The aircraft electrification market is estimated to be USD 3.4 billion in 2022 and is projected to reach USD 8.6 billion by 2030, at a CAGR of 12.2% from 2022 to 2030. Increasing focus on reducing carbon emissions and aircraft noise are major factors expected to drive the market in the coming years.
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The aircraft electrification market report provides an analysis of the market from 2022 to 2030. It discusses industry and technology trends prevailing in the market, along with the drivers, restraints, challenges, and opportunities. The market is projected to grow from USD 3.4 billion in 2022 to USD 8.6 billion by 2030, at a CAGR of 12.2% during the forecast period. The market in the Asia Pacific is expected to witness substantial growth during the forecast period, especially in countries such as China and Japan, due to the increasing emphasis on emission-less flying in the region. Additionally, the need for reduction in noise and operating cost is also a significant factor attributed to the growth of the market during the forecast period.
Based on technology, the hybrid electric aircraft segment is expected to witness higher growth in the aircraft electrification market by 2030. The hybrid electric technology uses both airplane fuel as well as electricity to drive the propulsion system. It offers several benefits, which include reduction in 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 electric propulsion.
Based on platform, the business & general aviation aircraft segment is projected to drive the market for aircraft electrification. Increasing developments for the electrification of shorter range aircraft is driving the market for the business & general aviation segment. A majority of the developments are being undertaken for business & general aviation aircraft due to the availability of limited capacity batteries in the current market. Several initiatives announced by governing bodies towards the development of emission-less domestic air travel is further expected to drive the growth of the market for business & general aviation aircraft. For instance, Norway has undertaken initiatives so as to enable all short-haul flights to be electric aircraft by 2040.
Based on technology, the more electric aircraft market is estimated to lead the market in 2022. The growing need to optimize aircraft performance has been a catalyst in boosting the growth of the more electric aircraft (MEA) market. The hybrid electric segment of the market is projected to grow at the highest CAGR, followed by the fully electric segment over the forecast period. The growth of the market for hybrid electric aircraft across the globe can be attributed to the advantages offered by electric aircraft for airliners, including reduced consumption of fuel and lower maintenance.
Based on region, the aircraft electrification market is segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East, and Latin America. The market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period due to the increasing air passenger traffic and emphasis on emission-less flying across countries such as China and Japan, among others. Due to the increasing awareness for reductions in emissions in air transport, demand for aircraft electrification is expected to grow at a rapid pace during the forecast period, which offers potential for aircraft electric component manufacturers in this region.
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