Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Global Aircraft Electrification Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The global aircraft electrification market is set to experience significant growth, with an estimated increase of $6.17 billion during the period from 2022 to 2027.
This growth is expected to accelerate at a compound annual growth rate (CAGR) of 13.94% during the forecast period. The market analysis report provides comprehensive insights, including market size and forecast, trends, growth drivers, challenges, and vendor analysis featuring approximately 25 key vendors.
Aircraft electrification involves the integration of electrical systems and technologies in aircraft, leading to various benefits such as lower operating costs, improved efficiency, and reduced environmental impact. The market is currently witnessing notable growth driven by technological advancements, the cost-effectiveness of electric and hybrid-electric aircraft, and government incentives aimed at fostering the development of electric and hybrid-electric aircraft.
Key Market Trends and Drivers:
- Technological Advancements: Ongoing technological advancements in aircraft electrification are a significant driver of market growth. These innovations enhance the performance, efficiency, and sustainability of aircraft systems.
- Lower Operating Costs: Electric and hybrid-electric aircraft are known for their lower operating costs compared to traditional aircraft. This cost advantage is driving the adoption of electrified aircraft across commercial, general, and military platforms.
- Government Incentives: Governments and regulatory bodies worldwide are offering incentives and support for the development and adoption of electric and hybrid-electric aircraft. These initiatives promote eco-friendly aviation solutions.
- Increased Demand for Electric Aircraft: The market is witnessing increased demand for electric aircraft, particularly in the commercial sector. Airlines are exploring electric aircraft as a means to reduce emissions and operating costs.
- Advancements in Battery Technology: Battery technology is a crucial component of electrified aircraft. Ongoing advancements in battery technology, such as improved energy density and safety, are contributing to market growth.
Market Segmentation:
The aircraft electrification market is segmented as follows:
- Platform
- Commercial and General
- Military
- Technology
- More Electric
- Fully Electric
- Hybrid Electric
- Geography
- Europe
- North America
- APAC (Asia-Pacific)
- Middle East and Africa
- South America
Vendor Analysis:
The report provides a comprehensive vendor analysis, covering approximately 25 key vendors in the aircraft electrification market. Some of the companies mentioned include Acme Aerospace Inc, Avionic Instruments LLC, Aegis Power Systems Inc, AMETEK Inc, Astronics Corp, BAE Systems Plc, Carlisle Companies Inc, Crane Co, EaglePicher Technologies LLC, General Electric Co, Hartzell Propeller Inc, Honeywell International Inc, Lee Air Inc, magniX, Nabtesco Corp, Parker Hannifin Corp, PBS Aerospace Inc, Raytheon Technologies Corp, Safran SA, Thales, and U.S. Technologies.
For more information about this report visit https://www.researchandmarkets.com/r/4dydx6
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