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Aircraft Electrification Market: Growth, Future Prospects, and Competitive Analysis, 2022 - 2030

The process of electrifying aircraft includes swapping out the mechanical and hydraulic systems in aircraft for electrical ones. Planes are intended to become more reliable, efficient, and environmentally friendly as a result of this improvement. While electrical systems are more dependable and require less maintenance, traditional systems can be expensive to maintain and require a lot of upkeep.

As an alternative to conventional combustion-powered jet engines, electric propulsion systems are being explored. These systems make use of electric motors that are driven by fuel cells or batteries. Electric propulsion systems have the potential to increase efficiency while also lowering pollution, albeit this technology is still in its earliest stages. Additionally, avionics like navigation systems and flight management systems can leverage electrical systems to make them more dependable and simpler to maintain.
In 2020, the Aircraft Electrification market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Environmental concerns, and technological advancements are the drivers while, Regulatory requirements is a restraint

Environmental concerns and technological advancements are the drivers of aircraft electrification because they are motivating the aviation industry to develop more sustainable and efficient technologies. The increasing urgency to lower carbon emissions and improve environmental sustainability is driving the adoption of electric aircraft, which have the potential to significantly reduce emissions. For instance, The European Union launched its "Green Deal" in September 2020, with the goal of making the EU climate-neutral by 2050. The European Commission established a target for this plan that calls for the aviation sector to reduce its emissions by 90% by the year 2050. As a result, electric aeroplanes and other low-emission technologies are being developed.

At the same time, improvements in battery and electric motor technology have enabled the creation of high-power electrical systems that can satisfy the requirements of the aviation sector. These developments have helped to overcome some of the technological barriers connected with electrification and have increased the potential of electric aircraft. Several aviation companies are concentrating on the development of electric planes. For instance, Rolls-Royce declared in March 2021 that ground testing of the most potent aerospace gearbox in the world for the electric propulsion system of its "Spirit of Innovation" aircraft had been successfully completed. This innovation represents a significant advance for the creation of electric aircraft.

However, since developing new technology frequently involves regulatory barriers, such as certification requirements, regulatory constraints represent an obstacle for aeroplane electrification. To make sure that electric planes adhere to safety and dependability criteria, the aviation sector must collaborate with authorities. Although this is a crucial step in maintaining the security of electric aircraft, it may also delay the advancement and uptake of new technologies. For instance, The FAA declared in April 2021 that it had granted its first-ever type certification to an electric vertical takeoff and landing (eVTOL) aircraft, the Beta Technologies "Alia." Although this marks an important development for electric aviation, it also serves as a reminder of the length of time and effort needed to win regulatory approval for new technology.

Commercial Aviation expected to account for significant market share by Platform segment

The global Aircraft Electrification market is mainly classified based on Component, Technology, System, Application, and Platform. On the basis of Component, the market is segmented into batteries, fuel cells, solar cells, electric actuators, electric pumps, generators, motors, power electronics, and distribution devices. By technology, the market is classified into hybrid electric, more electric, and fully electric. Based on the system, the market is divided into propulsion systems, and aircraft systems. On the basis of application, the market is organized into power distribution, power conversion, power generation, and energy storage. By Platform, the market is segmented into commercial aviation, military aviation, business & general aviation, unmanned aerial vehicles, and others.
On the basis of platform, the commercial aviation segment holds the majority of the market share in the aircraft electrification industry. This is due to the fact that the aviation industry's major sector, commercial aviation, is under increasing pressure to lessen its carbon impact. Major airlines including Delta, United, and British Airways have made investments in electric aircraft recently and have targets set for lowering their carbon emissions. Due to this, electric and hybrid-electric aircraft that can meet the safety and dependability standards of commercial flying have been developed. For instance, Airbus announced the beginning of its ZEROe programme in June 2021, which entails the creation of three concepts for hydrogen-powered aircraft. By 2035, the business aims to have a commercial zero-emission aeroplane operational. Similarly, with the aim of having a 100-seat electric aircraft in operation by 2030, the Airbus revealed intentions to create a commercial electric aircraft in partnership with Rolls-Royce and Siemens in March 2021.

