The electrified aircraft propulsion market is projected to register a CAGR of 12% during the forecast period. The market is anticipated to grow up from USD 6,546.3 million in 2023 to reach a valuation of USD 20,331.9 million by 2033.
The adoption of cleaner and greener aircraft, advancements in sophisticated air transportation, and alternative energy sources are all driving this industry forward.
It is considerably more difficult to deploy autonomous flying systems and the potential of urban commuter air transportation in an era of escalating cyber security concerns when software and systems are susceptible.
The Key Contributors to the Electrified Aircraft Propulsion Industry
Pollution levels are predicted to climb much more like the size of the global aircraft fleet and air traffic increases. As a result, electric airplanes are in high demand, as they may help cut carbon emissions.
The International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency have all urged for sustainable airplane fuel alternatives. Estimating that aircraft-generated emissions may triple in volume by 2050.
By replacing hydraulically operated systems with electric ones, airplane makers hope to enhance efficiency.
The use of fuel cells to produce electrical generation onboard airplanes is helping companies in the aviation sector cut pollution. Through a chemical process, fuel cells may convert chemical energy from fuel into electricity.
The use of fuel cells in airplane electrification can help conserve fuel by generating power more efficiently. Electricity generated by fuel cells can be used to operate aircraft brakes, as well as landing and taxiing on the ground when the main engines aren't working.
| Attributes | Details |
|---|---|
| Electrified Aircraft Propulsion Market (2022) | USD 5,793.2 million |
| Electrified Aircraft Propulsion Market CAGR (2023 to 2033) | 12% |
| Electrified Aircraft Propulsion Market (2023) | USD 6,546.3 million |
| Electrified Aircraft Propulsion Market (2033) | USD 20,331.9 million |
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The net valuation of the market reached USD 3,532.4 million in 2018 then by a CAGR of 10.4% till 2022.
The impact of the Covid-19 outbreak on the aviation and aerospace sector has been disastrous, with parked aircraft, idle airports, and closed manufacturing lines. It also had a negative influence on the end-use sectors, culminating in a sharp drop in aircraft orders and deliveries in 2020 and 2021.
Market participants identified the three greatest themes punctuating the new normal after 2021. Sustainable technologies, aircraft propulsion system consolidation, and environmental, social, and corporate governance (ESG) have accelerated various pre-existing trends in aviation and aerospace. The list also includes the rise of the restructured industrial or economic lifecycle and new platforms for the speedy restoration of essential services.
In the medium term, the overall market is projected to have a sluggish progress rate, with a gradual pacing up in the long term.
The insufficient energy density of batteries is one of the most significant issues that electric aircraft manufacturers confront when it comes to long-distance flights.
The watt-hours per kilogram (Wh/kg) unit of measurement for airplane propulsion is commonly used. The current lithium-ion batteries have an energy density of 250 Wh/kg, which is far lower than the 12,000 Wh/kg energy density offered by traditional jet fuel or kerosene.
As a result, all-electric long-haul commercial aircraft are still a long way off, as fossil fuels are 14 times more energy-dense than battery-powered alternatives.
Principal Consultant
Li-S batteries' ability to store and release energy allows them to hold up to five times the charge of lithium batteries for the same size and weight. Lithium titanate, also known as lithium titanium oxide, is a rechargeable battery that charges more quickly than other lithium-ion batteries. Although, it has a lower energy density.
The propulsion system of a hybrid electric aircraft is powered by both airplane fuel and electricity. For single-aisle passenger aircraft, this technology reduces fuel consumption, energy consumption, pollutants, and noise. Hybrid propulsion can use both solar and fuel-powered power sources.
| Category | By Components |
|---|---|
| Top Segment | Batteries |
| Market Share in Percentage | 19.4% |
| Category | By Applications |
|---|---|
| Top Segment | Power Distribution |
| Market Share in Percentage | 37.9% |
In wide-body and extremely large aircraft, key aircraft manufacturers favor integrated drive generators over variable frequency generators. Because these generators are more reliable and efficient.
The expansion of the business and general aviation segment can be ascribed to rising corporate earnings and an increase in high-net-worth individuals. Besides this, an increase in the demand for new business jets to replace the existing ones.
Propulsion system electrification is expected to increase take-off energy, leading to an efficient electrical alternative for a conventional turbine engine with a 2-megawatt liquid-cooled electric motor. Electrical propulsion systems are intended to substantially reduce fuel use, resulting in reduced emissions.
The worldwide electrified aircraft propulsion market is divided into North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa based on geography.
| Regional Markets | Global Market Share in Percentage |
|---|---|
| United States | 28.4% |
| Germany | 7.2% |
| Japan | 6.6% |
| Australia | 0.8% |
The increasing demand for new airplanes in North America is one of the main reasons for the region's leadership in the aircraft electrification industry.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 9.2% |
| China | 11.4% |
| India | 12.1% |
Additional factors impacting the growth of the North American aircraft electrification market include the increase in forthcoming projects. Moreover, the appearance of various startups supporting the electrification of the aviation sector.
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Additional factors impacting the growth of the electrified aircraft propulsion market include the increase in future projects and the appearance of various startups promoting electrification in the aviation sector.
Recent Developments
The market is expected to thrive at a CAGR of 12% through 2033.
The power distribution segment holds 37.9% of the global market share.
The adoption of clean and green aircraft is fueling the market growth.
The insufficient energy density restricts the market growth.
The global market size is estimated to reach USD 20,331.9 million by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Batteries 5.2. Fuel Cells 5.3. Solar Cells 5.4. Electric Actuators 5.5. Electric Pumps 5.6. Generators 5.7. Motors 5.8. Power Electronics 5.9. Distribution Devices 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. More Electric 6.2. Hybrid Electric 6.3. Fully Electric 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Power Generation 7.2. Power Distribution 7.3. Power Conversion 7.4. Power Storage 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Platform 8.1. Fixed Wing 8.2. Rotary Wing 8.3. Unmanned Aerial Vehicles 8.4. Advanced Air Mobility 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By System 9.1. Propulsion System 9.2. Environmental System 9.3. Landing Gear System 9.4. Ice Protection System 9.5. Flight Control System 9.6. Thrust Reverser System 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. MEA 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Honeywell International Inc. 18.2. Safran, Thales Group 18.3. Raytheon Technologies 18.4. GE Aviation 18.5. Ametek Inc. 18.6. Meggitt PLC 18.7. BAE Systems 18.8. Eaglepicher Technologies LLC 18.9. Astronics Corporation 18.10. Crane Aerospace & Electronics 18.11. Magnix 18.12. PBS Aerospace 18.13. ACME Aerospace Inc. & Avionic Instruments LLC 18.14. Nabtesco Corporation 18.15. Carlisle Interconnect Technologies 19. Assumptions & Acronyms Used 20. Research Methodology
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Electrified Aircraft Propulsion Market
