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Global Aircraft Electrification Market Size was valued at USD 8.4 billion in 2022. The Aircraft Electrification market industry is projected to grow from USD 9.8 billion in 2023 to USD 28.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.45% during the forecast period (2023 - 2032). Low operating costs, an increasing need for cleaner, quieter airplanes, and an expanding need for electrical parts for airplanes are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Traditional aircraft equipment installation is a challenging process, and maintaining such systems takes a lot of time and effort. The cost of maintaining an airplane is much reduced when it is electrified since it has fewer moving components than conventional systems. Major airplane manufacturers like Airbus and Boeing are creating more electric aircraft as a result of their benefits. The decrease in operating expenses brought about by electrification also considerably aids the development of hybrid and fully electric aircraft.
Some of the factors propelling the aviation electrification business include the demand for cleaner, quieter aircraft, a rise in the demand for electrical aircraft components, and advancements in electric aircraft propulsion systems. However, high voltage and temperature issues with the aircraft's electrical systems as well as expensive capital costs limit market growth. Due to the advancement of lithium-ion batteries and the growth of alternative energy sources, the industry also offers promising growth prospects. In addition, the aviation industry is under increasing pressure to reduce its carbon footprint. Electric propulsion systems and energy storage systems for electrified aircraft are two potential technologies that could help the aviation sector reduce pollution. Additionally, many aircraft manufacturers are now developing electric aircraft. For example, Airbus has collaborated with Rosales and Siemens to create a hybrid electric regional airline. The business estimates that the airline will begin operations in 2030.
The transportation of high-value goods, such as necessary medical supplies, as well as market expansion and assessments for agriculture and emergency relief are all being impacted by the increased need for aerial surveys. The use of military planning and monitoring is likewise rising. As a consequence of factors such as passenger-related applications, such as urban air mobility, rural passenger accessibility delivering far region movement as well as accessibility for business visits, and large-scale commercial air service, the market will grow over the projected period.Thus, driving the Aircraft Electrification market revenue.
The global Aircraft Electrification market segmentation,based on Component, includes batteries, fuel cells, electric actuators, electric pumps, generators, motors, power electronics, and distribution devices.Batteries segment dominated the global market in 2022.Li-S batteries can be designed to hold up to five times as much energy as lithium batteries of the same size and weight due to their ability to store and release energy. Compared to normal lithium-ion batteries, the rechargeable battery lithium titanate, also known as lithium titanium oxide, has a lower energy density.
The global Aircraft Electrification market segmentation, based on Technologies, includes more electric, hybrid electric, and fully electric. The hybrid electricsegment dominated the global market in 2022. One of the most significant advantages of a hybrid vehicle over one powered by gasoline is that it is more environmentally friendly and cleaner to drive.
Figure 1: Global Aircraft Electrification Market, by Technologies, 2022 & 2032 (USD Billion)
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The global Aircraft Electrification market segmentation, based on Application, includes power generation, power distribution, power conversion, and energy storage. Power generation segment dominated the global market in 2022. While older airplanes used physical hydraulic or pneumatic systems to generate energy, modern aircraft use an electric generator. Because integrated drive units are more precise and efficient than variable speed generators, many airline companies prefer them for wide-body and enormous aircraft.
The global Aircraft Electrification market segmentation, based on Platform, includes fixed wing, rotary wing, unmanned aerial vehicles (uavs), and advanced air mobility.Unmanned Aerial Vehicles (uavs)Platform segment dominated the global Aircraft Electrification market in 2022. Compared to human planes, UAVs are capable of a larger range of maneuvers. They make it easier to navigate across previously inaccessible locations because they can fly farther and in more directions.
The global Aircraft Electrification market segmentation, based on System, includes propulsion system, environmental control systems, landing gear systems, ice protection systems, flight control systems, and thrust reverser systems.The propulsion system segment dominated the global Aircraft Electrification market in 2022. Concerns over minimizing fuel use and carbon emissions are motivating the deployment of electrical propulsion systems. In addition, it is anticipated that an increase in the use of electric components in aircraft propulsion systems will significantly cut fuel consumption and consequently, emissions into the atmosphere.
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The North AmericaAircraft Electrification Market dominated this market in 2022 (45.80%). The increasing proportion of future innovations and the existence of multiple enterprises driving the electrification of the aviation sector are some of the factors impacting the growth of the North American aircraft electrification market.Further, In the North American area, the U.S. Aircraft Electrification market had the biggest market share, while the Canada Aircraft Electrification market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
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In 2022, the Europe Aircraft Electrification market held a sizable market share. Growing demand for hybrid electric propulsion systems in this region is driving up market revenue. Due to the European Union's (EU) goal of achieving climate neutrality by 2050, several significant stakeholders on the continent are funding research and development initiatives in power distribution systems. a collection of 37 nations in Europe. Further, In the European region, the German Aircraft Electrification market had the biggest market share, and the U.K. Aircraft Electrification market had the quickest rate of growth.
