Aircraft Electrification Market to Set an Explosive Growth in Near Future
Updated · Jul 13, 2023
Published Via 11Press : By producing energy with efficiency using fuel cells, it is possible to conserve fuel by switching aeroplanes to electric propulsion. When the main engines are not operating, the aircraft’s braking, landing, and ground taxiing may all be accomplished by utilising electric power from fuel cells. The technology of transportation is being quickly revolutionised by electric and hybrid-electric aircraft power. There has been a lot of discussion on how to lower aviation’s greenhouse gas emissions. It could be able to save weight, benefit the environment, consume less fuel, improve reliability, and take care of problems more quickly by electrifying aircraft parts.
Propulsion, actuation, and power generation are the three main areas of study in increasingly electric aircraft technology because of the rising requirement for power-dense, efficient, and fault-tolerant flying components. The aerospace industry has been driven to employ electrically powered drive systems rather than the traditional mechanical, pneumatic, or hydraulic systems due to the need for environmentally friendly aircraft systems. By using fuel cells to generate electricity within the aircraft, the aviation sector is attempting to lower plane emissions. Fuel cells use a chemical process to convert a fuel’s chemical energy into electricity. By creating energy with efficiency through the use of fuel cells, it is possible to conserve fuel by converting aeroplanes to electric propulsion. When the main engines are not running, the aircraft’s braking, landing, and ground taxiing may all be accomplished by utilising electric power from fuel cells.
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|Current Value (2022)||USD 6.2 B|
|Unit||Value (USD B)|
|Key Companies Profiled||Safran (France), AMETEK.Inc. (US), Astronics Corporation (US), Thales Group (France), United Technologies (US), GE Aviation (US), Meggitt PLC. (UK), BAE Systems (UK), CRANE AEROSPACE & ELECTRONICS (US), EaglePicher Technologies (US), Avionic Instruments, LLC (US), Raytheon Company (US), Honeywell International Inc. (US).|
The report offers Major leading Key players:
- Honeywell International
- Thales Group
- United Technologies
- GE Aviation
- Raytheon Company
- Meggitt PLC.
- BAE Systems
- EaglePicher Technologies
- Astronics Corporation
- CRANE AEROSPACE & ELECTRONICS
- Avionic Instruments
- Power Generation
- Power Conversion
- Power Distribution
- Power Storage
- Propulsion Electrification
- Aircraft Electrification
- HTF MI predicts a 13.1% CAGR for the market for aircraft electrification from the current year to 2028. The main force behind this rise is The main reasons propelling this market’s growth, according to research, are advancements in improved air mobility, an increase in the usage of cleaner, greener aircraft, and the development of alternative energy sources.
- To achieve globally endorsed sustainable objectives, companies and governments are working together to reduce CO2 emissions. Among the major drivers of the increase in carbon emissions worldwide are air travel and the larger travel sector. By 2028, regional flights on electric aircraft are expected to be less expensive than those using conventional jet engines, according to United Airlines, the third-largest U.S. carrier. United plans to start servicing smaller areas with 30-passenger aircraft.
- The aim is to convince people, notably business travellers, to switch from driving to flying. Archer and Aircraft Electrification Stellantis team together on January 4th, 2023 to produce Archer’s Midnight eVTOL aircraft. To support the production of the aircraft, Stellantis will provide innovative manufacturing technologies, knowledge, skilled labour, and funding. By saving hundreds of millions of dollars in expenditures, the gift will enable Archer to enhance its road to commercialization.
- Stellantis will offer up to $150 million in equity capital for a future draw by Archer at its discretion in 2023 and 2024 in exchange for the exclusive contract manufacturing rights to mass construct Archer’s eVTOL aircraft.
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- The primary trend fostering market expansion is the advancement of lithium-ion batteries. The advancement of lithium-ion batteries is the main trend driving market expansion. The market’s largest category in 2020 was Lithium Cobalt Oxide (LCO). The consumer electronics sector, a significant end-user of the lithium-ion battery business, prefers LCO batteries because of their high energy density.
- During the projection period, the lithium nickel manganese cobalt (Li-NMC) sector is anticipated to increase at the fastest rate. The demand for lithium-ion batteries is mostly driven by the automobile sector.
- High power is required by electric cars, and only the NMC battery type can deliver it. These batteries are utilised in electric car models like the Nissan Leaf, Chevy Volt, and BMW and have a very low self-heating rate.
Market Growth Drivers:
- According to the study, the development of alternative energy sources, increased usage of cleaner and greener aircraft, and advancements in advanced air mobility are the main reasons fueling this market’s growth. To meet globally endorsed sustainable objectives, businesses and governments are working together to reduce CO2 emissions.
- One of the main drivers of the increase in carbon emissions worldwide is air travel, along with the larger travel sector. By 2028, regional flights on electric aircraft are expected to be more economical than those using traditional jet engines, according to United Airlines, the third-largest U.S. carrier.
- United intends to start servicing smaller villages with 30-passenger aircraft. The goal is to convince travellers, particularly business travellers, to switch from driving to flying.
- The lack of technology and the larger number of batteries on board an aircraft are the main challenges facing the aviation industry. Because it takes a lot of energy to move an aircraft over long distances given its size and weight, many batteries are required in each aircraft. This limits market growth in developing countries.
- Technology preference shifts provide quite profitable market expansion prospects. The electric propulsion of aeroplanes drives market expansion through lower costs. The cost of the aircraft is decreased through aircraft electrification.
- The main driving force for the electrification of aeroplanes is anticipated operating cost reductions and reduced long-term cost advantages. Ampaire estimates that their 15-passenger aircraft would use 90% less fuel and spend 50% less on maintenance.
- On routes that are not now economically viable, such lower-cost structures can provide a possibility to resurrect the service. Additionally, electric aeroplanes offer less maintenance, less noise during takeoff and landing, and less carbon and other pollutants.
- HTF MI has employed a targeted and practical research strategy for the global aircraft electrification market that enables analysis of the pertinent market dynamics in different geographical areas. Our experts also undertake thorough analyses of specific geographic areas in order to give customers and companies the chance to compete in rising markets and grow in developed ones.
- The analysis of the global aircraft electrification market also illustrates how shifting player dynamics are influencing the market’s expansion. Our market researchers also do a thorough analysis of the goods and services provided by various Aircraft Electrification industry companies that are vying for market dominance.
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Individualization of the Report:
- Technological Developments HTF MI offers thorough value-added analysis in addition to giving precise market estimates on these topics.
- Market indicators for the electrification of aeroplanes; growth factors; and market restraints; An analysis of recent entrants and barriers to entrance and exit in the aviation electrification sector is offered.
- An Objective Evaluation of the Key Business Segments, Gap Analysis, and Market Performance Indicators, in the Aircraft Electrification Industry
- The aeroplane electrification research clarifies the market’s present position and key characteristics against this challenging background. To end this, HTF MI analysts coordinated and carried out surveys of the businesses involved in aviation electrification.
- The resulting snapshot offers a framework for understanding the causes of and potential paths for the industry’s growth.
- the industry’s growth pattern and path for electrifying aeroplanes. Insights are developed through financial research, surveys, and business specialists.
- How can each company in this diverse collection of rivals manage the quickly shifting competitive landscape of the aeroplane electrification industry and utilise a business strategy to uphold and strengthen their position so they can capture the most recent addressable opportunity?
Craig Francis (PR & Marketing Manager)
HTF MI Consulting Private Limited
Phone: +1 434 322 0091
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