Hybrid Aircraft Market Size Expected to Reach $13.2 Billion By 2030 as Demand Grows for Commercial Applications

PALM BEACH, Fla., April 02, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - According to a report from MarketsAndMarkets projected that the Hybrid Aircraft Market size is estimated to grow from USD 1.2 billion in 2023 to USD 13.2 billion by 2030, at a CAGR of 41.6% from 2023 to 2030. It said: “The Hybrid Aircraft Industry is driven by factors such as increasing demand for short haul range connectivity, technological convergence and increasing demand for alternate modes of transportation. Short-haul range connectivity refers to air travel over relatively short distances, typically between nearby cities or regions. These flights are usually within a few hundred to a few thousand kilometers, and they are commonly served by regional airlines or low-cost carriers. Short-haul flights are essential for connecting smaller cities, supporting regional economies, and providing convenient transportation options for travelers. Hybrid aircraft, especially those with electric propulsion systems as primary source, are well-suited for short-haul flights because they can operate with greater fuel efficiency compared to traditional aircraft. Electric propulsion systems have the potential to significantly reduce fuel consumption and operating costs, which is particularly attractive for airlines operating frequent short-haul flights. Short-haul flights, despite their relatively short distances, can collectively contribute to a substantial carbon footprint due to the high number of takeoffs and landings involved. Hybrid aircraft offer the advantage of reduced emissions and lower noise levels, making them more environmentally friendly. Short-haul flights often operate in and out of airports located in or near urban areas. Hybrid aircraft, particularly those with electric propulsion, produce less noise during takeoff and flight, making them more suitable for operating in noise-sensitive regions. This can lead to reduced community opposition and support for expanding regional flight operations.” Active defense stocks in news today include: KULR Technology Group, Inc. (NYSE: KULR), Joby Aviation, Inc. (NYSE: JOBY), Lilium N.V. (NASDAQ: LILM), Archer Aviation Inc. (NYSE: ACHR), Blade Air Mobility, Inc. (NASDAQ: BLDE).

MarketsAndMarkets continued: “Hybrid-electric aircraft can have faster charging times compared to traditional aircraft refueling processes, which can be advantageous for airlines running frequent short-haul flights. This reduces turnaround times at airports, enabling more efficient flight scheduling and improved utilization of aircraft. Short-haul flights serve regional markets, connecting smaller cities and remote locations that may not have the infrastructure to accommodate large airports. Hybrid aircraft can offer flexible and economically viable solutions for regional air travel, supporting regional connectivity and economic development. High chance of Governments and regulatory bodies prioritizing and supporting the development and adoption of hybrid aircraft for short-haul flights could be seen in upcoming years. They recognize the potential environmental and economic benefits of such hybrid-aircraft in reducing emissions, noise pollution, and enhancing regional connectivity. As hybrid aircraft technology continues to advance, their capabilities, reliability, and performance improve, making them increasingly viable for short-haul operations. Advancements in battery technology, electric motors, and power management systems contribute to the feasibility of electric and hybrid-electric aircraft for regional flights.”

KULR Technology Group, Inc. (NYSE American: KULR) Secures Over $1M Contract from H55 for Proprietary, Patented Thermal Runaway Shield Technology - KULR Technology Group, (the "Company" or "KULR"), renowned for its contributions to sustainable energy management, today unveiled a commitment exceeding $1 million with H55 Inc. (“H55”), a pioneer and global leader in electric propulsion. H55 will employ KULR's unique Thermal Runaway Shield (“TRS”) within its propulsion systems that equip fleets of industry behemoths such as Pratt & Whitney and CAE Inc. (NYSE: CAE). According to the agreement, the initial delivery phase began in Q1 2024. Embedding KULR's TRS into H55's Electrical Propulsion System (“EPS”) is critical for aligning with the European Union Aviation Safety Agency (“EASA”) safety protocols. H55 harnesses KULR's innovative TRS to construct systems that adhere to stringent safety measures while retaining efficiency and energy density. EASA recently approved the H55 EPS solution, paving the way for the critical compliance demonstration phase of their certification program (https://h55.ch/news/).

Michael Mo, CEO of KULR, reflected on the significance of this collaboration. “Working with H55 epitomizes our commitment to setting new standards for safety in electric aviation. With H55, we reinforce our role in addressing the escalating compliance requisites from regulatory bodies such as EASA and the FAA. Our goal is to ensure our technology not only fulfills but also anticipates the evolving safety needs of the electric aviation sector.”

