Electrified Aircraft Propulsion Market Size Analysis

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.

The use of electricity for propulsion in aircraft systems, typically powered by hydraulic, pneumatic, and mechanical systems, is known as aircraft electrification. In this industry, electrification technology is applied in progressively more advanced stages, starting with more electric aircraft and ending with fully electric aircraft. Three main categories of aircraft use various levels of electrification technology: more electric aircraft, hybrid electric aircraft, and completely electric aircraft.

Market Dynamic

LOWER COST OF MAINTENANCE

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.

BATTERY RECHARGING INFRASTRUCTURE

Airport recharging facilities will be required since an airplane with many batteries will need them, and the current infrastructure does not have enough of them. The existing infrastructure growth requirements are made more complex by the electrification of an aircraft. Understanding the total demands for recharging facilities requires appropriate infrastructure sizing, which includes evaluating the number and kind of charge points, their electrical consumption in terms of energy and power, and the associated economics.

DEVELOPMENT OF LITHIUM-ION BATTERIES

Advanced airplane applications typically require more energy, necessitating batteries with large energy storage capacities and better safety features. Despite the potential of lithium-ion batteries, numerous energy storage system producers in Japan, China, South Korea, the US, and Europe think that lithium-ion battery performance can be greatly increased. As a result, extensive research is done to enhance lithium-ion battery performance and create new related battery technologies.

Market 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)

Segment-Wise Analysis

Why is the batteries segment expected to grow with the highest CAGR during the forecast period?

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.

Why is the hybrid electric segment witnessing the highest growth during the forecast period?

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, hybrid electric aircraft also helps lower emissions, noise, and fuel consumption. These elements drive the need for hybrid electric aircraft.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• 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.
• The European region is anticipated to grow considerably through the forecast period at a CAGR. The rapid adoption of the electric aircraft propulsion market is caused by the growing awareness of the need to reduce environmental pollution. Consequently, it is anticipated that Europe will experience tremendous growth.

Competition Analysis

The rise in new projects and the emergence of numerous startups supporting electrification in the aviation industry are further factors influencing the growth of the electrified aircraft propulsion market.

The recent developments in the Global Electrified Aircraft Propulsion Market:

• In February 2022, Boeing will be powered by the modified Saab 340B aircraft and CT7-9B turboprop engines used in the GE Aviation’s hybrid-electric propulsion system flight testing. Services for aircraft modification, system integration, and flight testing will be offered to GE Aviation by Boeing and its affiliate Aurora Flight Sciences.
• In February 2022, to create the ATL-100H, a hybrid electric variant of the ATL-100 regional aircraft, magnetic established a partnership with the Brazilian aerospace company DESAER. Depending on the operating range, the ATL-100H is anticipated to save between 25 and 40% of gasoline, representing a significant decrease in carbon emissions. The hybrid electric ATL-100H’s ground-breaking design is the first step toward an all-electric aircraft from DESAER, advancing the widely acknowledged need to quicken sustainable aviation operations.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• 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 impacting the 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.

• Report Includes

  Market Size Data

  • Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
  • Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
  • Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
  • Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
  • Incremental dollar opportunity generated in the forecast period would be indicated
  • Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted

  Market Background

  • Macroeconomic factors that impact the market developments
  • Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
  • Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
  • Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
  • Trade analysis and analysis of key supply and demand hubs
  • Identification of hotbed opportunities existing in the market
  • Porter’s and PEST analysis to understand the business environment of the geography
  • Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth

  Pricing Analysis

  • Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
  • Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
  • Cost teardown analysis and key factors impacting pricing

  Value Chain Analysis

  • Country-wise list of raw material suppliers
    • Raw material price trends and buyers’ sentiment
    • Overview of Intelligent Sourcing Technique
    • Raw material procurement requirements
    • Vendor selection criteria
  • Country-wise list of product manufacturers
  • Country-wise list of distributors/traders
  • Country-wise list of end-users
    • End-Users/Customers consumption mapping
    • Key End-Users/Customers client list
  • Country-wise list of other key channel partners
  • Average profitability margins
  • Regional value chain dynamics

  Competition Analysis

  • Market shares and production capacities of key players
  • Tier structure analysis of market
  • Comprehensive competition dashboard representing the top 10-15 players in the market
  • Individual company profiles of top 15 to 20 manufacturers
    • Business Overview
    • Product Portfolio
    • Key Financials
    • Recent Developments
    • SWOT Analysis
    • Strategies

Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific

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