Interesting Facts of Aircraft Electrification Market

• Based on the component, the batteries category dominates the aircraft electrification market. Because they supply energy for propulsion and onboard systems, batteries are an essential part of electric and hybrid-electric aircraft.
• The more electric segment holds the major market share in the aircraft electrification industry by technology.
• By application, the aircraft electrification market is dominated by the power distribution sector. This is so that the appropriate quantity of power is provided to each system and component.
• On the basis of systems, the aviation systems segment dominates the sector. This is due to the fact that electrification may considerably enhance the performance of some aircraft systems, such lighting, climate control, and avionics, which require a lot of power to operate.
•  Researchers are looking into the possibility of replacing conventional jet fuels in aircraft with hydrogen fuel cells, which have zero emissions.
• More than 100 electric motors operate various systems on the Airbus A380, the largest passenger airliner in the world, including the landing gear and wing flaps.

North America will account for the largest share of the Aircraft Electrification industry

North America is anticipated to hold the highest share of the aircraft electrification market due to a number of factors. The first is that the area is home to some of the biggest aircraft producers in the world, including Boeing and Airbus, who are making significant investments in the creation of electric aircraft. These businesses are working to produce more effective and ecologically friendly aircraft that can satisfy the demands of the aviation sector with considerable research and development budgets. Additionally, the growth of the aviation electrification business in North America is receiving significant assistance from the government. For instance, the Federal Aviation Administration (FAA) in the United States has established a number of programmes to encourage the creation and use of electric aircraft. These initiatives offer financial support for R&D as well as regulatory assistance to aid in the commercialization of new electric aircraft.

Moreover, a number of the world's top producers of electric aircraft parts, such Honeywell and United Technologies Corporation, are based in North America. These companies are crucial in the industry's growth and innovation. In order to further the development of electric aircraft, these businesses are making investments in cutting-edge technology like electric motors, batteries, and power electronics. For instance, in 2021, electric aircraft start-up Ampaire announced that it had raised $13.2 million in a funding round led by MissionOG. The company plans to use the funds to develop its electric aircraft technology, which involves retrofitting existing aircraft with electric propulsion systems.

Global Aircraft Electrification Market key Players:

Some of the major competitors in the global Aircraft Electrification market include Ametex Inc., BAE Systems, Crane Aerospace & Electronics, EaglePicher Technologies, Nabtesco Corporation, Honeywell International Inc, GE Aviation, Meggitt PLC, Hartzell Engine Technologies LLC, PBS AEROSPACE, Safran, Raytheon Technologies Corporation, and Thales Group.
The Aircraft Electrification is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position through new product launches and facility expansions. The following are some recent market developments:

• Boeing announced plans to test a fully electric aeroplane in 2021. The aircraft, which is anticipated to start conducting test flights in 2022, may pave the way for a new generation of electric planes.
• Archer Aviation announced that it would combine with a special purpose acquisition company (SPAC). The transaction, which has a $3.8 billion estimated value, also includes investments from United Airlines and Stellantis, the parent company of Fiat Chrysler.
• Rolls-Royce made plans to construct a new plant in the UK for the creation of electric aircraft propulsion systems public in 2021. The facility will assist Rolls-Royce improve its position in the aircraft electrification industry by being used to design and test new electric motors, power electronics, and other components for electric aircraft.
• Lockheed Martin, a leader in aerospace and defence, declared in 2021 that it will invest $100 million in Archer Aviation, a start-up developing electric aircraft. The investment is a part of Lockheed Martin's efforts to increase its market share in the electric aircraft sector and create fresh aviation technology.
• United Airlines stated in 2020 that it has placed a 100-aircraft contract with the Swedish company Heart Aerospace, with deliveries set to start in 2026. The aircraft, which are built for short-haul travel, could drastically lower United's carbon emissions.

Frequently asked questions about global Aircraft Electrification market

Q: What is the current size of the global Aircraft Electrification market?
Ans: The Aircraft Electrification market was valued at YY million US$ in 2020 and is projected to reach XX million US$ by 2027, at a CAGR of YY% during the forecast period.

Q: What are the major opportunities in Aircraft Electrification industry?
Ans: Increasing demand for electric and hybrid-electric aircraft is the major opportunity.

Q: What are the major growth driving factors for Aircraft Electrification industry?
Ans: Environmental concerns and technological advancements are the major growth driving factors for the market growth.

Q: Which region is expected to have the largest share of the Aircraft Electrification market?
Ans: North America region is expected to have the largest share of the Aircraft Electrification market.

Q: Which systems segment will dominate the Aircraft Electrification market?
Ans: Aircraft systems segment will dominate the Aircraft Electrification market.