Aircraft Electrification Market

Aircraft Electrification Market (Size, Trends, Forecast) 2022 - 2027

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 2022 - 2027. 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.

REPORT COVERAGE:

Aircraft Electrification Market Segmentation:

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.

Regional Analysis:

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).