Aircraft Electrification Market 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%.
A growing demand for aerial surveys is propelling market expansion and assessments for agricultural and emergency relief, military planning and monitoring, training flights and enjoyment, and distributing high-value cargo like crucial medical supplies.
Electric motors drive plunge generating propellers, which power an electric aeroplane. It uses a distributed testing system.
Batteries, fuel cells, solar cells, ground power connections, and other technologies can provide electricity to aeroplanes.
In 1973, the first artificial intelligence electric aircraft took to the air for about 14 minutes. Since then, extensive study has been conducted in this field, and experts believe that electric planes are the future of aviation.
Because of the growing need to cut carbon emissions and regulate pollution, the worldwide aircraft electrification industry is likely to rise significantly in the future years.
Increased efforts to reduce reliance on oil are projected to increase demand for aeroplane electrification.
Global Aircraft Electrification Market- Segmental Analysis
Top Key Players
- Thales Group
- Raytheon Technologies
- GE Aviation
- Zunum Aero
- Bye Aerospace
- Radiant Power Corporation
- Meggitt PLC
- Equator Aircraft
- H3X Technologies
- AMETEK Inc.
- Joby Aviation
- BAE Systems
- Beta Technologies
- Heart Aerospace
- Hartzell Engine Technologies LLC
- PBS AEROSPACE
- EaglePicher Technologies
- Nabtesco Corporation
- Wright Electric
Based on Component
Based on Technology
Based on Application
Based on Platform
Advanced Air Mobility
Unmanned Aerial Vehicles
Based on System
Landing Gear System
Environmental Control System
Flight Control System
Thrust Reverser System
COVID-19 Impact on the Aircraft Electrification Market
Honeywell International Inc. (US), Safran (France), Thales Group (France), Raytheon Technologies (US), and GE Aviation are among the leading competitors in the aircraft electrification market (US). These companies have expanded their operations in North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. COVID-19 has also had an influence on their enterprises. COVID-19 is expected to have a 7–10 percent global impact on aircraft electrification manufacturing and services in 2020, according to industry experts.
The COVID-19 pandemic has had a negative influence on the end-use sectors, culminating in a sharp drop in aircraft sales and deliveries in 2020. In the medium term, this is projected to have a negative impact on the aircraft market, with a gradual recovery expected in Q1 of 2021.
Frequently Asked Questions (FAQs)s
- What will be the growth of Aircraft Electrification Market in the foreseeable future?
- Which country/region is expected to remain the largest Aircraft Electrification Market?
- Who are the key players in the Aircraft Electrification Market?
- Which type of system is expected to hold the larger share of the Aircraft Electrification Market?
- What are the factors driving the growth of Aircraft Electrification Market?
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