Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Application, System, Component (Batteries, Fuel Cells, Actuators, Generators, Power Electronics, Distribution Devices), Platform, Region - Global Forecast to 2030

Increasing emphasis on the reduction of emissions and aircraft noise is driving market growth
The aircraft electrification market is projected to grow from USD 3.4 billion in 2022 to USD 8.6 billion by 2030, at a CAGR of 12.2% during the forecast period. The increasing need to reduce carbon emissions and control environmental pollution are expected to drive demand. However, limited range and capacity of electric aircraft are limiting the overall growth of the market.

Based on system, the propulsion systems segment is projected to lead the aircraft electrification market by 2030
Based on system, the propulsion systems segment is projected to lead the aircraft electrification market by 2030. Penetration of electric components in propulsion systems is projected to enhance the power for take-off, thereby enabling the replacement of turbofans with liquid-cooled electric motors. The adoption of electrical propulsion systems is majorly attributed to the increasing emphasis on reduction in burning fuel, leading to a substantial decrease in atmospheric emissions.
Based on platform, the business & general aviation segment is projected to grow at the highest CAGR in the aircraft electrification market over the forecast period
The business & general aviation segment is expected to witness higher growth compared to other segments in the aircraft electrification market. The significant market growth of the segment is attributed to increasing aircraft electrification projects for domestic air transport. The increasing focus of governing bodies on the reduction of emissions in domestic air transport is driving the market for the business & general segment.
Europe is estimated to account for the largest share of the market in 2022 Government bodies such as the European Union Aviation Safety Agency (EASA), the European Defence Agency (EDA), the UK Civil Aviation Authority (CAA), and the European Air Transport Command, among others, play a crucial role in ensuring transportation safety and addressing various issues related to air transport such as carbon emissions and noise pollution, among others. The presence of key manufacturers of electric aircraft in Europe including Rolls-Royce (UK), Safran Group (France), GKN Aerospace (UK), Airbus (Netherlands), Thales Group (France), and Turbomeca (France), among others is driving the growth of the aircraft electrification market in Europe. The break-up of profiles of primary participants in the aircraft electrification market: By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20% By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40% By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World – 5%
Key players in the aircraft electrification market are Honeywell International Inc. (US), Safran (France), Thales Group (France), United Technologies Corporation (US), GE Aviation (US), Raytheon Company (US), AMETEK (US), Meggitt PLC (UK), BAE Systems (UK), Radiant Power Corporation (US), EaglePicher Technologies LLC (Canada), Astronics Corporation (US), Pioneer Magnetics (US), Esterline Technologies (US), Crane Aerospace & Electronics (US), Hartzell Engine Technologies (US), PBS AEROSPACE (US), Nabtesco Corporation (Japan), Avionic Instruments, LLC (US), and Carlisle Interconnect Technologies (US).
Research Coverage: The market study covers the aircraft electrification market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as technology, application, system, component, platform, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Reasons to buy this report: This report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aircraft electrification market and its subsegments. The report covers the entire ecosystem of aircraft electrification in the aviation industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, challenges, restraints, and opportunities.

TABLE OF CONTENTS

1 INTRODUCTION 21
1.1 OBJECTIVES OF THE STUDY 21
1.2 MARKET DEFINITION 21
1.3 STUDY SCOPE 22
1.3.1 MARKETS COVERED 22
1.3.2 REGIONAL SCOPE 22
1.3.3 YEARS CONSIDERED FOR THE STUDY 23
1.4 CURRENCY 23
1.5 LIMITATIONS 24
1.6 MARKET STAKEHOLDERS 24
2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY DATA 27
2.1.1.1 Key data from secondary sources 27
2.1.2 PRIMARY DATA 28
2.1.2.1 Key data from primary sources 28
2.1.3 MARKET DEFINITION & SCOPE 28
2.1.3.1 Inclusions 28
2.1.3.2 Exclusions 29
2.1.4 SEGMENT DEFINITION 29
2.1.4.1 Technology 29
2.1.4.2 Application 29
2.1.4.3 System 30
2.1.4.4 Component 30
2.1.4.5 Platform 30
2.2 RESEARCH APPROACH & METHODOLOGY 30
2.2.1 BOTTOM-UP APPROACH 30
2.2.2 ELECTRIFICATION MARKET FOR MORE ELECTRIC AIRCRAFT (MEA) 31
2.2.2.1 More electric aircraft electrification market research
methodology sample 31
2.2.3 TOP-DOWN APPROACH 32
2.3 TRIANGULATION & VALIDATION 33
2.3.1 TRIANGULATION THROUGH PRIMARY AND SECONDARY RESEARCH 33
2.4 RESEARCH ASSUMPTIONS 34
2.4.1 MARKET SIZING AND MARKET FORECASTING 34
2.5 RISK ANALYSIS 34
3 EXECUTIVE SUMMARY 35
4 PREMIUM INSIGHTS 37
4.1 ATTRACTIVE OPPORTUNITIES IN THE AIRCRAFT ELECTRIFICATION MARKET 37
4.2 AIRCRAFT ELECTRIFICATION MARKET, BY SYSTEM 37
4.3 AIRCRAFT ELECTRIFICATION MARKET, BY PLATFORM 38
4.4 AIRCRAFT ELECTRIFICATION MARKET, BY REGION 38
5 MARKET OVERVIEW 39
5.1 INTRODUCTION 39
5.2 MARKET DYNAMICS 40
5.2.1 DRIVERS 40
5.2.1.1 Low operational costs 40
5.2.1.2 Reduced emission and aircraft noise 41
5.2.2 RESTRAINTS 41
5.2.2.1 Limited range of electric aircraft 41
5.2.3 OPPORTUNITIES 42
5.2.3.1 Emergence of alternative power sources for electric power generation 42
5.2.3.2 Development of lithium-ion batteries 42
5.2.3.3 Development of advanced power electronics components 43
5.2.4 CHALLENGES 44
5.2.4.1 Reliability of electrical systems in harsh environments 44
5.2.4.2 Electrification of large commercial jets 44
6 INDUSTRY TRENDS 45
6.1 INTRODUCTION 45
6.2 AIRCRAFT ELECTRIFICATION ROADMAP 2016 TO 2040 45
6.3 ELECTRIC AND HYBRID AIRCRAFT PROGRAMS IN 2019 46
6.4 UPCOMING TRENDS IN HYBRID AND ELECTRIC PROPULSION 47
6.4.1 MULTIFUNCTIONAL STRUCTURES FOR HIGH-ENERGY LIGHTWEIGHT LOADBEARING STORAGE (M-SHELLS) 47
6.4.2 INTEGRATED COMPUTATIONAL-EXPERIMENTAL DEVELOPMENT OF LI-AIR BATTERIES FOR ELECTRIC AIRCRAFT (LI-ON) 47
6.4.3 HIGH VOLTAGE HYBRID ELECTRIC PROPULSION (HVHEP) 47
6.4.4 COMPACT HIGH POWER DENSITY MACHINE-ENABLED BY ADDITIVE MANUFACTURING 47
6.4.5 DESIGN ENVIRONMENT FOR NOVEL VERTICAL LIFT VEHICLES – CRYOCOOLING HEP TASK (DELIVER) 48
6.4.6 FOSTERING ULTRA-EFFICIENT, LOW-EMITTING AVIATION POWER (FUELEAP) 48
6.4.7 SCALABLE CONVERGENT ELECTRIC PROPULSION TECHNOLOGY AND OPERATIONS RESEARCH (SCEPTOR) 48
6.5 ELECTRIC COMPONENT TECHNOLOGY TRENDS 48
6.5.1 50KG ELECTRIC MOTOR 48
6.5.2 FUEL CELL TECHNOLOGY 48
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6.5.3 ADVANCED BATTERIES 49
6.5.3.1 Lithium-sulfur (Li-S) 50
6.5.4 DISTRIBUTED ELECTRIC PROPULSION (DEP) 50
6.6 NASA CONCEPT ELECTRIC AIRCRAFT PROGRAMS 50
6.7 NASA FUTURE AIRCRAFT TECHNOLOGIES 51
6.7.1 NASA FUTURE AIRCRAFT ELECTRIC MACHINES 51
6.7.2 NASA FUTURE AIRCRAFT CONVERTERS 51
6.7.3 NASA FUTURE AIRCRAFT MATERIALS 51
6.7.3.1 Soft magnetic materials 51
6.7.3.2 New insulation materials 51
6.7.3.3 High-conductivity copper/carbon nanotube conductor 51
6.7.3.4 Development of the superconducting wire 51
7 AIRCRAFT ELECTRIFICATION MARKET, BY TECHNOLOGY 52
7.1 INTRODUCTION 53
7.2 MORE ELECTRIC 54
7.2.1 THE GROWING NEED TO OPTIMIZE AIRCRAFT PERFORMANCE BOOSTS GROWTH OF THE MORE ELECTRIC AIRCRAFT MARKET 54
7.2.2 MORE ELECTRIC AIRCRAFT PROGRAMS, BY CATEGORY 54
7.3 HYBRID ELECTRIC 54
7.3.1 INCREASED INVESTMENTS EXPECTED BY NASA IN AIRCRAFT HYBRID ELECTRIC TECHNOLOGY 54
7.3.2 SOLAR POWERED 55
7.3.3 BATTERY POWERED 55
7.3.4 FUEL CELL POWERED 55
7.3.5 HYBRID ELECTRIC AIRCRAFT PROGRAMS, BY CATEGORY 56
7.4 FULLY ELECTRIC 56
7.4.1 INCREASING INVESTMENTS PLANNED FOR ELECTRICAL SYSTEMS AND ELECTRICAL-INTENSIVE ARCHITECTURES 56
7.4.2 FULLY ELECTRIC AIRCRAFT PROGRAMS, BY CATEGORY 57
8 AIRCRAFT ELECTRIFICATION, BY APPLICATION 59
8.1 INTRODUCTION 60
8.2 POWER GENERATION 61
8.2.1 INCREASING DEMAND FOR MORE ELECTRIC ARCHITECTURE AIRCRAFT FUELING THE GROWTH OF THE POWER GENERATION SEGMENT 61
8.3 POWER DISTRIBUTION 61
8.3.1 TREND OF DEVELOPING ELECTRICAL COMPONENTS INFLUENCES
THE GROWTH OF THE POWER DISTRIBUTION SEGMENT 61
8.4 POWER CONVERSION 62
8.4.1 INCREASE IN OPERATIONAL EFFICIENCY & REDUCTION IN TOTAL AIRCRAFT SYSTEM WEIGHT DRIVE THE DEMAND FOR POWER CONVERSION 62
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8.5 ENERGY STORAGE 62
8.5.1 INCREASING USE OF ADVANCED BATTERY AND FUEL CELL SYSTEMS BOOSTS THE DEMAND FOR ENERGY STORAGE 62
9 AIRCRAFT ELECTRIFICATION MARKET, BY SYSTEM 63
9.1 INTRODUCTION 64
9.2 PROPULSION SYSTEMS 65
9.2.1 AIRBUS S.A.S. (NETHERLANDS), ROLLS-ROYCE (UK), AND SIEMENS AG (GERMANY) ENTERED INTO A PARTNERSHIP TO DEVELOP THE E-FAN X HYBRID-ELECTRIC TECHNOLOGY FOR AIRCRAFT 65
9.3 AIRCRAFT SYSTEMS 65
9.3.1 AEROSPATIALE (FRANCE) WAS THE FIRST COMPANY TO DEVELOP AND EQUIP ELECTRICAL AIRCRAFT SYSTEMS 65
10 AIRCRAFT ELECTRIFICATION MARKET, BY COMPONENT 66
10.1 INTRODUCTION 67
10.2 BATTERIES 68
10.2.1 LITHIUM–SULFUR AND LITHIUM TITANATE BATTERIES ARE THE FUTURE OF AIRCRAFT BATTERY TECHNOLOGIES 68
10.2.2 NICKEL-BASED 68
10.2.3 LEAD-ACID-BASED 68
10.2.4 LITHIUM-BASED 68
10.3 FUEL CELLS 69
10.3.1 INCREASED EFFICIENCY OF A FUEL CELL LEADS TO REDUCTION OF THE FUEL LOAD ON AIRCRAFT 69
10.4 SOLAR CELLS 69
10.4.1 SOLAR CELL AIRPLANES DO NOT REQUIRE FUEL TO PRODUCE ELECTRIC POWER 69
10.5 ELECTRIC ACTUATORS 69
10.5.1 AIRLINES ARE FITTING THEIR FLEETS WITH ELECTRIC ACTUATORS FOR THEIR HIGH RELIABILITY 69
10.6 ELECTRIC PUMPS 69
10.6.1 DEMAND FOR ELECTRIC PUMPS THAT ARE ADAPTABLE FOR NEXT-GENERATION AIRCRAFT IS INCREASING 69
10.7 GENERATORS 70
10.7.1 KEY MARKET PLAYERS ARE DEVELOPING GENERATORS THAT PROVIDE ADVANCED PERFORMANCE, REQUIRE REDUCED MAINTENANCE, AND LOWER COSTS OF OPERATION 70
10.8 MOTORS 70
10.8.1 ELECTRIC MOTORS HAVE A GREATER RANGE OF SPEED THAN COMBUSTION ENGINES, WHICH REDUCES THE NEED FOR GEARBOXES 70
10.9 POWER ELECTRONICS 70
10.9.1 POWER ELECTRONICS LIKELY TO RESULT IN SIGNIFICANT PROFITS IN TERMS OF EFFICIENCY AND FLEXIBILITY 70
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10.10 DISTRIBUTION DEVICES 70
10.10.1 SHIFT TOWARD ELECTRIFICATION OF AIRCRAFT HAS INCREASED DEMAND FOR DISTRIBUTION DEVICES 70
11 AIRCRAFT ELECTRIFICATION MARKET, BY PLATFORM 71
11.1 INTRODUCTION 72
11.2 COMMERCIAL AVIATION 73
11.2.1 NARROW BODY AIRCRAFT (NBA) 73
11.2.1.1 Replacement of hydraulic and pneumatic aircraft systems with electric systems drives the demand for narrow body aircraft 73
11.2.2 WIDE BODY AIRCRAFT (WBA) 74
11.2.2.1 Increase in air passenger travel has raised the demand for wide
body aircraft 74
11.2.3 REGIONAL TRANSPORT AIRCRAFT (RTA) 74
11.2.3.1 Use of advanced flight management system technology fuels
the demand for electrification of regional transport aircraft 74
11.3 MILITARY AVIATION 74
11.3.1 FIGHTER JETS 75
11.3.1.1 Adoption of advanced fighter jets is growing due to increasing military budgets 75
11.3.2 MULTI-MISSION AIRCRAFT 75
11.3.2.1 Increasing applications of military aircraft to drive the market 75
11.3.3 UNMANNED AERIAL VEHICLES 75
11.3.3.1 Use of UAVs for surveillance applications is increasing 75
11.4 BUSINESS & GENERAL AVIATION 76
11.4.1 LIGHT AIRCRAFT 76
11.4.1.1 Frequent modifications in light aircraft expected to fuel the market for aircraft electrification 76
11.4.2 BUSINESS JETS 76
11.4.2.1 Increasing electrification of short-range aircraft drives the marker for business jets 76
11.4.3 HELICOPTERS 77
11.4.3.1 Use of hybrid-electric and electric propulsion systems in helicopters is increasing 77
11.4.4 PASSENGER AERIAL VEHICLES (PAV) 77
11.4.4.1 Development of smart cities has led to the introduction of passenger aerial vehicles for intracity and intercity transport 77
12 REGIONAL ANALYSIS 78
12.1 INTRODUCTION 79
12.2 NORTH AMERICA 80
12.2.1 US 82
12.2.1.1 Presence of leading aircraft and aircraft electric component manufacturers drives the growth of the market in the US 82
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12.2.2 CANADA 84
12.2.2.1 Growth of aerospace industry in Canada fuels the adoption of electrification in modern aircraft 84
12.3 EUROPE 85
12.3.1 FRANCE 88
12.3.1.1 Presence of leading aircraft manufacturers drives the growth of
the market in France 88
12.3.2 UK 89
12.3.2.1 Presence of aircraft OEMs as well as aircraft electric component manufacturers drives growth of the market in the UK 89
12.3.3 NORWAY 90
12.3.3.1 Supportive government policies and short airfield network drives
the market in Norway 90
12.3.4 SWITZERLAND 91
12.3.4.1 Strong global connectivity to drive the demand for emission-less electric aircraft in Switzerland 91
12.3.5 SWEDEN 92
12.3.5.1 Growing zero-emission transportation initiatives in the country to drive the market in Sweden 92
12.3.6 RUSSIA 93
12.3.6.1 Presence of OEMs expected to drive the market in Russia 93
12.3.7 ITALY 94
12.3.7.1 High demand for electric components from aircraft manufacturers in Italy supports market growth 94
12.3.8 GERMANY 95
12.3.8.1 Developments in electric propulsion drive the market in Germany 95
12.3.9 REST OF EUROPE 96
12.3.9.1 Increasing emphasis on zero-emission flying to drive the market in the Rest of Europe 96
12.4 ASIA PACIFIC 97
12.4.1 CHINA 100
12.4.1.1 Significant potential for the adoption of electric propulsion drives
the growth of the market in China 100
12.4.2 JAPAN 101
12.4.2.1 Advanced technological capabilities along with skilled workforce expected to drive the market in Japan 101
12.4.3 INDIA 102
12.4.3.1 Improving domestic capabilities of aerospace industry drive
the Indian market for aircraft electrification 102
12.4.4 AUSTRALIA 103
12.4.4.1 Penetration of advanced technology in international as well as domestic air traffic drives the market for aircraft electrification
in Australia 103
12.4.5 NEW ZEALAND 104
12.4.5.1 Aircraft manufacturers undertaking electrification of aircraft support the growth of the market in New Zealand 104
12.4.6 SOUTH KOREA 105
12.4.6.1 Presence of electric component manufacturers in South Korea supports growth of the market in the country 105
12.4.7 REST OF ASIA PACIFIC 106
12.4.7.1 Availability of raw material as well as cheap labor in
the Rest of Asia Pacific to stimulate market growth 106
12.5 MIDDLE EAST 107
12.5.1 ISRAEL 108
12.5.1.1 Emergence of start-ups in electric aircraft manufacturing drives
the market in Israel 108
12.5.2 UAE 109
12.5.2.1 Presence of leading global airlines to drive the market for aircraft electrification in the UAE 109
12.5.3 SAUDI ARABIA 110
12.5.3.1 Significant growth of airlines drives the demand for aircraft electrification in Saudi Arabia 110
12.5.4 REST OF THE MIDDLE EAST 111
12.5.4.1 Growing demand for aircraft electric components to drive the market in the Rest of the Middle East 111
12.6 LATIN AMERICA 113
12.6.1 BRAZIL 114
12.6.1.1 Presence of major airlines and manufacturers drives the market for aircraft electrification in Brazil 114
12.6.2 MEXICO 115
12.6.2.1 Investments by global aircraft manufacturing companies in Mexico to drive market growth in the country 115
12.6.3 REST OF LATIN AMERICA 116
12.6.3.1 Availability of low-cost raw materials drives the market for aircraft electrification in the Rest of Latin America 116
13 COMPETITIVE LANDSCAPE 118
13.1 INTRODUCTION 118
13.2 COMPETITIVE LEADERSHIP MAPPING 120
13.2.1 VISIONARY LEADERS 120
13.2.2 INNOVATORS 120
13.2.3 DYNAMIC DIFFERENTIATORS 120
13.2.4 EMERGING COMPANIES 120
13.3 RANKING OF KEY PLAYERS, 2019 122
13.4 COMPETITIVE SCENARIO 123
13.4.1 NEW PRODUCT LAUNCHES 123
13.4.2 CONTRACTS 123
13.4.3 OTHER STRATEGIES 124
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14 COMPANY PROFILES 126
(Business overview, Products offered, Components and Served Customers, Right to WIN, Recent developments, Growth strategies, SWOT analysis, MNM view)*
14.1 HONEYWELL INTERNATIONAL INC. 126
14.2 SAFRAN 132
14.3 THALES GROUP 136
14.4 UNITED TECHNOLOGIES CORPORATION 141
14.5 GE AVIATION 145
14.6 RAYTHEON COMPANY 148
14.7 AMETEK 150
14.8 MEGGITT PLC. 152
14.9 BAE SYSTEMS 154
14.10 RADIANT POWER CORPORATION 156
14.11 EAGLEPICHER TECHNOLOGIES, LLC 157
14.12 ASTRONICS CORPORATION 158
14.13 PIONEER MAGNETICS 160
14.14 ESTERLINE TECHNOLOGIES (TRANSDIGM GROUP) 161
14.15 CRANE AEROSPACE & ELECTRONICS 163
14.16 HARTZELL ENGINE TECHNOLOGIES 165
14.17 PBS AEROSPACE 166
14.18 NABTESCO CORPORATION 167
14.19 AVIONIC INSTRUMENTS, LLC 168
14.20 CARLISLE INTERCONNECT TECHNOLOGIES 169
*Business overview, Products offered, Components and Served Customers, Right to WIN, Recent developments, Growth strategies, SWOT analysis, MNM view might not be captured in case of unlisted companies.
15 APPENDIX 171
15.1 DISCUSSION GUIDE 171
15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 174
15.3 AVAILABLE CUSTOMIZATIONS 176
15.4 RELATED REPORTS 176
15.5 AUTHOR DETAILS 177