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The global aircraft electrification market has experienced a substantial surge, elevating from $4.52 billion in 2022 to $5.09 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 12.6%. With the trajectory continuing its upward path, projections suggest a further ascent to $7.94 billion in 2027 at a CAGR of 11.8%. In this blog, we delve into the key drivers propelling this growth and the pivotal role of electrification in aviation.

• Market Growth Metrics:
  • 2022: $4.52 billion
  • 2023: $5.09 billion (CAGR: 12.6%)
  • Projected 2027: $7.94 billion (CAGR: 11.8%)

Green Skies: Demand for Carbon Footprint Reduction
The surge in the aircraft electrification market is intricately linked to the global demand for reducing the carbon footprint. Carbon footprint, referring to the total greenhouse gas emissions over a specified period, has garnered significant attention. Electric aviation emerges as a promising solution to address this concern. By replacing traditional fuel with electricity, electric aircraft substantially reduce harmful gas emissions into the atmosphere. According to the World Economic Forum, nearly 3% of global carbon dioxide emissions are attributed to the aviation sector. To combat this, the industry is focusing on key measures such as using hydrogen power, carbon offsets, and cleaner fuel to achieve carbon neutrality by 2050.

• Carbon Footprint Reduction:
  • Electric aircraft use electricity instead of fuel.
  • Significant reduction in harmful gas emissions.
  • Aviation sector responsible for nearly 3% of global CO2 emissions.
• Industry Commitments:
  • World Economic Forum’s commitment to carbon neutrality by 2050.
  • Emphasis on hydrogen power, carbon offsets, and cleaner fuel.

Industry Titans: Major Players Shaping the Market
Key players driving the dynamics of the aircraft electrification market include The Boeing Company, Airbus SE, Safran Group, Honeywell International Inc., Raytheon Technologies Corporation, General Electric Company, Thales Group, Moog Inc., Parker-Hannifin Corp., Eaton, AMETEK Inc., Meggitt PLC, BAE Systems, EaglePicher Technologies, and Nabtesco Corporation. These industry giants play a pivotal role in shaping the landscape and fostering technological advancements.

• Major Market Players:
  • The Boeing Company
  • Airbus SE
  • Safran Group
  • Honeywell International Inc.
  • Thales Group

Collaborative Power: Strategic Partnerships Fueling Growth
A key trend in the aircraft electrification market is the strategic partnership between companies to leverage resources and enter new markets. In April 2022, Eve UAM, LLC, a Brazil-based aircraft company, partnered with Thales Group to boost the growth of Eve’s electric vertical take-off and landing (eVTOL) aircraft in Brazil. This partnership involves cooperative research on the technical, financial, and adaptable viability of an all-electric airplane. Thales Group’s expertise in avionics, electric systems, flight control, navigation, communication, and connection systems enhances the collaborative effort. Another notable partnership in October 2021 involved Amedeo, an Ireland-based aircraft leasing and asset management company, partnering with AURA AERO to advance the net-zero by 2050 objective of the commercial aviation sector.

• Strategic Partnerships:
  • Eve UAM, LLC, and Thales Group collaboration in Brazil.
  • Amedeo and AURA AERO partnership for net-zero aviation.

Market Dynamics: Segmentations and Regional Insights
The global aircraft electrification market is segmented based on components (batteries, fuel cells, solar cells, electric actuators, electric pumps, generators, motors, power electronics, distribution devices), technology (more electric, hybrid electric, fully electric), and platform (fixed wing, rotary wing, unmanned aerial vehicles (UAVs), advanced air mobility). North America emerged as the largest region in the aircraft electrification market in 2022, with Asia-Pacific expected to be the fastest-growing region in the forecast period.

• Market Segmentation:
  • Components: Batteries, fuel cells, solar cells, electric actuators, electric pumps, generators, motors, power electronics, distribution devices.
  • Technology: More electric, hybrid electric, fully electric.
  • Platform: Fixed wing, rotary wing, UAVs, advanced air mobility.
• Regional Insights:
  • North America: Largest region in 2022.
  • Asia-Pacific: Fastest-growing region in the forecast period.

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The Aircraft Electrification Global Market Report 2023  provides an overview of the aircraft electrification market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aircraft electrification market forecast analyzes aircraft electrification market size, aircraft electrification market share, leading competitor and their market positions.

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