Aircraft Electrification Market

Aircraft Electrification Market Overview for 2024 to 2034

The aircraft electrification market is estimated to be valued at USD 9.3 billion in 2024. During the period from 2024 to 2034, the market is expected to progress at an astounding CAGR of 14.9%. By 2034, the market is anticipated to reach a value of USD 37.2 billion.

Aircraft Electrification Market Analysis

• Aircraft come under scrutiny for the impact they have on the environment due to fuel transmissions, and thus, aircraft carriers are moving towards electrification at a rapid rate.
• Electrification is replacing costly equipment in aircraft with cost-effective electrical components, thus enabling aircraft companies to save on installation and maintenance costs.
• Noise pollution is a customary complaint with aircraft, due to which the demand for electrification is rising.
• While certain aircraft have embraced electrification by becoming fully electrified, others are using hybrids of electric and traditional mechanical systems.
• With increasing regulatory pressure, electrification is coming on board as a way to meet sustainability standards laid out by various governments.

Attributes	Details
Aircraft Electrification Market Value, 2024	USD 9.3 billion
Projected Market Value, 2034	USD 37.2 billion
Value-based CAGR, 2024 to 2034	14.9%

Aircraft Electrification Market Trends

• Lithium-ion batteries are helping the electrification process in aircraft, proving more efficient to them. Research is being conducted to improve the performance of batteries even further.
• Aircraft are being deployed to aid in humanitarian needs, and electrified aircraft with their smaller sizes and low operational costs are becoming a popular choice for that purpose.
• Electrification is extending to aircraft used by militaries, with an increasing number of army tests for the viability of electrified military aircraft.
• Electric systems in aircraft are the subject of constant innovation, with equipment like electrical actuators and flight control systems undergoing regular upgrades. Thus, the demand in the aircraft electrification market is dynamic.
• Electrification of aircraft is becoming popular as an option for short-distance flights, saving fuel and mechanical system operation costs for airlines.
• Commercial aircraft models with electrical systems are also moving toward electrification as a way to save costs and minimize environmental impact.
• Improper airport infrastructure also affects the smooth operation of aircraft electrification. Issues such as a lack of charging points can adversely affect the market’s growth. The risk of electrical systems failing mid-flight is also expected to restrain the market.
• Startups and small-scale companies, along with publicly-funded research, are making giant strides in the electrification process of aircraft.

Category-wise Outlook

Batteries are the predominant product in demand when it comes to the adoption of electrification on-board aircraft. Power generation is the foremost purpose of electrification in aircraft.

All-around Function of Batteries Make Them Essential in Aircraft

Attributes	Details
Top Component	Batteries
CAGR (2024 to 2034)	14.7%

Sales of batteries for aircraft electrification are expected to advance at a CAGR of 14.7% over the forecast period. Some of the factors influencing the progress of the segment in the market are:

• Batteries play a key role in important aircraft functions like emergency power and fault clearing. Thus, batteries are essential to the working of aircraft and are the most in-demand among electrical components.
• Manufacturers of batteries are improving the capability of the product to aid their further integration into aircraft. Lithium-ion batteries are one such example of batteries that are providing even more effectiveness to aircraft.

Aircraft Electrification for Power Generation

Attributes	Details
Top Application	Power Generation
CAGR (2024 to 2034)	14.5%

The power generation segment is expected to progress at a CAGR of 14.5% over the forecast period. Some of the reasons for the progress of the power generation use of electrification are:

• With increasing concerns about the fuel used in aircraft for power generation, electric generators and alternators are increasingly being used for power generation.
• Increasing efficiency of generators and alternators is endearing electrification as a source of power generation to aircraft companies.

Country-Wise Analysis

Asia Pacific has emerged as a lucrative region in the market. With the increasing number of airlines popping up in the region, the need for cargo is rising, driving the growth of the market.

Technological advancements, both in general and in aircraft, are helping the adoption of electrical systems in aircraft in Europe and North America. The economically-developed regions have a prominent presence of market giants who invest heavily in research and testing.

Countries	CAGR (2024 to 2034)
United States	15.2%
United Kingdom	16.0%
China	15.6%
Japan	16.5%
South Korea	17.0%

Companies Focusing on Providing Fully Electric Flights in South Korea

The CAGR of the market in South Korea is anticipated to be 17.0% over the forecast period. Some of the factors influencing the extraordinary growth are:

• Companies in South Korea have taken the electrification route to heart and have grand plans for wholly electric aircraft. For example, South Korean startup Toff Mobility has set a goal of running wholly electrical flights for both passengers and cargo.
• Looking to curb greenhouse emissions, the government in South Korea has encouraged alternatives to traditional fuel in aircraft. Thus, the electrification of aircraft is being boosted in the country.

