Portland, OR, May 05, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Aircraft Electrification Market by Component (Batteries, Fuel Cells, Electric Actuators, Generators, Motors, Power Electronics, Distribution Devices, and Others), by Application (Power Generation, Power Distribution, Power Conversion, and Energy Storage), by Technology (More Electric, Hybrid Electric, and Fully Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global aircraft electrification industry generated $6.2 billion in 2022, and is anticipated to generate $21.8 billion by 2032, witnessing a CAGR of 13.5% from 2023 to 2032.
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Prime determinants of growth
The global aircraft electrification market is driven by factors such as increasing need for cleaner and quieter aircraft, rise in demand for electrical components in aircraft, and advancement in electric aircraft propulsion systems. However, high voltage and thermal issues of aircraft electrical systems and high capital requirements are hampering the aircraft electrification market growth. On the contrary, expansion of alternative power sources, and development of lithium-ion batteries are expected to offer remunerative opportunities for the expansion of the aircraft electrification market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.2 billion |
| Market Size in 2032 | $21.8 billion |
| CAGR | 13.5% |
| No. of Pages in Report | 270 |
| Segments Covered | Component, Application, Technology, and Region. |
| Drivers | Increasing need for cleaner and quieter aircraft Rise in demand for electrical components in aircraft Advancement in electric aircraft propulsion systems |
| Opportunities | Expansion of alternative power sources Development of lithium-ion batteries |
| Restraints | High voltage and thermal issues of aircraft electrical systems High capital requirement |
Covid-19 Scenario
- Prototype testing of hybrid aircraft, certification, and production were severely impacted during the pandemic, due to the need for increased economic growth to sustain development across the industry.
- However, the airline industry is starting to recover from losses incurred during the pandemic. As such, the development of the aircraft electrification market has given rise to several proposals for the certification and approval of various electric aircraft models by electric aircraft OEMs.
The distribution devices segment to maintain its leadership status throughout the forecast period
Based on components, the distribution devices segment held the highest market share in 2022, accounting for nearly one-fourth of the global aircraft electrification market revenue, and is estimated to maintain its leadership status throughout the forecast period, as it becomes advanced, with features such as remote monitoring and control, power conditioning, and advanced fault detection and isolation. These advancements are improving the reliability and efficiency of aircraft electrification systems. However, the fuel cells segment is projected to manifest the highest CAGR of 19.0% from 2023 to 2032, as it offers a low-emission alternative to traditional aircraft engines, making them an attractive option for sustainable aviation.
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The power generation segment to maintain its leadership status throughout the forecast period
Based on application, the power generation segment held the highest market share in 2022, accounting for nearly two-fifths of the global aircraft electrification market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the rise in global air traffic and the need for optimized performance delivery encourages the shift of the aviation industry toward electric power generation systems. However, the energy storage segment is projected to manifest the highest CAGR of 15.8% from 2023 to 2032, owing to the private organizations and government agencies have been developing advanced energy storage systems for keeping up with the aviation market trends.
The more electric segment to maintain its lead position during the forecast period
Based on technology, the more electric segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global aircraft electrification market revenue and is estimated to maintain its leadership status throughout the forecast period, as it involves the gradual replacement of hydraulic and pneumatic power with electric power and aids in the reduction of aircraft mass, fuel consumption, greenhouse gas emissions, assembling costs, and maintenance costs. However, the fully electric segment is expected to portray the largest CAGR of 16.7% from 2023 to 2032. This is driven by government initiatives to promote sustainable aviation, advances in battery technology, and address increasing concerns about climate change.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global aircraft electrification market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in investment, and R&D activities among the civil, defense, and commercial aviation industries for developing power electronics, high-density electric motors and other technological advancements in the aviation industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.6% from 2023 to 2032, owing to growing economies such as China, India, Japan, and others in the Asia-Pacific region require versatile air transportation solutions across the region.
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Leading Market Players: -
- Ametek
- Astronics Corporation
- BAE Systems plc
- Honeywell International Inc.
- Magnix
- Meggitt PLC
- Collins Aerospace
- Rolls Royce Plc
- Safran
- Thales Group
The report provides a detailed analysis of these key players of the global aircraft electrification market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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