Electrified Aircraft Propulsion Market (2023 to 2029) – Growth, Trends and Forecasts

Electrified Aircraft Propulsion Market was valued at US$ 6.97 Bn. in 2022. The Global Electrified Aircraft Propulsion Market size is estimated to grow at a CAGR of 14.2 % over the forecast period.
Electrified Aircraft Propulsion Market Overview:
The report explores the Electrified Aircraft Propulsion market's segments (Component, Technology, Application, Platform, System, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Electrified Aircraft Propulsion market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Electrified Aircraft Propulsion market's contemporary competitive scenario. To know about the Research Methodology:-Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.
Electrified Aircraft Propulsion Market Dynamics:
Growing Need for Cleaner and Quieter Aircraft:

For replacing fossil fuel energy, airplanes can use an electric and hydro-electric drive system. As soon as this technology is improved, this would lead to reducing pollution and fuel consumption. Light Sport and the training aircraft are already powered by electricity which makes them extremely quiet. There are several electric power and thermal management systems developed for making electrified aircraft efficient and for commercial uses. New rules for the new technology with new platforms and aviation systems need to be set up for realizing the full potential of electric propulsion aircraft. In recent years, there has been a significant increase in electric propulsion research and investments in electric aircraft and electric aviation systems. This technology of electrification will lead to a rise in the possibility of more electrified aircraft.

The transportation industry has improved a lot and has made many efforts for reducing the environmental effects. The Aircrafts traveling between European Economic Area are impacted by the European Union’s 2003 scheme “Greenhouse Gas Emission Allowance Trading’’. This scheme talks about reducing and offsetting carbon for International Aviation, which has begun its trial phase in 2021.

The Rise in Alternative Power Sources for Electric Power Generation:

There are two commercial sectors in development Urban Air mobility with electric propulsion and hybrid-electric regional aircraft. In the next 10 years, the first generation of tiny gadgets is expected to grow and gradually into the service. Starting with small aircraft, based on advances in energy storage and fuel cell technology as well as aircraft design and hybrid architecture integration. UAM appears to be better suited to an all-electric design. There are several electric power and thermal management systems developed for making electrified aircraft efficient and for commercial uses. As the companies that are involved in aviation industries are making many efforts for reducing carbon emissions by using fuel cells for providing electrical generation onboard aircraft. These fuels can transform chemical energy into electrical energy.

The rapid adoption of electrified aircraft with the use of fuel cells that can be used for aircraft brakes and during landing and taxiing on the ground or when the main engines are not operational. All of these are creating upcoming growth opportunities for the Electric Aircraft Propulsion Market.

Development of Batteries Having Higher Energy Densities

The energy density of the batteries is low which would enable the electric aircraft manufacturers to face terms of long-distance flights. The existing lithium-ion batteries have an energy density of 250 Wh/kg, which is way lesser than the energy density provided by conventional jet fuel or kerosene of around 12,000 Wh/kg. Conventional fossil fuels are 14 times richer in energy than battery-powered substitutes. Thus, all-electric long-haul commercial flights are still a distant reality. These factors are creating challenges for the Electric Aircraft Propulsion Market.

Electrified Aircraft Propulsion Market Trends:

There are several electric power and thermal management systems developed for making electrified aircraft efficient and for commercial uses. In the next 10 years, the first generation of tiny gadgets is expected to grow and gradually into the service. This technology would help the Light Sport and the training aircraft that are already powered by electricity which makes them extremely quiet. This technology of electrification will lead to a rise in the possibility of more electrified aircraft.

