Yahoo Finance
$20 Billion Aircraft Electrification Markets: Commercial, Military, Business & General Aviation, UAV, AAM - Global Forecast to 2030
Global Aircraft Electrification Market
Dublin, May 05, 2022 (GLOBE NEWSWIRE) -- The "Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Component, Application, System, Platform (Commercial, Military, Business & General Aviation, UAV, AAM) and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The market for aircraft electrification is estimated to be USD 6.0 billion in 2021 and is projected to reach USD 20.0 billion by 2030, at a CAGR of 14.3%
The growth of this market is mainly driven by increase in adoption of cleaner and greener aircraft, developments in advanced air mobility and alternative sources of energy.
The aircraft electrification market is dominated by a few globally established players such as Honeywell International Inc. (US), Safran (France), Thales Group (France), Raytheon Technologies (US), GE Aviation (US).
These players have spread their business across various countries including North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect aircraft electrification production and services by 7-10% globally in 2020.
Lithium-sulfur and lithium titanate batteries are fueling the battery segment which is projected to be the highest in the aircraft electrification market during the forecast period.
Based on component, the battery segment is estimated to lead the market during the forecast period, with a share of 24.3% in 2021. Lithium-sulfur is one of the battery technologies competing to supersede lithium-ion as the major battery technology of the next generation.
The ability of Li-S batteries to store and release energy offers an opportunity to create batteries that hold as much as five times more charge than lithium for a given size and weight of the cell. Lithium titanate or lithium titanium oxide is a type of rechargeable battery, it can charge faster than other lithium-ion batteries but has a lower energy density.
The hybrid electric segment is projected to witness the highest CAGR during the forecast period.
Based on technology, the hybrid electric segment is projected to be the highest CAGR rate for the aircraft electrification market during the forecast period. Hybrid electric technology uses both airplane fuel as well as electricity to drive the propulsion system.
This technology helps reduce fuel burn, energy consumption, emissions, and noise for single-aisle passenger aircraft. Solar-powered and fuel-powered are two types of power sources available in hybrid propulsion.
The power generation segment is projected to witness the highest CAGR during the forecast period.
Based on application, the power generation segment is projected to grow at the highest CAGR rate for the aircraft electrification market during the forecast period. In an aircraft, power is generated with the support of an integrated drive generator, a variable frequency generator, an auxiliary power unit, and an external ground power unit.
In conventional aircraft, power is generated using mechanical hydraulic and pneumatic systems, while in advanced aircraft, power is generated by an electric generator. Key aircraft manufacturers prefer integrated drive generators over variable frequency generators in wide-body aircraft and very large aircraft, as these generators are more reliable and efficient.
The business and general aviation segment is projected to witness the highest CAGR during the forecast period
Based on platform, the business and general aviation segment is projected to grow at the highest CAGR rate for the aircraft electrification market during the forecast period.
The growth of the business & general aviation segment of the market can be attributed to the increase in corporate profits, rise in the number of high-net-worth individuals, and an increase in the replacement demand for existing business jets with new ones.
The propulsion system segment is projected to witness the highest CAGR during the forecast period
Based on system, the propulsion system segment is projected to grow at the highest CAGR rate for the aircraft electrification market during the forecast period.
Electrification of propulsion systems is expected to boost the power for take-off, thereby creating an efficient electrical replacement for a regular turbofan with a 2-megawatt liquid-cooled electric motor. Electrical propulsion systems are expected to reduce fuel burn substantially, leading to a decrease in atmospheric emissions.
The North American market is projected to contribute the largest share from 2021 to 2030
The key factor responsible for North America leading the aircraft electrification market is the high demand for new aircraft in the region.
The growing upcoming projects, and the emergence of several startups supporting the electrification in the aviation industry are additional factors influencing the growth of the North American aircraft electrification market.
Premium Insights
Increasing Need for Cleaner and Quieter Aircraft Expected to Drive Market from 2O21 to 2030
Fully Electric Aircraft Segment Projected to Lead Market from 2021 to 2030
UAV Segment Projected to Lead Market from 2021 to 2030
Market in Mexico Projected to Grow at Highest CAGR from 2021 to 2030
Market Dynamics
Drivers
Low Operational Costs
Growing Need for Cleaner and Quieter Aircraft
Advances in Batteries, Electric Motors, and Power Electronics
Rise in Demand for Unmanned Aerial Vehicles
Surging Demand for Electrical Systems in Aircraft
Restraints
Limited Range of Electric Aircraft
Power Density Limitations of Electric Propulsion Technology
High Voltage and Thermal Issues of Aircraft Electrical Systems
Increased Aircraft Weight due to Heavy Batteries
Opportunities
Emergence of Alternative Power Sources for Electric Power Generation
Development of Lithium-Ion Batteries
Development of Advanced Power Electronics Components
Emergence of Advanced Air Mobility
Challenges
Development of Batteries Having Higher Energy Densities
Battery Recharging Infrastructure at Airports
Ensuring Airworthiness of Electric Aircraft
Value Chain Analysis
Raw Materials
R&D
Component Manufacturing
OEMs
End-users
After-Sales Services
Market Ecosystem Map
Prominent Companies
Private and Small Enterprises
End-users
Trends and Disruptions Impacting Customer's Business
Rising Need for Cleaner and Sustainable Aircraft to Drive Market Growth
Tariff and Regulatory Landscape
European Aviation Safety Agency Framework for VTOL Aircraft
Federal Aviation Administration Rules for Unmanned Aircraft System
Federal Aviation Administration (FAA) Guidelines for Electric Motors in Aircraft
European Union (Eu) Ecodesign Regulation
Case Study Analysis
Joby Aerospace Completes All-Electric Flight with Electric Vertical Take-Off Air Taxi
Eviation Offers Alice, a 9-Passenger Electric Propeller-Powered Airplane
Extra Aircraft's Extra 330Le Electric Plane Powered by Siemens Electric Drive System
Rolls Royce's First All Electric Aircraft Completes Maiden Flight
Use of Electric Motors in More Electric Aircraft by Honeywell
Parker Used Ametek's Hydraulic Pump Motor for the Us Airforce's Next Generation T-X Jet Trainer Aircraft
Technology Analysis
Turbogenerators for Powering Electric Motors and Batteries
Electric Actuators
Fly by Wire
Industry Trends
Emerging Industry Trends
Upcoming Trends in Hybrid and Electric Propulsion
Multifunctional Structures for High-Energy Lightweight Loadbearing Storage (M-Shells)
Integrated Computational-Experimental Development of Li-Air Batteries for Electric Aircraft (Li-On)
High Voltage Hybrid Electric Propulsion (Hvhep)
Compact High Power Density Machine-Enabled by Additive Manufacturing
Design Environment for Novel Vertical Lift Vehicles - Cryocooling Hep Task (Deliver)
Fostering Ultra-Efficient, Low-Emitting Aviation Power (Fueleap)
Scalable Convergent Electric Propulsion Technology and Operations Research (Sceptor)
Distributed Electric Propulsion (Dep)
Electric Component Technology Trends
50Kg Electric Motor
Fuel Cell Technology
Hydrogen Fuel Cells
Advanced Batteries
Lithium-Sulfur (Li-S)
Nasa Future Aircraft Technologies
Nasa Future Aircraft Electric Machines
Nasa Future Aircraft Converters
Nasa Future Aircraft Materials
Soft Magnetic Materials
New Insulation Materials
High-Conductivity Copper/Carbon Nanotube Conductor
Development of the Superconducting Wire
Urban Air Mobility
Energy Harvesting
High Power Batteries and Motors
Cyclo-Rotor Evtol
Company Profiles
Honeywell International Inc.
Safran
Thales Group
Raytheon Technologies
General Electric
Ametek, Inc.
Meggitt plc
Bae Systems
Eaglepicher Technologies LLC
Astronics Corporation
Crane Aerospace & Electronics
Magnix
Pbs Aerospace
Acme Aerospace Inc. & Avionic Instruments, LLC
Nabtesco Corporation
Carlisle Interconnect Technologies
Hartzell Engine Technologies
Pioneer Magnetics
Radiant Power Corporation
Enersys
Crouzet Automatismes
Cts Corporation
Lee Air, Inc.
Electromech Technologies
Aegis Power Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wunqjs
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
