The electrified aircraft propulsion market is expected to grow at a CAGR of 12%, expanding from USD 6.5 billion in 2023 to USD 20.3 billion by 2033. Growth in this sector is fueled by the increasing demand for cleaner, greener aircraft, advancements in sophisticated air transportation, and the pursuit of alternative energy sources.
However, implementing autonomous flight systems and developing urban commuter air transport solutions face challenges, especially with rising cybersecurity concerns that increase the vulnerability of software and systems to potential threats.
Owing to the announced lockdowns and government restrictions on public meetings owing to the COVID-19 epidemic, research and development in the electrified aircraft propulsion market have been impeded around the world.
The pandemic has slowed the production of components, including lithium-ion batteries and other power electronics parts. As the globe returns to normalcy, the sales of electrified aircraft propulsion will see a significant rise.
The shortage of replacement parts is hindering continued prototype research and development. Due to the current constraints, companies are unable to test their prepared prototypes, but this is expected to restart once the restrictions on aircraft propulsion are lifted.
With the growing size of the global aircraft fleet and increased airline travel, emission issues are expected to climb even more.
Some of the major factors driving the growth of the global aircraft electrification market are an increase in global government concerns about environmental pollution, stringent rules regarding carbon emissions through airplanes by the aircraft industry to reduce aircraft noise, and low operational costs.
Electric aircraft’s restricted range and capacity, on the other hand, are projected to hinder market expansion. On the other hand, advancements in superior power electronics components and Lithium-ion battery technology are expected to open up the attractive potential for the electrified aircraft propulsion market.
Key Takeaways
- With a market dominance of 24.3 percent in 2021, the battery sector is anticipated to drive the electrified aircraft propulsion market over the projected period.
- According to technology, the hybrid electric aircraft segment of the aircraft electrification market is expected to grow at the fastest rate during the forecast period.
- From 2021 through 2030, the North American market is expected to contribute the most. The increasing demand for new airplanes in North America is one of the main reasons for the region’s leadership in the electrified aircraft propulsion market.
- Turbogenerators for powering electric motors and batteries, electric actuators, and fly-by-wire are among the latest innovative technologies in the aviation electrification business.
Competitive Landscape
To consolidate their power in the electrified aircraft propulsion market, key players have used a variety of organic and inorganic techniques.
Safran, Thales Group, Raytheon Technologies, and GE Aviation have used a number of strategies to expand their market position, including acquisitions, contracts, new product launches, collaborations, and agreements.
Recent Developments
GE Aviation chose Boeing in February 2022 to assist flying tests of their hybrid-electric propulsion system on a modified Saab 340B aircraft with CT7-9B turboprop engines.
GE Aviation will get airplane modification, system integration, and flight-testing services from Boeing and its affiliate Aurora Flight Sciences.
MagniX and DESAER, a Brazilian aviation business, established cooperation in February 2022 to develop the ATL-100H, a hybrid-electric version of the ATL-100 regional aircraft.
Depending on the range of operation, the ATL-100H is predicted to save 25-40% of gasoline, which is a considerable reduction in carbon emissions. The hybrid-electric aircraft ATL-100H’s revolutionary design is the first step toward DESAER’s goal of developing an all-electric aircraft, addressing the world’s growing recognition of the need to advance sustainable aviation practices.
Key Players
- Honeywell International Inc.
- Safran, Thales Group
- Raytheon Technologies
- GE Aviation
- Ametek Inc.
- Meggitt PLC
- Astronics Corporation
- Crane Aerospace & Electronics
- Magnix
- PBS Aerospace
- ACME Aerospace Inc. & Avionic Instruments LLC
- Nabtesco Corporation
- Carlisle Interconnect Technologies
Key Market Segments
By Component:
- Batteries
- Fuel Cells
- Solar Cells
- Electric Actuators
- Electric Pumps
- Generators
- Motors
- Power Electronics
- Distribution Devices
By Technology:
- More Electric
- Hybrid Electric
- Fully Electric
By Application:
- Power Generation
- Power Distribution
- Power Conversion
- Power Storage
By Platform:
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicles
- Advanced Air Mobility
By System:
- Propulsion System
- Environmental System
- Landing Gear System
- Ice Protection System
- Flight Control System
- Thrust Reverser System
By Region:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Benelux
- Nordic
- Asia Pacific
- China
- Japan
- South Korea
- The Middle East and Africa(MEA)
- GCC Countries
- South Africa
- Türkiye
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