What Has Been the Growth Trajectory for the Aircraft Electrification Market in Recent Years?
The aircraft electrification market has seen considerable growth due to a variety of factors.
• There has been a swift expansion in the aircraft electrification market size in the past few years. It is projected to ascend from $6.34 billion in 2024 to approximately $7.38 billion in 2025, representing a compound annual growth rate (CAGR) of 16.4%.
The historical growth rate has been influenced by factors such as increased air travel, a surge in demand for hybrid and electric propulsion aircraft, uplift in military expenditure, robust economic expansion in upcoming markets, and heightened aviation emissions.
What Is The Expected Growth In The Aircraft Electrification Market Size?
The aircraft electrification market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the aircraft electrification market is predicted to experience a rapid expansion, reaching $11.85 billion in 2029 with a compound annual growth rate (CAGR) of 12.6%.
This growth during the forecast period can be attributed to factors such as governmental backing, a rising demand for eco-friendly and noiseless aircraft, an upsurge in passenger air traffic, a heightened focus on minimizing emissions, and a burgeoning demand for new fighter jets in emerging economies. The key trends for this forecast period include a concentration on technological advancements, the application of hybrid electric technology, increased funding in research and development, and strategic alliances.
What Factors Are Driving Growth In The Aircraft Electrification Market?
The aircraft electrification market is being propelled by an increasing need to diminish the carbon footprint. A carbon footprint is the comprehensive quantity of greenhouse gases - particularly carbon dioxide - emitted over a given period by activities such as a person's lifestyle or the production and transportation of goods. Alterations in the way these activities are conducted can result in a lower carbon footprint. Aircraft electrification represents one such modification that can reduce carbon emissions. Instead of using fuel, electric aircraft rely on electricity, leading to fewer harmful gases being released into the environment and thereby lowering the carbon footprint. For example, data from the Germany-based Earth System Science Data (ESSD) Copernicus in December 2023 shows that international aviation and shipping carbon emissions, which represent 2.8% of worldwide emissions, are expected to climb by 11.9% in 2023. This would include a 28% increase in aviation emissions from 2022, equating to 1.2 Gt CO2. Therefore, as the urgency to diminish the carbon footprint intensifies, so too will the demand for aircraft electrification.
What Are The Primary Segments In The Global Aircraft Electrification Market?
The aircraft electrification market covered in this report is segmented –
1) By Component: Batteries, Fuel Cells, Solar Cells, Electric Actuators, Electric Pumps, Generators, Motor, Power Electronics, Distribution Devices
2) By Technology: Electric, Hybrid Electric, Fully Electric
3) By Platform: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles (UAVs), Advanced Air Mobility
Subsegments:
1) By Batteries: Lithium-Ion Batteries, Nickel-Cadmium Batteries, Solid-State Batteries
2) By Fuel Cells: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC)
3) By Solar Cells: Photovoltaic Solar Panels, Concentrated Solar Power Systems
4) By Electric Actuators: Linear Electric Actuators, Rotary Electric Actuators
5) By Electric Pumps: Hydraulic Electric Pumps, Fuel Electric Pumps
6) By Generators: Electric Generators, Auxiliary Power Units (APUs)
7) By Motor: Brushless DC Motors, Synchronous Motors
8) By Power Electronics: Inverters, Converters
9) By Distribution Devices: Circuit Breakers, Switches And Relays
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Which Key Trends Are Driving Changes In The Aircraft Electrification Market?
In the aircraft electrification industry, firms are emphasizing turbocharger technology and product innovation to solidify their market positions. To ensure full rated power at the engine's critical altitude and maintain sea-level take-off manifold pressure, a turbocharger compresses the air intake of the engine. For example, in 2022, Rolls-Royce, an aero-engine manufacture from the UK, introduced turbogenerator technology. This technology includes a novel small engine created specifically for hybrid-electric applications. This innovation will add to Rolls-Royce's electrical propulsion portfolio as a scalable onboard power source and will extend the range of sustainable aviation fuels. Subsequently, if the combustion of hydrogen becomes practically attainable, this will be another advantage.
Who Are the Key Players in the Aircraft Electrification Market?
Major companies operating in the aircraft electrification market include:
• Safran S.A.
• Thales Group
• Raytheon Technologies
• General Electric Company
• BAE Systems
• Honeywell International Inc
• Moog Inc
• Textron Inc
• Eaton
• EaglePicher Technologies
• Ge India
• Nabtesco Corporation
• The Boeing Company
• Airbus Se
• Catl
• Byd Auto
• Electroflight
• Transair Flight Equipment
• Custom Cells Itzehoe Gmbh
• Saft Company
• Wamtechnik Sp. Z O.O.
• Zenith Aircraft Company
• Beta Technologies
• Heart Aerospace
• Universal Hydrogen
• Wright Electric
• Magnix
• Ampaire
• Bye Aerospace
• Embraer S.A
• Desaer
• Collins Aerospace
• Zeroavia
• Agusta Westland
• Bosasa Group.
What Is The Most Dominant Region In The Aircraft Electrification Market?
North America was the largest region in the aircraft electrification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aircraft electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
