The aircraft electrification market is expected to be valued at US$ 9.3 billion in 2024. The market is expected to progress at an astounding rate of 14.9% over the forecast period. By 2034, the value of the market is forecasted to reach US$ 37.2 billion.
With sustainability measures on the rise, companies are making concentrated efforts to minimize environmental damage by turning to alternative sources of energy like electricity. Governments are also encouraging the adoption of electrification, making investments to develop research programs and impose regulatory measures on aircraft carriers.
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In addition to air pollution, traditional aircraft are also adjudged guilty of increasing noise pollution. Electrified aircraft offer the benefit of being quieter than traditional aircraft. The cost savings enabled by electrification also benefits airline carriers. Both flights carrying cargo and passengers are being developed with electrification.
“The electrification of aircraft is still a developing process. The constantly innovating industry is improving on existing components like generators and actuators, which is driving the market forward,” says an analyst at FMI.
Key Takeaways from the Aircraft Electrification Market
The aircraft electrification market is anticipated to be valued at US$ 9.3 billion in 2024.
Batteries form the leading component in the aircraft electrification market. From 2024 to 2034, the segment is forecasted to progress at a CAGR of 14.7%.
Power generation is the market by application. Power generation is predicted to progress at a CAGR of 14.5% over the forecast period.
South Korea is one of the most promising countries in the market. The CAGR for the market in South Korea is anticipated to be 17.0% over the forecast period.
Japan and China are poised to be lucrative markets in the Asian region. The CAGRs for Japan and China are pegged at 16.5% and 15.6%, respectively, from 2024 to 2034.
The market in the United States is expected to register a CAGR of 15.2% over the forecast period.
Competition Analysis of the Aircraft Electrification Market
The highly competitive market is characterized by the presence of established players, startups, and small-scale companies. Partnership agreements are common as companies try to leverage the combined technology available at their disposal. Some of the prominent companies in the market include Honeywell International Inc., Astronics Corporation, Meggitt plc, and BAE Systems.