SEATTLE, April 18, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the Global Hybrid Electric Jet Market was valued at US$ 54 million in 2022 and is projected to exhibit a CAGR of 56.42% over the forecast period (2022 – 2026).
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Key Driving Factor of the Hybrid Electric Jet Market:
Increasing use of primary energy by transportation sector including aviation and automotive coupled with volatile oil price are the major factors influencing aviation industry to develop alternative fuel sources. This is the most challenging factor enforcing the requirement of energy consumption by aircraft industry thus mitigating both the impact of high fuel prices and environmental effects. Exploration of alternative fuel such as hybrid electric propulsion systems for aircraft is expected to reduce the volume of fossil fuel required along with lowering noise levels. The A380 uses a combination of electro-hydrostatic actuators (EHA), in which electrical power generates local hydraulic pressure to power an actuator and electrical back-up hydraulic actuators (EBHA). Thus, requirement to reduce the emission and oil consumption, is one of the major factors driving growth of the market.
Major Restrains of the Hybrid Electric Jet Market:
ICE limitation such as limiting the descent rate of aircraft is the key factor expected to restraint growth of the global market over the forecast period. The maximum rate of descent which is a key parameter in skydiving mission has a direct impact on the mission cycle time. This descent rate can be affected by several aspects of ICE installation, piston or turbine and the type of propeller, owing to these factors engine can be damaged if overdriven by the wind-milling propeller. This can be avoided by limiting the descent rate and airspeed.
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Key Market Takeaways:
- North America is expected to account 64.35% of global market by 2026, owing to increasing need to control greenhouse gas emission along with usage of fossil fuel in aircraft sector.
- Some of the major players in the global hybrid electric jet market include Zunum Aero, Boeing HorizonX, Uber Technologies Inc, JetBlue Technology, Siemens AG, Airbus SE, Rolls Royce, Lilium, EasyJet Ltd. and Wright Electric.
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