The shift to electric propulsion in aircraft is one of these areas of research. The E-Fan X, for example, is a hybrid electric aircraft, currently jointly developed by Airbus, Rolls Royce, and Siemens. By replacing one of the turbojets used in an ordinary aircraft with a liquid-cooled 2 MW electric motor, its developers hope to increase take-off and climb power, as well as facilitate an electric-only descent, which would significantly reduce fuel consumption and local air emissions. However, reducing emissions is not the only driver of electrification in aviation.
The global aircraft electrification market was at USD 2.94 billion in 2020 and is determined to reach USD 6.6 billion by 2025, developing with a CAGR of 12.2% from 2021 to 2026.
The growing need to reduce carbon emissions and control environmental pollution is expected to drive demand. However, the limited range and capacity of electric aircraft is limiting the overall growth of the market.
• In June 2019, Honeywell International Inc. (USA) and DENSO Corporation (Japan) collaborated on the development of the electric propulsion system for urban air mobility. This should provide several market opportunities in electric aircraft technology.
• In June 2019, Daher (France), Safran (France) and Airbus (France) announced the creation of a joint venture for the development of EcoPulseTM, a distributed hybrid propulsion aircraft demonstrator. This should accelerate the evolution from conventional aircraft to hybrid electric aircraft.
• In September 2019, Safran (France) and Boeing (United States) announced a joint investment in electric power systems (EPS) that should contribute to the development of batteries for urban air mobility projects and electric aircraft.
• In June 2019, United Technologies Corporation (United States) announced the development of Project 804, an electric hybrid X-Plane that is expected to fly in 2022.
• In September 2019, GE Aviation (United States) and NASA (United States) joined forces to develop inverters for large electric commercial aircraft.
Market growth and trends:
Increasing electrification of shorter-range aircraft is driving the commercial and general aviation market. Due to the availability of limited capacity batteries in today's market, most developments are made for the commercial and general aviation segment. Additionally, various initiatives announced by governing bodies to develop domestic emission-free air travel are expected to spur growth in the commercial and general aviation segment.
Market Drivers and Restraints:
Growing concerns about environmental pollution by global governments, stringent regulations on aircraft carbon emissions by the aviation industry to reduce aircraft noise, and low operating costs are some of the major growth drivers of the global aircraft electrification market. However, the limited scope and capacity of electric jets are expected to slow the business growth. Also, the development of advanced power electronics and the advancement of lithium-ion batteries is estimated to provide lucrative opportunities for the global aircraft electrification market.
Based on the type of system, the market is segmented into propulsion systems and aircraft systems. The propulsion segment is expected to hold the majority of the market during the forecast period. The growing concern to reduce fuel consumption and carbon emissions is leading to the adoption of electric propulsion systems. In addition, the sudden increase in the penetration of electrical components in aircraft propulsion systems is expected to significantly reduce fuel consumption, leading to reduced emissions to the environment. Electrification of propulsion systems is expected to increase take off and climb power, thereby creating an efficient electrical replacement for a regular turbojet with a liquid-cooled 2-megawatt electric motor. The increasing penetration of electric propulsion is expected to significantly reduce fuel consumption, leading to lower air emissions.
By platform, the worldwide market is separated as commercial aircraft, military aircraft, and general aviation.
By technology, the market is separated as more electric, hybrid electric, and fully electric.
By application, the market is divided as power generation, power distribution, power conversion, and energy storage.
Based on the component, the market is divided into batteries, fuel cells, electric pumps, generators, motors, power electronics, solar cells, electric actuators, and distribution devices.
In terms of regions, Europe is estimated to be the largest market for aircraft electrification during the forecast period, with France, Germany, UK and Switzerland being the main countries with lucrative growth opportunities. The increase in passenger traffic in the area, coupled with growing concerns about passenger safety, carbon emissions and noise pollution in various government regulatory bodies, such as the European Defense Agency (EDA), the Safety agency The European Union Air Force (EASA), the European Air Transport Command Agency and the British Civil Aviation Authority (CAA) are driving demand for aircraft electrification. In addition, the presence of large electric aircraft manufacturers, such as Rolls Royce plc, Safran S.A., GKN plc and Thales Group, is driving the growth of the region's market.
Carbon-based fuels, such as kerosene or gasoline, have been the main source of jet fuel. These fuels are used to power aircraft engines to lift larger passenger planes. Aviation fuels are also the main contributors to CO2 emissions, and with the decline in petroleum resources, the aviation industry is constantly finding an alternative energy source. Increasing research and development for electric propulsion in airplanes is one way to reduce environmental emissions and increase the fuel efficiency of aircraft.
Key market players:
The main players in the global aircraft electrification market are Honeywell International Inc. (United States), Safran (France), Thales Group (France), United Technologies Corporation (United States), GE Aviation (United States), Raytheon Company (US), AMETEK (US), Meggitt PLC (UK), BAE Systems (UK), Radiant Power Corporation (US), EaglePicher Technologies LLC (Canada), Astronics Corporation (United States), Pioneer Magnetics (United States), Esterline Technologies (United States), Crane Aerospace & Electronics (United States), Hartzell Engine Technologies (United States), PBS AEROSPACE (USA), Nabtesco Corporation (Japan), Avionic Instruments, LLC (USA) and Carlisle Interconnect Technologies (USA), among others.
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 Platform
6.1.1 Commercial Aircraft
6.1.2 Military Aircraft
6.1.3 General Aviation
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Aircraft Electrification Market, By Application
6.2.1 Power Generation
6.2.2 Power Distribution
6.2.3 Power Conversion
6.2.4 Energy Storage
6.2.5 Market Size Estimations & Forecasts (2021-2026)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Aircraft Electrification Market, By Technology
6.3.1 More Electric
6.3.2 Hybrid Electric
6.3.3 Fully Electric
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 System
6.4.1 Propulsion Systems
6.4.2 Aircraft Systems
6.4.3 Market Size Estimations & Forecasts (2021-2026)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Aircraft Electrification Market, By Component
6.5.2 Fuel Cells
6.5.3 Solar Cells
6.5.4 Electric Actuators
6.5.5 Electric Pumps
6.5.8 Power Electronics
6.5.9 Distribution Devices
6.5.10 Market Size Estimations & Forecasts (2021-2026)
6.5.11 Y-o-Y Growth Rate Analysis
6.5.12 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Platform
7.2.3 By Application
7.2.4 By Technology
7.2.5 By System
7.2.6 By Component
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Platform
7.3.3 By Application
7.3.4 By Technology
7.3.5 By System
7.3.6 By Component
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Platform
7.4.3 By Application
7.4.4 By Technology
7.4.5 By System
7.4.6 By Component
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Platform
7.5.3 By Application
7.5.4 By Technology
7.5.5 By System
7.5.6 By Component
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Platform
7.6.3 By Application
7.6.4 By Technology
7.6.5 By System
7.6.6 By Component
8. Key Player Analysis
8.1 Honeywell International Inc
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Thales Group
8.4 United Technologies Corporation
8.5 GE Aviation
8.6 Raytheon Company
8.8 Meggitt PLC
8.9 BAE Systems
8.10 Radiant Power Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures