Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets.
Global Aircraft Electrification Market is valued approximately USD 7091.30 million in 2022 and is anticipated to grow with a healthy growth rate of more than 14.58% over the forecast period 2023-2030. Aircraft electrification is the process of replacing traditional mechanical, hydraulic, and pneumatic systems in aircraft with electrical systems. This involves using electric motors, batteries, and other power electronics to control various aircraft functions, including propulsion, environmental control, and flight control. Aircraft electrification has gained traction in recent years as a way to reduce the environmental impact of air travel.
Electric aircraft are much quieter and emit far fewer pollutants than traditional aircraft. In addition, they are more efficient, which means they use less fuel and can fly further on a single charge. The key factor driving the market growth is growing need for cleaner and quieter aircraft, advances in batteries, electric motors, and power electronics, increase in demand for unmanned aerial vehicles, and surging demand for electrical systems in aircraft that anticipated to create the lucrative demand for the market during forecast period.
For further analysis on the study, request a sample copy
Moreover, the rising demand for unmanned aerial vehicles (UAVs) is one of the factors driving the growth of the aircraft electrification market. UAVs require reliable and efficient power systems to operate, and electrification technologies are becoming increasingly popular to achieve these requirements. Electric propulsion systems are being used in UAVs to provide a more efficient and cleaner alternative to traditional combustion engines. These systems offer benefits such as reduced fuel consumption, lower emissions, and quieter operation, making them ideal for applications such as surveillance, reconnaissance, and cargo transport.
According to Statista, in 2018, the global unmanned aerial vehicles was valued USD 25.59 billion, and the number is anticipated to reach USD 70.28 billion by 2029. As a result, the rising UAVs market is anticipated to support the market growth during forecast period. Additionally, development of lithium-ion batteries, and emergence of advanced air mobility is anticipated to create the lucrative opportunity for the market during forecast period. However, the high limited range of electric aircraft stifles market growth throughout the forecast period of 2023-2030.
On the basis of component market is sub categorized into batteries, fuel cells, Electric Actuators, Generators, Motors, Power Electronics, Power Electronics and Distribution device. The dominance of the battery component in the global aircraft electrification market is underscored by its anticipated leadership role and a forecasted highest Compound Annual Growth Rate (CAGR) during the period from 2023 to 2030. This projection aligns with the dynamic landscape of technological advancements, where continuous breakthroughs in battery technology contribute to increased energy density, enhanced safety features, and reduced weight. As global trends toward electrification gain momentum across various industries, the aviation sector is poised to benefit, with batteries emerging as a key driver of this transformative shift.
In the global aircraft electrification market, the application segment is poised for a transformative shift, with power generation emerging as the leading force and exhibiting the highest projected Compound Annual Growth Rate (CAGR) from 2023 to 2030. This forecast is substantiated by several key factors driving the ascendancy of power generation within the aviation electrification landscape. The evolution of power generation technologies is playing a pivotal role, with advancements in electrical systems, generators, and associated components contributing to increased efficiency and reliability. Furthermore, the rising demand for electric and hybrid-electric propulsion systems in aircraft is bolstering the significance of power generation as a central component, driving innovation in the quest for enhanced performance and sustainability.
The global aircraft electrification market exhibits a distinctive regional pattern, with North America (NA) positioned as a frontrunner and the Asia-Pacific (APAC) region anticipated to experience the highest Compound Annual Growth Rate (CAGR). In North America, the presence of established aerospace industry giants, substantial research and development investments, and robust government support have collectively propelled the region to lead in the development and adoption of aircraft electrification technologies. The region’s commitment to sustainability, coupled with favorable policies promoting technological innovation, further strengthens its prominent role in the market.
On the other hand, the Asia-Pacific region, characterized by rapid economic growth and emerging markets such as China and India, is poised to witness substantial growth. The increasing demand for air travel, coupled with a growing middle class, creates a conducive environment for the adoption of more sustainable and efficient aviation solutions. Government initiatives aligning with environmental conservation and supportive policies are expected to drive the aircraft electrification market in APAC, contributing to the region’s projected highest CAGR. Additionally, the region’s reputation for swift technological adoption positions it as a key player in the ongoing evolution of the global aircraft electrification landscape.
Major market player included in this report are:
Ametek.Inc.
Astronics Corporation
BAE Systems
Collins Aerospace
Honeywell International Inc.
MagniX
Meggitt plc
Rolls-Royce plc
Safran S.A.
Thales Group
Recent Developments in the Market:
Ø In February 2022, Boeing was selected by GE Aviation to assist with flying tests of its hybrid-electric propulsion system using a modified Saab 340B aircraft and CT7-9B turboprop engines. Services for aircraft modification, system integration, and flight testing will be offered to GE Aviation by Boeing and its affiliate Aurora Flight Sciences.
