Aircraft Electrification Market Size, Revenue Analysis, Opportunities, Trends, Product Launch, 2021–2032
Aircraft electrification refers to the use of electrical systems and components in aircraft to replace traditional mechanical and hydraulic systems. The aircraft electrification market is expected to grow significantly in the coming years due to the increasing demand for fuel-efficient and environmentally friendly aircraft. The global aircraft electrification market size was USD 8.87 Billion in 2022 and is expected to register a revenue CAGR of 14.3 % during the forecast period, according to latest analysis by Emergen Research.
One of the major drivers of the aircraft electrification market is the increasing demand for fuel-efficient aircraft. The use of electrical systems and components in aircraft can significantly reduce fuel consumption and emissions, leading to cost savings and environmental benefits. The growing concern for climate change and environmental pollution is driving the demand for more sustainable aircraft solutions.
Another driver of the aircraft electrification market is the increasing demand for lighter and more efficient aircraft components. Electrical systems and components are typically lighter and more efficient than traditional mechanical and hydraulic systems, leading to weight savings and improved performance. The demand for lightweight aircraft components is driven by the need to improve aircraft fuel efficiency and reduce operating costs.
According to the International Energy Agency, the aviation sector is responsible for around 2.5% of global carbon dioxide emissions. The agency notes that the adoption of more sustainable aircraft solutions such as electrification and biofuels is essential to reduce the environmental impact of the aviation sector.
Furthermore, the report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.
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Key companies operating in the Aircraft Electrification market include:
Honeywell International Inc., Rolls-Royce Holdings plc, GE Aerospace, BAE Systems plc, Eaton Corporation, Raytheon Technologies Corporation, ST Microelectronics NV, Thales Group, Meggitt PLC, Crane Co., Cobham Limited, Safran SA, Teledyne Technologies Incorporated, Nidec Corporation, Calnetix Technologies, LLC., Lufthansa Group, Diehl Stiftung & Co. KG and others
Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Aircraft Electrification market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Key Benefits of the Report:
- Comprehensive analysis of the competitive scenario and its changing dynamics
- Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
- In-depth 8-year analysis of the Global Aircraft Electrification Market
- Critical understanding of the key market segments
- Comprehensive analysis of the drivers, restraints, trends, and opportunities
- Detailed regional analysis and extensive company profiling
- Extensive assessment of current and emerging trends of the market
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Aircraft Electrification Market Segmentation:
- Aircraft Type Outlook (Revenue, USD Billion; 2019-2032)
- Fixed Wing
- Commercial Aircraft
- Business Aircraft
- Regional Jets
- General Aviation
- Military Aircraft
- Fixed-Wing UAVs
- Rotary-Wing
- Military Helicopter
- Civil Helicopter
- Rotary Wing UAVs
- Fixed Wing
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Conventional
- Hybrid Electric
- Fully Electric
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Integrated Circuits (ICs)
- Microprocessors and Microcontrollers
- Sensors
- Actuators
- Batteries
- Wiring and Connectors
- Communication Systems
- Generators
- Transformers
- Inverters
- Others
Aircraft Electrification Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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