The transportation industry has improved a lot and has made many efforts for reducing the environmental effects. As the companies that are involved in aviation industries are making many efforts for reducing carbon emissions by using fuel cells for providing electrical generation onboard aircraft. These fuels can transform chemical energy into electrical energy. There is the rapid adoption of electrified aircraft with the use of fuel cells that can be used for aircraft brakes and during landing and taxiing on the ground or when the main engines are not operational. These factors are creating growth opportunities for the Electric Aircraft Propulsion Market during the forecast period.
Electrified Aircraft Propulsion Market Segment Analysis:
Based on Component Type, the Electric Aircraft Propulsion Market is segmented into Batteries, Fuel cells, Solar Cells, Electric Actuators, Electric Pumps, Generators, Motors, Power Electronics, and Distribution Devices. The battery segment dominates the market by holding the maximum market share of the Electric Aircraft Propulsion market in 2022. Lithium-Sulphur is one of the major battery technologies competing to succeed lithium-ion as the major battery technology of the next upcoming generation. The Li-S batteries can store and release energy that can hold up to five times more charge the lithium. These are the reasons that make the battery segment dominate the market by holding the maximum market share during the forecast period.Based on Technology, the Electric Aircraft Propulsion Market is segmented into More Electric, Hybrid Electric, and Fully Electric. The Hybrid Electric segment is dominating the market by holding the maximum market share of the Electric Aircraft Propulsion Market. Hybrid electric technology uses both airplane fuel as well as electricity to drive the propulsion system. This technology helps in reducing the fuel burn, energy consumption, emissions, and noise of single-aisle passenger aircraft. Solar-powered and fuel-powered are two types of power sources available in hybrid propulsion.
Electrified Aircraft Propulsion Market Regional Insights
The North American region held the largest market share accounting for xx% in 2022. This is due to the rise in the demand for new aircraft in the countries of the North American region. There are new upcoming growing projects and the rising several start-ups supporting the electrification in the aviation industry are additional factors influencing the growth of the North American aircraft electrification market.

The European region is expected to witness significant growth at a CAGR of xx% through the forecast period. This is due to the increase in the awareness of reducing environmental pollution, which is leading to the rapid adoption of the Electric Aircraft Propulsion Market. Hence, the European region is expected to witness significant growth.

The objective of the report is to present a comprehensive analysis of the global Electrified Aircraft Propulsion Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Electrified Aircraft Propulsion Market dynamic, and structure by analyzing the market segments and projecting the Electrified Aircraft Propulsion Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Electrified Aircraft Propulsion Market make the report investor’s guide.
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Global Electrified Aircraft Propulsion Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.97 Bn.


Forecast Period 2023 to 2029 CAGR:
14.2%
Market Size in 2029:
US $ 17.64 Bn.


 Segments Covered:
by Component
Fuel Cells
Solar Cells
Electric Actuators
Electric Pumps
Generators
Motors
Power Electronics
Distribution Device


by Technology
More Electric
Hybrid Electric
Fully Electric


by Application
Power Generation
Power Distribution
Power Conversion
Energy Storage


by Platform
Fixed Wing
Rotary Wing
Unmanned Aerial Vehicles (UAVs)
Advanced Air Mobility


by System
Propulsion System
Environmental Control System
Landing Gear System
Ice Protection System
Flight Control System
Thrust Reverser System



Electrified Aircraft Propulsion Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electrified Aircraft Propulsion Market Key Players:
1. Honeywell International Inc.
2. Safran, Thales Group
3. Raytheon Technologies
4. GE Aviation
5. Ametek Inc.
6. Meggitt PLC
7. BAE Systems
8. Eaglepicher Technologies LLC
9. Astronics Corporation
10.Crane Aerospace & Electronics
11.Magnix
12.PBS Aerospace
13.ACME Aerospace Inc. & Avionic Instruments LLC
14.Nabtesco Corporation
15.Carlisle Interconnect Technologies
16.H3X Systems and Motors
17.Rolls Royce Industries
18.Pipistrel
19.Ampaire
20.Bye Aerospace
21.Eviation
22.Collins Aerospace
23.Parker Hannfinn Corporation
24.Eaton Technologies

Frequently Asked Questions:

1) What segments are covered in the Electrified Aircraft Propulsion Market report?
Ans. The segments covered in the Electrified Aircraft Propulsion Market report are based on Component, Technology, Application, Platform, System, and Region.

2) Which region holds the highest share in the Electrified Aircraft Propulsion Market?
Ans. The North American region is expected to hold the highest share in the Electrified Aircraft Propulsion Market.

3) What is the market size of the Electrified Aircraft Propulsion Market by 2029?
Ans. The market size of the Electrified Aircraft Propulsion Market by 2029 is US$ 17.64 Bn.

4) What is the forecast period for the Electrified Aircraft Propulsion Market?
Ans. The Forecast period for the Electrified Aircraft Propulsion Market is 2023-2029.

5) What was the market size of the Electrified Aircraft Propulsion Market in 2022?
Ans. The market size of the Electrified Aircraft Propulsion Market in 2022 was US$ 6.97 Bn.