NEWARK, Del, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The aircraft electrification market is expected to be valued at US$ 9.3 billion in 2024. The market is expected to progress at an astounding rate of 14.9% over the forecast period. By 2034, the value of the market is forecasted to reach US$ 37.2 billion.
With sustainability measures on the rise, companies are making concentrated efforts to minimize environmental damage by turning to alternative sources of energy like electricity. Governments are also encouraging the adoption of electrification, making investments to develop research programs and impose regulatory measures on aircraft carriers.
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In addition to air pollution, traditional aircraft are also adjudged guilty of increasing noise pollution. Electrified aircraft offer the benefit of being quieter than traditional aircraft. The cost savings enabled by electrification also benefits airline carriers. Both flights carrying cargo and passengers are being developed with electrification.
“The electrification of aircraft is still a developing process. The constantly innovating industry is improving on existing components like generators and actuators, which is driving the market forward,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Aircraft Electrification Market:
- The aircraft electrification market is anticipated to be valued at US$ 9.3 billion in 2024.
- Batteries form the leading component in the aircraft electrification market. From 2024 to 2034, the segment is forecasted to progress at a CAGR of 14.7%.
- Power generation is the market by application. Power generation is predicted to progress at a CAGR of 14.5% over the forecast period.
- South Korea is one of the most promising countries in the market. The CAGR for the market in South Korea is anticipated to be 17.0% over the forecast period.
- Japan and China are poised to be lucrative markets in the Asian region. The CAGRs for Japan and China are pegged at 16.5% and 15.6%, respectively, from 2024 to 2034.
- The market in the United States is expected to register a CAGR of 15.2% over the forecast period.
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Competition Analysis of the Aircraft Electrification Market
The highly competitive market is characterized by the presence of established players, startups, and small-scale companies. Partnership agreements are common as companies try to leverage the combined technology available at their disposal. Some of the prominent companies in the market include Honeywell International Inc., Astronics Corporation, Meggitt plc, and BAE Systems.
Key Companies in the Aircraft Electrification Market:
- Honeywell International Inc.
- Astronics Corporation
- Meggitt plc
- BAE Systems
- Collins Aerospace
- Rolls-Royce plc
- Ametek, Inc.
Recent Developments in the Aircraft Electrification Market
- In January 2024, Joby Aviation inked a partnership deal with Atlantic Aviation for the electrification process of their aviation structure.
- In November 2022, United Airlines invested in Natron Energy, an aircraft battery manufacturer.
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Market Segmentation
By Component:
- Batteries
- Fuel Cells
- Electric Actuators
- Generators
- Motors
- Power Electronics
- Distribution Devices
- Others
By Application:
- Power Generation
- Power Distribution
- Power Conversion
- Energy Storage
By Phase:
- More Electric
- Hybrid Electric
- Fully Electric
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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