a CAGR of 12.2% during the forecast period. The increasing need to reduce carbon emissions and control environmental pollution are expected to drive demand. However, limited range and capacity of electric aircraft are limiting the overall growth of the market.
- Based on system, the propulsion systems segment is projected to lead the aircraft electrification market by 2030
- Based on system, the propulsion systems segment is projected to lead the aircraft electrification market by 2030. Penetration of electric components in propulsion systems is projected to enhance the power for take-off, thereby enabling the replacement of turbofans with liquid-cooled electric motors. The adoption of electrical propulsion systems is majorly attributed to the increasing emphasis on reduction in burning fuel, leading to a substantial decrease in atmospheric emissions.
- Based on platform, the business & general aviation segment is projected to grow at the highest CAGR in the aircraft electrification market over the forecast period
The business & general aviation segment is expected to witness higher growth compared to other segments in the aircraft electrification market. The significant market growth of the segment is attributed to increasing aircraft electrification projects for domestic air transport. The increasing focus of governing bodies on the reduction of emissions in domestic air transport is driving the market for the business & general segment.
Europe is estimated to account for the largest share of the market in 2022 Government bodies such as the European Union Aviation Safety Agency (EASA), the European Defence Agency (EDA), the UK Civil Aviation Authority (CAA), and the European Air Transport Command, among others, play a crucial role in ensuring transportation safety and addressing various issues related to air transport such as carbon emissions and noise pollution, among others. The presence of key manufacturers of electric aircraft in Europe including Rolls-Royce (UK), Safran Group (France), GKN Aerospace (UK), Airbus (Netherlands), Thales Group (France), and Turbomeca (France), among others is driving the growth of the aircraft electrification market in Europe. The break-up of profiles of primary participants in the aircraft electrification market: By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20% By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40% By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World – 5%
Key players in the aircraft electrification market are Honeywell International Inc. (US), Safran (France), Thales Group (France), United Technologies Corporation (US), GE Aviation (US), Raytheon Company (US), AMETEK (US), Meggitt PLC (UK), BAE Systems (UK), Radiant Power Corporation (US), EaglePicher Technologies LLC (Canada), Astronics Corporation (US), Pioneer Magnetics (US), Esterline Technologies (US), Crane Aerospace & Electronics (US), Hartzell Engine Technologies (US), PBS AEROSPACE (US), Nabtesco Corporation (Japan), Avionic Instruments, LLC (US), and Carlisle Interconnect Technologies (US).
The market study covers the aircraft electrification market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as technology, application, system, component, platform, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to buy this report:
This report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aircraft electrification market and its subsegments. The report covers the entire ecosystem of aircraft electrification in the aviation industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, challenges, restraints, and opportunities.