Aircraft Electrification Market - Evolving Industry Trends and key Insights by 2030

Aircraft Electrification Market is projected to reach $8.6 billion by 2030

The aircraft electrification market is estimated to be USD 3.4 billion in 2022 and is projected to reach USD 8.6 billion by 2030, at a CAGR of 12.2% from 2022 to 2030. Increasing focus on reducing carbon emissions and aircraft noise are major factors expected to drive the market in the coming years

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The propulsion systems segment is projected to lead the aircraft electrification market in 2030

Based on system, the propulsion systems segment is projected to lead the aircraft electrification market by 2030. Electrification of propulsion systems is expected to boost the power for take-off as well as climb, thereby creating an efficient electrical replacement for a regular turbofan with a 2-megawatt liquid-cooled electric motor. The increasing penetration of electric propulsion is expected to reduce fuel burn substantially, leading to a decrease in atmospheric emissions.

The business & general aviation segment is projected to grow at the highest CAGR during the forecast period

Increasing aircraft electrification activities for shorter range aircraft are driving the market for business & general aviation aircraft. Due to the availability of limited capacity batteries in the current market, a majority of the developments are being undertaken for the business & general aviation segment. Several initiatives announced by governing bodies towards the development of emission-less domestic air travel is further expected to drive the growth of the business & general aviation segment.  

Europe estimated to account for the largest share of the aircraft electrification market in 2022

Europe is a major potential aircraft electrification market. An increase in carbon emissions due to the increasing passenger traffic is the major reason for the increased demand for electric aircraft in countries such as France, Germany, UK, and Switzerland, among other countries. 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. In Norway, policymakers have called for all short-haul flights to be electric by 2040. 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 are further driving the growth of the aircraft electrification market in Europe.

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Key Market Players

The key market 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), andCarlisle Interconnect Technologies (US), among others.

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