Aircraft Electrification Market Analysis | 2023-2028

Market Insights

The aircraft electrification market was estimated at USD 6.8 billion in 2022 and is likely to grow at a CAGR of 14.09% during 2023-2028 to reach USD 15.04 billion in 2028.

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Market Dynamics

Introduction

Aircraft electrification involves replacing traditional mechanical, hydraulic, and pneumatic systems with electrically powered alternatives. This transition integrates electric propulsion systems, energy storage solutions, and electrical distribution networks to power various aircraft functions, thus, enhancing efficiency, reducing emissions, and improving performance. Key components include electric propulsion systems, energy storage devices like batteries, advanced electrical distribution networks, and power management systems.

Market Drivers

The major factors driving the growth of aircraft electrification are-

• The surge in demand for electric aircraft propulsion systems.
• The emergence of electric-powered aircraft.
• Increasing initiatives to reduce environmental emissions through aircraft.
• Strict regulations concerning carbon emissions by aircraft.

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Key Players

Some of the major players in the market are-

• Honeywell International Inc.
• Safran S.A.
• Thales Group
• United Technologies Corporation
• GE Aviation
• Avionic Instruments, LLC
• AMETEK Inc.
• Meggitt PLC
• BAE Systems
• Radiant Power Corporation.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By System Type

Based on the system type, the aircraft electrification market is segmented into propulsion systems and aircraft systems. The propulsion systems segment is expected to hold a larger share of the market during the forecast period. Increasing concerns about reduction in fuel consumption and carbon emissions are fueling the adoption of electrical propulsion systems. Further, the surge in penetration of electric components in the aircraft propulsion systems is expected to reduce fuel burn substantially which will lead to reduced environmental emissions.

Regional Insights

In terms of regions, Europe is estimated to be the largest market for aircraft electrification during the forecast period, with France, Germany, The UK, and Switzerland being the major countries with lucrative growth opportunities. Increasing passenger traffic in the region, along with increasing concerns regarding passenger safety, carbon emissions, and noise pollution in various government regulatory bodies, such as the European Defense Agency (EDA), the European Union Aviation Safety Agency (EASA), the European Air Transport Command, and the UK Civil Aviation Authority (CAA), is fueling the demand for aircraft electrification. Further, the presence of key electric aircraft manufacturers, such as Rolls Royce plc, Safran S.A., GKN plc, and Thales Group is driving the growth of the region’s market.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aircraft electrification market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The aircraft electrification market is segmented into the following categories.

By Platform Type

• Commercial Aircraft
• Military Aircraft
• General Aviation

By Technology Type

• More Electric
• Hybrid Electric
• Fully Electric

By Application Type

• Power Generation
• Power Distribution
• Power Conversion
• Energy Storage

By System Type

• Propulsion Systems
• Aircraft Systems

By Component Type

• Batteries
• Fuel Cells
• Solar Cells
• Electric Actuators
• Electric Pumps
• Generators
• Motors
• Power Electronics
• Distribution Devices

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Switzerland, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the platform types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.