Electrified Aircraft Propulsion Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Electrified Aircraft Propulsion Market grew at a CAGR of 9.2% between 2017-2021 and is estimated to be US$ 1,736.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 13.5% and is expected to reach a valuation of US$ 6,160.7Mn by 2032 end.
Airplanes can use an electric or hydroelectric motor system to replace fossil fuel energy. The moment this technology is enhanced, the amount of pollution and fuel used will drop. The training aircraft and Light Sport are powered by electricity, making them incredibly quiet. Electric power and thermal management systems have been developed for various commercial and efficient electrified aircraft applications.
To utilize the full potential of electric propulsion aircraft, new rules must be established for the new technology with new platforms and aviation systems. Research on electric propulsion has grown significantly, as have investments in electric aircraft and equipment. This electrification method will increase the likelihood of more electrified aircraft.
ChemView Consulting has analyzed that installing conventional equipment inside an airplane is difficult, and maintaining such systems requires a lot of time and work. As it has fewer moving parts than traditional systems, electrification of aircraft significantly lowers maintenance expenses. Due to their advantages, major aircraft OEMs like Airbus and Boeing produce more electric aircraft. Similarly, the reduction in operating expenses brought about by electrification presents an enormous opportunity for developing hybrid and completely electric aircraft.
Due to their ability to deliver the most power in the smallest mass of any traditional battery, lithium-ion batteries are the cells of choice for aircraft. Still, they have one drawback: they are susceptible to short-circuiting and “thermal runaway,” which can result in fire.
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Segments Covered in Report
By Component:
- Batteries
- Fuel Cells
- Solar Cells
- Electric Actuators
- Electric Pumps
- Generators
- Motors
- Power Electronics
- Distribution Devices
By Technology:
- More Electric
- Hybrid Electric
- Fully Electric
By Application:
- Power Generation
- Power Distribution
- Power Conversion
- Power Storage
By Platform:
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicles
- Advanced Air Mobility
By System:
- Propulsion System
- Environmental System
- Landing Gear System
- Ice Protection System
- Flight Control System
- Thrust Reverser System
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Electrified Aircraft Propulsion Market
- Based on the component, due to their ability to deliver the most power in the smallest mass of any traditional battery, lithium-ion batteries are the cells of choice for aircraft. Still, they have one drawback: they are susceptible to short-circuiting and “thermal runaway,” which can result in fire.
- Based on the technology in the market for aircraft electrification throughout the anticipated period, the hybrid electric category will experience the highest increase. Hybrid electric technology enables aircraft to fly longer distances with substantially greater MTOW than completely electric aircraft. Compared to a traditional airplane, a hybrid electric plane also helps lower emissions, noise, and fuel consumption. These elements drive the need for hybrid electric aircraft.
- Based on the region, with a market share of 40.2%, the North American market is home to both aircraft and electrical component producers. The expansion of electrification projects and the advancement of innovative air transportation platforms drive the demand for aircraft electrification in this region.
Competition Summary
Key companies covered in the market study are Honeywell International Inc., Safran, Thales Group, Raytheon Technologies, GE Aviation, Ametek Inc., Meggitt PLC, BAE Systems, Eaglepicher Technologies LLC, Astronics Corporation, Crane Aerospace & Electronics, Magnix, PBS Aerospace, ACME Aerospace Inc. & Avionic Instruments LLC, Nabtesco Corporation, Carlisle Interconnect Technologies
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
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