Global Aircraft Electrification Market Overview
Aircraft Electrification Market Size was valued at USD 8.2 Billion in 2022. The Aircraft Electrification market is projected to grow from USD 9.4 Billion in 2023 to USD 28.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.90% during the forecast period (2023 - 2032). Low operating costs, a growing need for quieter, cleaner aircraft, and a growing requirement for electrical components in aircraft, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Aircraft Electrification Market Trends
- Lower cost of maintenance is driving the market growth
The installation of traditional equipment inside an aeroplane is a difficult procedure, and maintaining such systems requires a lot of time and labour. As it has fewer moving parts than traditional systems, electrification of aircraft significantly lowers maintenance expenses. Due to their advantages, major aircraft OEMs like Airbus and Boeing are producing more electric aircraft. The development of hybrid as well as completely electric aircraft is also greatly facilitated by the reduction in operational costs brought about by electrification.
The demand for cleaner, quieter aircraft, an increase in the demand for electrical components in aircraft, and improvements in electric aircraft propulsion systems are some of the drivers driving the aviation electrification industry. However, the electrical systems on aeroplanes suffer from high voltage and temperature problems, and large capital expenditures impede market expansion. Additionally, the industry has profitable growth prospects due to the development of lithium-ion batteries and the increase of alternative energy sources. Additionally, there is growing pressure on the airline sector to lessen its carbon footprint. Potential technologies that could aid in the aviation industry's effort to minimise pollution include electric propulsion systems and energy storage systems for aircraft electrification. Additionally, a number of aircraft producers are now working on electric aircraft. Airbus has partnered with Rosales and Siemens, for instance, to develop a hybrid electric regional airline. The airline is expected to start operating in 2030, according to the corporation.
The necessity for aerial surveys is growing, which is influencing the distribution of high-value cargo such essential medical supplies as well as market expansion and assessments for agriculture and emergency relief. Military planning and monitoring usage is also increasing. The market will expand during the projected period as a result of factors including passenger-related applications, such as urban air mobility, rural passenger accessibility offering distant area movement as well as accessibility for business trips, and large-scale commercial air service. Thus, driving the Aircraft Electrification market revenue.
Aircraft Electrification Market Segment Insights
Aircraft Electrification Component Insights
The Aircraft Electrification Market segmentation, based on component, includes batteries, fuel cells, electric actuators, electric pumps, generators, motors, power electronics, and distribution devices. Batteries segment dominated the global market in 2022. Because Li-S batteries can store and release energy, they can be made to hold up to five times as much energy as lithium batteries of the same size and weight. The rechargeable battery lithium titanate, commonly referred to as lithium titanium oxide, has a lower energy density than typical lithium-ion batteries.
Aircraft Electrification Technologies Insights
The Aircraft Electrification Market segmentation, based on technologies, includes more electric, hybrid electric, and fully electric. The hybrid electric segment dominated the global market in 2022. One of the most important benefits of a hybrid car over one driven by petrol is that it is cleaner to drive and uses less petrol, making it more environmentally friendly.
Figure 1 : Aircraft Electrification Market, by Technologies, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Aircraft Electrification Application Insights
The Aircraft Electrification Market segmentation, based on application, includes power generation, power distribution, power conversion, and energy storage. Power generation segment dominated the global market in 2022. Modern aeroplanes use an electric generator, while older aircraft use physical hydraulic or pneumatic technologies to generate energy. Major airline firms choose integrated drive units over variable speed generators for wide-body and gigantic aircraft because these engines are more precise and efficient.
Aircraft Electrification Platform Insights
The Aircraft Electrification Market segmentation, based on platform, includes fixed wing, rotary wing, unmanned aerial vehicles (UAVS), and advanced air mobility. Unmanned Aerial Vehicles (UAVS) Platform segment dominated the Aircraft Electrification Market in 2022. UAVs are capable of a wider variety of motions than human planes. They can fly farther and in more directions, making it simpler to travel across previously inaccessible areas.
Aircraft Electrification System Insights
The Aircraft Electrification Market segmentation, based on system, includes propulsion system, environmental control system, landing gear system, ice protection system, flight control system, and thrust reverser systems. The propulsion system segment dominated the Aircraft Electrification Market in 2022. The introduction of electrical propulsion systems is being driven by rising concerns over reducing fuel use and carbon emissions. In addition, it is anticipated that an increase in the use of electric components in aircraft propulsion systems will significantly cut fuel consumption and consequently, emissions into the atmosphere.