Private and Public Investments Aiding the Cause of Aircraft Electrification in Japan

The market in Japan is expected to register a CAGR of 16.5% over the forecast period. Some of the factors leading to the growth of the market in Japan are:

• Both private and public players are making heavy investments in the aircraft electrification market in Japan, allowing for more research projects. For example, in October 2023, the Japanese government made plans to donate USD 205 million for research in aircraft electrification.
• The feasibility of hybrid electric aircraft is being investigated in Japan. For example, Japan Airlines is doing a study of hydrogen-electric aviation.

Chinese Enterprises Focusing on the Development of Battery-Operated Aircraft

The market in China is expected to grow at a CAGR of 15.6% through 2034. Some of the factors responsible for the growth of the market are:

• Enterprises in the country are planning to launch even more successful aircraft with electrification.
• Electric aircraft are being developed in China to deal with the increasing passenger load of airlines. With the rise in the number of middle-class people in the country, more people are able to afford airline travel, and thus, the passenger load in China is increasing.

Research from All Corners Helping the Market in the United Kingdom

The market in the United Kingdom is expected to progress at a CAGR of 16.0% through 2034. Some factors influencing the market’s progress are:

• In the United Kingdom, in addition to airline carriers themselves, research is also being undertaken from the ground level. For example, Cranfield University tested and successfully implemented an all-electric flight in the country.
• Electrification of aircraft is an objective of several companies and collaborators operating in the United Kingdom. For example, 2ZERO (Towards Zero Emission In Regional Aircraft Operations), a project to develop short-range electric aircraft, includes collaborators like Rolls-Royce Electrical, Nottingham University, and Cornwall Airport.

Electric Passenger Aircraft Becoming Closer to Reality in the United States

The market is expected to register a CAGR of 15.2% in the United States. Some factors influencing the growth of the market are:

• Electric passenger flights are no longer a pipedream for aircraft carriers in the United States. For example, United Airlines aims to make electric passenger flights available by 2028.
• Startup culture for airline electrification is prevalent in the United States. These startups, like ZeroAvia, are shocking the aircraft electrification market, bringing fresh ideas to the table.

Competitive Landscape in the Aircraft Electrification Market

The airline electrification industry is fairly fragmented. Multinational giants with the capability to operate a large fleet compete with startups and small-scale airlines focused on innovation. Public aviation enterprises also have a vested interest in the market.

Research and development remain a prime concern for market players. Collaborative strategies are being practiced by enterprises in the market in a bid to combine the prowess of two entities and accelerate the development process.

Recent Developments in the Aircraft Electrification Market

• In January 2024, it was announced that Joby Aviation had entered into a partnership agreement with Atlantic Aviation to electrify the aviation structure of the former.
• In January 2024, Surf Air Mobility agreed on a deal with two Kenyan enterprises, Safarilink and Yellow Wings, to outfit their Cessna Grand Caravans with electric powertrains.
• In November 2022, United Airlines announced an investment in Natron Energy, a battery manufacturer for aircraft.
• In June 2019, it was announced that Rolls-Royce finalized an agreement to acquire the electric and hybrid-electric operations of Siemens. Using the acquisition, Rolls-Royce accelerated its grand plans for cleaner electric power generation.

Key Companies in the Aircraft Electrification Market

• Honeywell International Inc.
• Astronics Corporation
• Meggitt plc
• BAE Systems
• Collins Aerospace
• Rolls-Royce plc
• Ametek, Inc.

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component
  • 5.1. Batteries
  • 5.2. Fuel Cells
  • 5.3. Electric Actuators
  • 5.4. Generators
  • 5.5. Motors
  • 5.6. Power Electronics
  • 5.7. Distribution Devices
  • 5.8. Others
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 6.1. Power Generation
  • 6.2. Power Distribution
  • 6.3. Power Conversion
  • 6.4. Energy Storage
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology
  • 7.1. More Electric
  • 7.2. Hybrid Electric
  • 7.3. Fully Electric
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Western Europe
  • 8.4. Eastern Europe
  • 8.5. South Asia and Pacific
  • 8.6. East Asia
  • 8.7. Middle East and Africa
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. Honeywell International Inc
  • 18.2. Astronics Corporation
  • 18.3. Meggitt plc
  • 18.4. BAE Systems
  • 18.5. Collins Aerospace
  • 18.6. Rolls-Royce plc
  • 18.7. Ametek.Inc
  • 18.8. Thales Group
  • 18.9. Safran S.A
  • 18.10. MagniX
• 19. Assumptions & Acronyms Used
• 20. Research Methodology