Global Aircraft Electrification Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Component, Application, Technology, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Component offerings of key players. The detailed segments and sub-segment of the market are explained below:
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 Technology:
More Electric
Hybrid Electric
Fully Electric
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
1.2.1. Aircraft Electrification Market, by Region, 2020-2030 (USD Million)
1.2.2. Aircraft Electrification Market, by Component, 2020-2030 (USD Million)
1.2.3. Aircraft Electrification Market, by Application, 2020-2030 (USD Million)
1.2.4. Aircraft Electrification Market, by Technology, 2020-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Aircraft Electrification Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Aircraft Electrification Market Dynamics
3.1. Aircraft Electrification Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Growing need for cleaner and quieter aircraft
3.1.1.2. Advances in batteries, electric motors, and power electronics
3.1.1.3. Rise in demand for unmanned aerial vehicles
3.1.2. Market Challenges
3.1.2.1. Limited range of electric aircraft
3.1.3. Market Opportunities
3.1.3.1. Development of lithium-ion batteries
3.1.3.2. Emergence of advanced air mobility
Chapter 4. Global Aircraft Electrification Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Aircraft Electrification Market, by Component
5.1. Market Snapshot
5.2. Global Aircraft Electrification Market by Component, Performance – Potential Analysis
5.3. Global Aircraft Electrification Market Estimates & Forecasts by Component 2020-2030 (USD Million)
5.4. Aircraft Electrification Market, Sub Segment Analysis
5.4.1. Batteries
5.4.2. Fuel Cells
5.4.3. Electric Actuators
5.4.4. Generators
5.4.5. Motors
5.4.6. Power Electronics
5.4.7. Distribution Devices
Chapter 6. Global Aircraft Electrification Market, by Application
6.1. Market Snapshot
6.2. Global Aircraft Electrification Market by Application, Performance – Potential Analysis
6.3. Global Aircraft Electrification Market Estimates & Forecasts by Application 2020-2030 (USD Million)
6.4. Aircraft Electrification Market, Sub Segment Analysis
6.4.1. Power Generation
6.4.2. Power Distribution
6.4.3. Power Conversion
6.4.4. Energy Storage
Chapter 7. Global Aircraft Electrification Market, by Technology
7.1. Market Snapshot
7.2. Global Aircraft Electrification Market by Technology, Performance – Potential Analysis
7.3. Global Aircraft Electrification Market Estimates & Forecasts by Technology 2020-2030 (USD Million)
7.4. Aircraft Electrification Market, Sub Segment Analysis
7.4.1. More Electric
7.4.2. Hybrid Electric
7.4.3. Fully Electric
Chapter 8. Global Aircraft Electrification Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Aircraft Electrification Market, Regional Market Snapshot
8.4. North America Aircraft Electrification Market
8.4.1. U.S. Aircraft Electrification Market
8.4.1.1. Component breakdown estimates & forecasts, 2020-2030
8.4.1.2. Application breakdown estimates & forecasts, 2020-2030
8.4.1.3. Technology breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Aircraft Electrification Market
8.5. Europe Aircraft Electrification Market Snapshot
8.5.1. U.K. Aircraft Electrification Market
8.5.2. Germany Aircraft Electrification Market
8.5.3. France Aircraft Electrification Market
8.5.4. Spain Aircraft Electrification Market
8.5.5. Italy Aircraft Electrification Market
8.5.6. Rest of Europe Aircraft Electrification Market
8.6. Asia-Pacific Aircraft Electrification Market Snapshot
8.6.1. China Aircraft Electrification Market
8.6.2. India Aircraft Electrification Market
8.6.3. Japan Aircraft Electrification Market
8.6.4. Australia Aircraft Electrification Market
8.6.5. South Korea Aircraft Electrification Market
8.6.6. Rest of Asia Pacific Aircraft Electrification Market
8.7. Latin America Aircraft Electrification Market Snapshot
8.7.1. Brazil Aircraft Electrification Market
8.7.2. Mexico Aircraft Electrification Market
8.8. Middle East & Africa Aircraft Electrification Market
8.8.1. Saudi Arabia Aircraft Electrification Market
8.8.2. South Africa Aircraft Electrification Market
8.8.3. Rest of Middle East & Africa Aircraft Electrification Market
Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Ametek.Inc.
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. Astronics Corporation
9.3.3. BAE Systems
9.3.4. Collins Aerospace
9.3.5. Honeywell International Inc.
9.3.6. MagniX
9.3.7. Meggitt plc
9.3.8. Rolls-Royce plc
9.3.9. Safran S.A.
9.3.10. Boeing Company
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption
At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts.
This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.
Backed by 60+ paid data sources our reports deliver crisp insights with no compromise quality.
24x7 Chat Support plus
free analyst hours with every purchase
Our 360-degree approach of market study, our research methods leave stones unturned.
Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We offer wide range of services including Syndicated Reports, Customized Reports, Competitive Intelligence and others.
