Global Aircraft Electrification Markets Report 2022-2030: Growing Need for Cleaner and Quieter Aircraft, Rise in Demand for Unmanned Aerial Vehicles, Emergence of Advanced Air Mobility

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May 06, 2022, 06:15 ET

DUBLIN, May 6, 2022 /PRNewswire/ -- 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

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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)