Dublin, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The "Aircraft Electrification Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global aircraft electrification market is expected to grow from $4.10 billion in 2021 to $4.59 billion in 2022 at a compound annual growth rate (CAGR) of 12.02%. The aircraft electrification market is expected to reach $7.60 billion in 2026 at a compound annual growth rate (CAGR) of 12.02%.
North America was the largest region in the aircraft electrification market in 2021. The regions covered in aircraft electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing demand to reduce the carbon footprint is driving the electric aviation market. Carbon footprint refers to the total volume of greenhouse gases, notably carbon dioxide, that something, such as a person's actions or the manufacturing and shipping of a product, emits over a specified period. Carbon footprints can be reduced by bringing change in the way the activities are carried out. Aircraft electrification is one such change that will lead to a reduction in carbon footprint.
Electric aircraft use electricity instead of fuel, reducing the emission of harmful gases into the atmosphere, thereby reducing carbon footprint. According to the World Economic Forum, nearly 3% of the world's carbon dioxide emissions are attributable to the aviation sector. By concentrating on four critical measures, it has committed to becoming carbon neutral by 2050. These include using hydrogen power, carbon offsets, and cleaner fuel. Thus, the growing demand to reduce the carbon footprint will fuel the aircraft electrification market.
Strategic partnership is a key trend in the aircraft electrification market. Companies are entering into a partnership with aircraft electrification companies to leverage each other's resources and enter a new market. In April 2022, Eve UAM, LLC, a Brazil-based aircraft company that generates urban air mobility solutions, entered into a partnership with Thales Group. The partnership seeks to aid in the growth of Eve's electric vertical take-off and landing (eVTOL) aircraft in Brazil.
A series of cooperative research on the technical, financial, and adaptable viability of an airplane driven entirely by electricity will be conducted as part of the strategic partnership for a year. The experience of Thales in creating avionics, electric, flight control, navigation, communication, and connection systems will be added. Thales Group is a France-based company that offers services and designs electrical systems for aerospace, defense, transportation, and security applications.
In October 2021, Amedeo, an Ireland-based aircraft leasing and asset management company, entered into a partnership with AURA AERO. The partnership aims to advance the net-zero by 2050 objective of the commercial aviation sector. AURA AERO is a Toulouse-based aerospace firm creating design and production procedures for completely digital electric aircraft.
In April 2022, Textron, a US-based aircraft company, that uses its global network of aerospace, defense, industrial, and financial enterprises to provide consumers with cutting-edge products and services, acquired Pipistrel for an undisclosed amount. Through this acquisition, Textron intends to establish Textron eAviation as a new business unit with an emphasis on creating environmentally friendly aircraft, including Pipistrel. Pipistrel is a Slovenia-based manufacturer of electrically powered aircraft.
The countries covered in the aircraft electrification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Major players in the aircraft electrification market are
The Boeing Company
Honeywell International Inc.
Raytheon Technologies Corporation
General Electric Company
Key Topics Covered:
1. Executive Summary
2. Aircraft Electrification Market Characteristics
3. Aircraft Electrification Market Trends And Strategies
4. Impact Of COVID-19 On Aircraft Electrification
5. Aircraft Electrification Market Size And Growth
5.1. Global Aircraft Electrification Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Aircraft Electrification Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Aircraft Electrification Market Segmentation
6.1. Global Aircraft Electrification Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Aircraft Electrification Market, Segmentation By Technology, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Aircraft Electrification Market Regional And Country Analysis
7.1. Global Aircraft Electrification Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Aircraft Electrification Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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