Aircraft Electrification Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Aircraft Electrification Market dominated this market in 2022 (45.80%). Some of the factors influencing the growth of the North American aircraft electrification market include the rising share of future advancements and the existence of numerous businesses pushing the electrification of the aviation sector. Further, the U.S. Aircraft Electrification market held the largest market share, and the Canada Aircraft Electrification market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 : AIRCRAFT ELECTRIFICATION MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Aircraft Electrification market accounted for the healthy market share in 2022. Growing market revenue in this region is being fueled by increasing demand for hybrid electric propulsion solutions. Due to the European Union's (EU) goal of achieving climate neutrality by 2050, several significant stakeholders on the continent are funding research and development initiatives in power distribution systems. A group of 37 European countries. Further, the German Aircraft Electrification market held the largest market share, and the U.K Aircraft Electrification market was the fastest growing market in the European region
The Asia Pacific Aircraft Electrification market is expected to register significant growth from 2023 to 2032. The market is expanding as a result of an increased focus on reducing carbon emissions and aeroplane noise. Additionally, rising passenger security concerns, an increase in regional passenger traffic, and increased research & development in the aircraft electrification sectors are all driving market expansion. Moreover, China’s Aircraft Electrification market held the largest market share, and the Indian Aircraft Electrification market was the fastest growing market in the Asia-Pacific region.
Aircraft Electrification Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Aircraft Electrification market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Aircraft Electrification industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Aircraft Electrification industry to benefit clients and increase the market sector. In recent years, the Aircraft Electrification industry has offered some of the most significant advantages to medicine. Major players in the Aircraft Electrification market, including Ametek.Inc., Astronics Corporation, BAE Systems, Collins Aerospace, Honeywell International Inc., MagniX, Meggitt plc, Rolls-Royce plc, Safran S.A., and Thales Group, are attempting to increase market demand by investing in research and development operations.
Systems and equipment for aerospace, defence, and security are offered by Safran SA (Safran). Helicopter turbines, mechanical, and electromechanical equipment are among the company's goods and services. It develops, produces, and sells equipment, essential software, and spare parts for both military and commercial aircraft, as well as equipment for defence and security, navigation, optronic systems, avionic, electronic solutions, and services, and biometric recognition systems. Safran creates flight control actuators and cockpit gear for helicopters, tactical optronic systems, and drones, inertial navigation systems for use in aviation, the military, and on land. In the Americas, Europe, Asia, the Middle East, and Africa, the company conducts business. Paris, Ile-de-France, France, is home to Safran's headquarters. For today's narrowbody and widebody commercial jets, Safran S.A. created a ground-breaking electric nose wheel steering and extension/retraction system in July 2022, and unveiled an electric nose landing gear actuator.
Astronics Corp (Astronics) offers dependable and cutting-edge technological solutions for power, lighting, connectivity, interiors, structures, test solutions, and semiconductor test systems. Aside from producing and designing high-tech lighting systems, the company also produces avionics components, aircraft structures, systems certification, automated test systems, distribution and seat motion systems, lighting and safety systems, and electrical power production systems. For military purposes, it offers automated test systems, tools for training and simulation, and safety gear. The aerospace, defence, and electronics industries are served by astronics. In the Americas, Asia, and Europe, the company conducts business. The U.S. city of New York serves as the company's headquarters. Astronics Corporation and Aerotec Concept of Toulouse, France entered into a contract in August 2021 that will allow both businesses to market a wider range of new technologies, applications, and/or modifications that call for EASA and FAA certifications (European Union Aviation Safety Agency and United States Federal Aviation Administration) approval.
Key Companies in the Aircraft Electrification market include
Aircraft Electrification Industry Developments
July 2021Â The most potent hybrid-electric propulsion system in aircraft was created and tested by Rolls-Royce plc.
July 2020Â The 500-kilowatt electric motor was first created as a functioning prototype by Collins Aerospace & Hybrid Air Vehicles for the Airlander 10 aircraft.
Aircraft Electrification Market Segmentation
Aircraft Electrification Component Outlook
- Batteries
- Fuel Cells
- Electric Actuators
- Electric Pumps
- Generators
- Motors
- Power Electronics
- Distribution Devices
Aircraft Electrification Technologies Outlook
- More Electric
- Hybrid Electric
- Fully Electric
Aircraft Electrification Application Outlook
- Power Generation
- Power Distribution
- Power Conversion
- Energy Storage
Aircraft Electrification Platform Outlook
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicles (UAVs)
- Advanced Air Mobility
Aircraft Electrification System Outlook
- Propulsion System
- Environmental Control System
- Landing Gear System
- Ice Protection System
- Flight Control System
- Thrust Reverser Systems
Aircraft Electrification Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Aircraft Electrification Market Highlights:
