The market value of the Aircraft Electrification market was valued at 2.94 billion US dollars in the year 2021 which is expected to increase the growth by 6.6 billion US dollars by the end of 2026with a compound annual growth rate of 12.2% during the forecast period of 2021 to 2026. The market value of Aircraft Electrification is expected to increase more during the forecast period.
Aircraft Electrification Market Driving Factors:
An increase in initiatives to reduce the dependency on oil is one of the major driving factors of the Aircraft Electrification market growth rate.
Another major driving factor of the Aircraft Electrification market was an increase in the need to reduce carbon emissions and also to control environmental pollution propels the growth of revenue of the Aircraft Electrifications market.
Growing concerns about the environmental pollution by the government, low operating costs are some of the growth-supporting factors of the market of Aircraft Electrification revenue rate.
Another major growth driving factor of the Aircraft Electrification market was the increasing electrification of shorter-range aircraft.
Increasing investments by the companies from emerging economies such as India, Brazil, and China for new product innovation boost the growth of the market of Aircraft Electrification.
Strict regulations regarding carbon emissions through airplanes by the aircraft industry to reduce aircraft noise is also one of the major driving factors which propel the growth of the aircraft electrification market.
Aircraft Electrification Market Challenges:
Limited range and capacity of electric aircraft are some of the major restraints which hinder the growth of the Aircraft Electrification Market.
Another major restraint that is affecting the growth of the market of Aircraft Electrification was the competition from various major key players.
The lack of a skilled workforce for operating these products and services is also one of the major restraints which hinder the growth of the Aircraft Electrification market.
Market Size Available
On The Basis Of Platform
On The Basis Of Application
On The Basis Of System
On The Basis Of Technology
On The Basis Of Component
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
GE Aviation (US), Raytheon Company (US), AMETEK (US), Meggitt PLC (UK), BAE Systems (UK), Honeywell International Inc. (US), Safran (France), Thales Group (France), United Technologies Corporation (US), Radiant Power Corporation (US)
The Aircraft Electrification market is segmented on the basis of platform, on the basis of application, on the basis of system, on the basis of technology, and on the basis of component.
On the basis of platform, the Aircraft Electrification market is segmented into military aircraft, commercial aircraft, and general aviation. Among these segments, the general aviation segment holds the major share of the market among the others due to the increase of aircraft activities for shorter range aircraft due to the availability of limited capacity batteries in the current market most of the developments are undertaken for general aviation segment.
On the basis of application, the market of Aircraft Electrification is bifurcated into power distribution, power generation, power conversion, and energy storage. Among these segments, the power distribution segment holds the major share of the market among the others.
On the basis of system, the market of Aircraft Electrification is bifurcated into two types namely aircraft system and propulsion system. Among these segments, the propulsion system segment holds the major share of the market as there is increasing penetration of electric propulsion to reduce the fuel burn substantially which leads to a decrease in atmospheric emissions.
On the basis of technology, the market of Aircraft Electrification is bifurcated into hybrid electric, more electric, and fully electric. Among these segments, the hybrid electric segment holds the major share of the market among others.
On the basis of components, the market of Aircraft Electrification is bifurcated into Electric Actuators, Electric Pumps, Generators, Batteries, Fuel Cells, Solar Cells, Motors, Power Electronics, and Distribution Devices. Among these segments, the electric pumps segment holds the major share of the market.
The Aircraft Electrification market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe region (Germany, Spain, Italy, UK, France and rest of Europe), Asia Pacific region (Japan, China, India, Australia and rest of Asia Pacific).
Europe region holds the major share of the aircraft electrification market due to the factors such as the increase in carbon emissions due to the increase of passenger traffic for the increased demand for electric aircraft especially in some of the major economies such as Germany, France, UK, Switzerland, and others. Furthermore, increasing investments and development in some of the emerging economies such as Germany and UK is also one of the major driving factors that propel the growth of the market of Aircraft Electrifications in Europe region.
North America region holds the second-largest share of the Aircraft Electrifications market owing to the increase in initiatives to reduce the dependency on oil.
Asia Pacific region is expected to increase the Aircraft Electrifications market owing to its increasing focus on reducing carbon emissions and aircraft noise. Furthermore, increasing investments by the companies from emerging economies such as India, Brazil, and China for new product innovation is also one of the major driving factors of aircraft electrification market revenue rate.
Key market players:
Some of the key market players of Aircraft Electrification market are: GE Aviation (US), Raytheon Company (US), AMETEK (US), Meggitt PLC (UK), BAE Systems (UK), Honeywell International Inc. (US), Safran (France), Thales Group (France), United Technologies Corporation (US), Radiant Power Corporation (US), EaglePicher Technologies LLC (Canada), Astronics Corporation (US), Pioneer Magnetics (US), Carlisle Interconnect Technologies (US), Esterline Technologies (US), Crane Aerospace & Electronics (US), Hartzell Engine Technologies (US), PBS AEROSPACE (US), Nabtesco Corporation (Japan), Avionic Instruments, LLC (US).
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Aircraft Electrification Market, By Application
6.1.3 Power Conversion
6.1.4 Energy Storage
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Aircraft Electrification Market, By System
6.2.1 Propulsion Systems
6.2.2 Aircraft Systems
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Aircraft Electrification Market, By Platform
6.3.1 Commercial Aircraft
6.3.2 Military Aircraft
6.3.3 General Aviation
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Aircraft Electrification Market, By Technology
6.5 More Electric
6.6 Hybrid Electric
6.7 Fully Electric
6.7.1 Market Size Estimations & Forecasts (2021-2026)
6.7.2 Y-o-Y Growth Rate Analysis
6.7.3 Market Attractiveness Index
6.8 Aircraft Electrification Market, By Component
6.10 Fuel Cells
6.11 Solar Cells
6.12 Electric Actuators
6.13 Electric Pumps
6.16 Power Electronics
6.17 Distribution Devices
6.17.1 Market Size Estimations & Forecasts (2021-2026)
6.17.2 Y-o-Y Growth Rate Analysis
6.17.3 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021- 2026)
7.2.1 By Country
7.2.2 By Application
7.2.3 By System
7.2.4 By Platform
7.2.5 By Technology
7.2.6 By Component
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Application
7.3.3 By System
7.3.4 By Platform
7.3.5 By Technology
7.3.6 By Component
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Application
7.4.3 By System
7.4.4 By Platform
7.4.5 By Technology
7.4.6 By Component
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Application
7.5.3 By System
7.5.4 By Platform
7.5.5 By Technology
7.5.6 By Component
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Application
7.6.3 By System
7.6.4 By Platform
7.6.5 By Technology
7.6.6 By Component
8. Key Player Analysis
8.1 GE Aviation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Raytheon Company
8.4 Meggitt PLC
8.5 BAE Systems
8.6 Honeywell International Inc.
8.8 Thales Group
8.9 United Technologies Corporation
8.10 Radiant Power Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures