Richmond, Jan. 09, 2024 (GLOBE NEWSWIRE) -- According to a research report "Hybrid Aircraft Market”, by Aircraft Type (Regional Transport Aircraft, Commercial Aviation, Defence Aircrafts, UAVs ), Aircraft Category (Fixed-Wing Hybrid Aircraft, Rotary-Wing Hybrid Aircraft) Power Source (Electric Hybrid Aircraft, Hydrogen Hybrid Aircraft, Solar Hybrid Aircraft) Flying Range (Short-Haul Hybrid Aircraft (<100 Km), Medium-Haul Hybrid Aircraft (100 - 500 Km), Long-Haul Hybrid Aircraft (>500 Km) and Region - Global Forecast to 2030.
Global Hybrid Aircraft Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.73 Billion |
| Market size value in 2030 | USD 7.0 Billion |
| CAGR (2023-2030) | 22.1% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Hybrid Aircraft Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global Hybrid Aircraft market has transformed a lot when compared to the past. With the new technologies and inventions taking place regularly the aircrafts are being more advanced and feature loaded the hybrid aircrafts offer improved fuel efficiency and reduced environmental impact compared to traditional aircraft. The aviation industry's increasing focus on sustainability and the need to comply with stringent environmental regulations drive the development of hybrid aircraft as a more eco-friendly transportation solution. Moreover these aircrafts reduce the operation cost when compared to traditional ones leading to cost savings for airlines and operators.
Major vendors in the global Hybrid Aircraft market:
- Airbus SE
- Boeing Company
- Zunum Aero
- Wisk Aero
- Pipistrel
- Joby Aviation
- XTI Aircraft Company
- Urban Aeronautics
- Bye Aerospace
- Eviation Aircraft
- NASA
- AeroMobil
- Vertical Aerospace
- Lilium
- VoltAero
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The Rising Awareness of Climate Change and reduced operating costs
The global awareness of climate change and the aviation industry's contribution to greenhouse gas emissions have increased. Hybrid aircraft, with their potential to reduce emissions and dependence on fossil fuels, align with the broader societal push towards sustainable and responsible aviation practices. Moreover the increasing pressure for reducing the carbon footprints and the high levels of pollution caused by traditional aircrafts has led to an increasing adoption of the same. Moreover these aircrafts have lower operation cost making it viable for the airline companies to sustain and thus leading to its wider and increasing adoption.
Additionally the reduction in the operating costs proves to be a significant factor driving the hybrid aircraft market. Manufacturers and researchers are inclined towards economic efficiency goals, invest in developing more efficient propulsion systems, lightweight materials, and advanced energy storage solutions. These technological innovations contribute to the feasibility and performance of hybrid aircraft. Hybrid aircraft, with their potential for lower emissions and improved fuel efficiency, align with global efforts to mitigate climate change. The rising awareness of environmental issues and the need for sustainable aviation solutions drive interest in hybrid technologies thus leading to reduction in the overall operation costs.
Market Dynamics
Drivers:
- Stringent Emission Regulations
- Increased Range and Payload Capacity.
- Growing Urban Air Mobility Market and demand
- Improved Take-off and Landing Performance
- Rising Fuel Costs for the traditional aviation fuel.
Opportunities:
- The rise of Urban Air Mobility, involving short-haul flights within urban and suburban areas.
- Island and Remote Community Connections
- Aerial Research and Surveying
- Corporate and Executive Travel
- Training and Simulation
Hybrid Aircraft in Military Applications.
Hybrid aircraft technologies can find applications in military aviation. The advantages of reduced fuel consumption, enhanced range, and operational flexibility make hybrid aircraft attractive for military missions, including surveillance, reconnaissance, and logistics support. Military adoption of hybrid aircraft offers a unique opportunity for technology validation, funding, and partnerships that can subsequently influence the broader commercial aviation market. Additionally, hybrid systems can leverage alternative fuels, further minimizing reliance on traditional jet fuel.
Hybrid helicopters offer precise control and enhanced maneuverability in tight spaces, ideal for urban warfare or operating within complex terrains and think rooftop landings or hovering close to buildings for observation.
North America dominates the market for Hybrid Aircraft.
North America dominates the market for hybrid aircraft. The leading companies like Boeing, Airbus, and Ampaire are developing hybrid and electric aircraft prototypes, aiming for commercial launch within the next decade. Recent examples include Boeing's eco Demonstrator 787-9 testbed and Ampaire's hybrid-electric Twin Otter with United Airlines. Moreover The US government is playing a crucial role through initiatives like NASA's Electrified Powertrain Flight Demonstration (EPFD) project and the FAA's Continuous Lower Emissions Trajectory program, providing funding and regulatory support for hybrid aircraft development and deployment.
North America presents a vast network of regional and short-haul routes, ideal for the initial deployment of hybrid aircraft with current range limitations. Airlines like Alaska Airlines and Cape Air are actively exploring hybrid options for their regional fleets.
Moreover the region is witnessing a surge in UAM initiatives and Urban Air Mobility (UAM) Boom with several companies developing electric VTOL (eVTOL) aircraft for urban transportation. Hybrid technology play a vital role in extending the range and improving the payload capacity of these UAM vehicles, making them more commercially viable.
The electric hybrid aircraft segment is anticipated to hold the Largest Market Share during the Forecast Period
Electric hybrid aircraft represent a transformative advancement in aviation, blending traditional combustion engines with electric propulsion systems. This innovative technology offers a more sustainable and eco-friendly alternative to conventional aircraft, aiming to reduce carbon emissions and enhance operational efficiency. The hybrid configuration typically involves a combination of traditional fuel-powered engines and electric motors, with the latter often powered by batteries. This hybrid approach allows for optimized fuel consumption, reduced environmental impact, and increased operational flexibility.
Electric hybrid aircraft are particularly well-suited for short-haul flights, regional travel, and urban air mobility, addressing the increasing demand for efficient and environmentally conscious transportation solutions. The integration of electric propulsion systems enhances energy efficiency, lowers operational costs, and contributes to quieter and more sustainable aviation practices. As technological advancements continue, electric hybrid aircraft hold the potential to revolutionize the aviation industry by providing a pathway to greener and more economically viable air travel. The ongoing development and adoption of electric hybrid aircraft underscore the industry's commitment to meeting evolving environmental standards and fostering a more sustainable future for aviation.
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