In 2022, the Europe Aircraft Electrification market held a sizable market share. Growing demand for hybrid electric propulsion systems in this region is driving up market revenue. Several key stakeholders on the continent are sponsoring research and development activities in electricity distribution systems because the European Union (EU) wants to achieve climate neutrality by 2050. a collection of 37 nations in Europe. Moreover, In the Asia-Pacific region, the Indian Aircraft Electrification market had the quickest rate of growth while China's Aircraft Electrification market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Aircraft Electrification market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Aircraft Electrification sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aircraft Electrification industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Aircraft Electrification sector. Major players in the Aircraft Electrification market, including Ametek.Inc., Astronics Corporation, BAE Systems, Collins Aerospace, Honeywell International Inc., MagniX, Meggitt plc, Rolls-Royce plc, Safran S.A., and Thales Group, are attempting to increase market demand by investing in research and development operations.
Safran SA (Safran) provides systems and equipment for the aerospace, defense, and security industries. The company's products and services include mechanical and electromechanical equipment, including helicopter turbines. It creates, manufactures, and sells equipment for defense and security, navigation, optronic systems, avionic, electronic solutions, and services, as well as equipment for biometric recognition systems. It also develops, produces, and distributes spare parts for both military and commercial aircraft. Safran manufactures inertial navigation systems for use in aviation, the military, and on land in addition to flight control actuators and cockpit equipment for helicopters. The company operates in the Americas, Europe, Asia, the Middle East, and Africa. Safran's corporate office is located in Paris, Ile-de-France, France. In July 2022, Safran S.A. developed a revolutionary electric nose wheel steering and extension/retraction system and introduced an electric nose landing gear actuator for modern narrowbody and widebody commercial airplanes.
For electricity, lighting, connection, interiors, structures, test solutions, and semiconductor test systems, Astronics Corp (Astronics) provides dependable and cutting-edge technological solutions. The company manufactures avionics components, aircraft structures, systems certification, automated test systems, distribution and seat motion systems, lighting and safety systems, and electrical power generation systems in addition to designing and manufacturing high-tech lighting systems. It provides automated test systems, training and simulation tools, and safety equipment for military use. Astronics provides services to the electronics, aerospace, and defense industries. The business operates in the Americas, Asia, and Europe. The business's headquarters are in the American metropolis of New York. With the signing of a contract in August 2021, Astronics Corporation and Aerotec Concept of Toulouse, France will be able to market a wider range of new technologies, applications, and/or modifications that need EASA and FAA certifications (European Union Aviation Safety Agency and United States Federal Aviation Administration) approval.
· Ametek.Inc.
· Astronics Corporation
· BAE Systems
· Collins Aerospace
· Honeywell International Inc.
· MagniX
· Meggitt plc
· Rolls-Royce plc
· Safran S.A.
· Thales Group
July 2021: Rolls-Royce plc developed and tested the most powerful hybrid-electric propulsion system ever used in an aircraft.
July 2020:Collins Aerospace & Hybrid Air Vehicles first developed the 500 kW electric motor as a functional prototype for the Airlander 10 aircraft.
· Batteries
· Fuel Cells
· Electric Actuators
· Electric Pumps
· Generators
· Motors
· Power Electronics
· Distribution Devices
· More Electric
· Hybrid Electric
· Fully Electric
· Power Generation
· Power Distribution
· Power Conversion
· Energy Storage
· Fixed Wing
· Rotary Wing
· Unmanned Aerial Vehicles (UAVs)
· Advanced Air Mobility
· Propulsion System
· Environmental Control System
· Landing Gear System
· Ice Protection System
· Flight Control System
· Thrust Reverser Systems
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 8.4 Billion |
|
Market Size 2023 |
USD 9.8 Billion |
|
Market Size 2032 |
USD 28.3 Billion |
|
Compound Annual Growth Rate (CAGR) |
14.45% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Component, Technologies, Application, Platform, System, and Region |
|
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Ametek.Inc., Astronics Corporation, BAE Systems, Collins Aerospace, Honeywell International Inc., MagniX, Meggitt plc, Rolls-Royce plc, Safran S.A., and Thales Group |
|
Key Market Opportunities |
Emergence of alternative power sources for electric power generation |
|
Key Market Dynamics |
Low operational costs, growing need or cleaner and quieter aircrafts, and rise in need for electrical components in aircrafts |
The global Aircraft Electrification Market was valued at USD 8.4 billion in 2022, and it is estimated to reach USD 28.3 billion by 2032.
The global market is projected to grow at a CAGR of 14.45% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Ametek.Inc., Astronics Corporation, BAE Systems, Collins Aerospace, Honeywell International Inc., MagniX, Meggitt plc, Rolls-Royce plc, Safran S.A., and Thales Group
The BatteriesComponent dominated the market in 2022.
The Hybrid ElectricTechnologieshad the largest share in the global market.
Report Code :
RL65147
Published on :
Sep 2023
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