Martin Larose, CEO of H55, also acknowledged the positive side of this collaboration. “Tightening the relationship with KULR has marked a transformative step for us. The TRS technology from KULR has enabled us to push the safety norms and position H55 as a global leader. We are equipped to offer products that defy the rigorous requirements of EASA while preserving the high caliber and compactness our clients rely on. This synergy with KULR promises significant progress.”

According to a recent forecast, the global hybrid aircraft market is estimated to grow from USD 1.2 billion in 2023 to USD 13.2 billion by 2030, at a CAGR of 41.6% from 2023 to 2030. KULR continues to pioneer revolutionary energy management solutions, propelling the electric aviation industry forward. CONTINUED…Read this entire press release and more news for KULR at: https://www.financialnewsmedia.com/news-kulr/

In other defense industry developments of note:

Joby Aviation, Inc. (NYSE: JOBY), a company developing electric air taxis for commercial passenger service, recently announced it has acquired an existing facility at Dayton International Airport and begun hiring in support of the Company’s initial manufacturing operations in Dayton, Ohio.

The facility acquired by Joby will be fitted out to support initial manufacturing operations in Dayton, which are expected to begin later this year. The facility will be used for the manufacturing of aircraft parts in support of Joby’s Pilot Production Line in Marina, California.

Joby’s acquisition of the on-airport facility is the first step in the Company’s plan to develop facilities capable of building up to 500 aircraft per year in Dayton, which is expected to include the design and construction of a larger greenfield factory.

Lilium N.V. (NASDAQ: LILM), developer of the first all-electric vertical take-off and landing (“eVTOL”) jet, has recently teamed up with Atlantic Aviation, a leading fixed-based operation (FBO) and aviation services provider, to prepare Atlantic’s network of more than 100 FBOs for the Lilium Jet’s regional upcoming air mobility service launch in the United States.

This strategic partnership will work to ensure seamless compatibility between the Lilium Jet and Atlantic's network of aviation assets across North America, enabling Advanced Air Mobility operations at current and future locations. Atlantic operates sites at more than 30 airport locations within Lilium’s planned launch markets in Florida, Southern California, the Northeast corridor, and Texas.

Archer Aviation Inc., (NYSE: ACHR) a leader in the development of electric vertical takeoff and landing ("eVTOL") aircraft, recently announced the successful completion of rigorous battery pack drop testing conducted at a National Institute for Aviation Research lab. This marks a significant milestone in the development of the company’s proprietary electric propulsion system for its Midnight aircraft in what is seen as one of the most difficult tests to pass for an eVTOL aircraft, putting Archer in a strong position to successfully complete this same test in upcoming for-credit testing with the FAA.

Over the course of this week, Archer’s engineering and certification teams led Midnight’s proprietary battery packs through three 50-foot drop tests simulating extreme impact scenarios. Tested at varying states of charge, 0%, 30%, and 100%, the battery packs withstood the impact without any signs of failure and, remarkably, continued to function properly.

Blade Air Mobility, Inc. (NASDAQ: BLDE), recently announced financial results for the fourth quarter ended December 31, 2023. "After a rewarding year of strong growth, flight profit margin expansion and cost structure improvements, we are now confident to begin providing guidance to our investors for positive Adjusted EBITDA for the year-ending December 31, 2024 and double-digit Adjusted EBITDA in 2025(2)," said Rob Wiesenthal, Blade's Chief Executive Officer. "Though Q4 is a seasonally light quarter for Blade, we remained focused on continued margin enhancement and significant additions to our dedicated aircraft fleet, highlighted by the acquisition of eight jets for our organ transportation business. These initiatives will further improve our competitive positioning without compromising the benefits of our asset-light model, as the vast majority of our Medical flights and nearly 100% of our Passenger flights will continue to be serviced by third-party owned and operated aircraft."

"We've made huge progress transitioning more and more of our Medical flights to dedicated aircraft that provide us with fixed cost leverage as we grow and are strategically based near our hospital customers," said Will Heyburn, Blade's Chief Financial Officer. "This is a win-win that has enabled us to increase our Flight Profit per trip while reducing costs for our hospital customers. When paired with our growing fleet of medical vehicles and new organ placement offering, we believe we’ve built the most cost-effective and reliable end-to-end organ logistics platform in the United States. At the same time, we improved our Passenger flight profit margins by five percentage points in Q4 2023 versus the prior year, demonstrating our path to full-year profitability in the Passenger segment, which we expect in 2025."

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