Aircraft Electrification Market worth $8.6 billion by 2030
According to the research report the "Aircraft Electrification Market
by Technology (More Electric, Hybrid Electric, Fully Electric),
Application, System, Component (Batteries, Fuel Cells, Actuators,
Generators, Power Electronics, Distribution Devices), Platform, Region -
Global Forecast to 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.
Browse 121 market data Tables and 46 Figures spread through 177 Pages and in-depth TOC on "Aircraft Electrification Market - Global Forecast to 2030"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/aircraft-electrification-market-31650461.html
The
aircraft electrification technology is installed to enable the
evolution of traditional aircraft operating on conventional fossil fuels
into electrically operated aircraft. There has been a rapid rise in
research activities for the development of commercially viable electric
aircraft. The important driver for these research activities and
introduction of new electric aircraft in the market are the various
advantages of aircraft electrification over other traditional
technologies such as noise reduction, reduced carbon emissions, lower
vibrations, and simpler design for manufacture and maintenance.
Additionally, due to the increasing awareness on emission-less flying
and government regulations in several countries pertaining to reduction
in noise and emissions for the aviation industry, the aircraft
electrification market is expected to witness significant growth during
the forecast period.
More electric technology segment is estimated to account for the largest share of the aircraft electrification market in 2022
Based
on technology, the more electric aircraft segment is estimated to
account for the largest share of the market in 2022. The increasing need
to optimize aircraft performance has been a catalyst in boosting the
growth of the more electric aircraft (MEA) segment. The hybrid electric
segment of the market is projected to grow at the highest CAGR, followed
by fully electric aircraft over the forecast period. The growth of the
market for hybrid electric technology across the globe can be attributed
to the advantages offered by electric aircraft for airliners, including
reduced consumption of fuel and lower maintenance.
The power distribution segment is estimated to account for the largest share of the aircraft electrification market in 2022
Based
on application, the power distribution segment is estimated to account
for the largest share of the market in 2022. The trend towards the
development of electrical components is influencing the growth of the
power distribution segment. Further, power conversion is one of the most
important systems used in aircraft. Various equipment, such as
inverters, transformer rectifier units, and transformers, are used on
aircraft to provide power supply. Enhancement of operational efficiency
and reduction in total aircraft system weight drive demand in the power
conversion segment of the market.
The Asia Pacific aircraft electrification market is projected to grow at the highest CAGR from 2022 to 2030
Based
on region, the Asia Pacific region is expected to witness substantial
growth during the forecast period. Countries in the Asia Pacific region
are undergoing development and upgrading various capabilities in the
field of aircraft electrification, which offers significant potential
for the manufacturers of electric components. A rise in demand for
low-cost carriers (LCCs) is one of the factors driving growth of the
market in the Asia Pacific. With affordable air travel on the rise and
relaxation in some government regulations, the Asia Pacific region is
witnessing an increased procurement of LCCs. Additionally, increasing
aerospace & defense expenditure and expansion in airline networks in
emerging nations, such as India and China, are expected to drive the
demand for aircraft electrification in the region.
The
aircraft electrification market has been gaining traction over the past
few years due to the presence of several established companies as well
as startups. Some of the major players in the aircraft electrification
market include Honeywell International Inc. (US), Safran (France),
Thales Group (France), United Technologies Corporation (US), and GE
Aviation (US), among others.
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