Aircraft Electrification Market Big Changes to Have Big Impact | AMETEK, BAE Systems, Safran

The Aircraft Electrification Market study with 100+ market data Tables, Pie charts and figures is now released by HTF MI. The market research study is intended to analyse future trends, growth drivers, expert industry perspectives, and market data that have been independently verified by the industry through forecasting to 2029. The market study is divided into important regions whose marketization is accelerating. The scope of various market segments and applications that may in the future have an impact on the market is also included in this section. The specifics are based on historical landmarks and current trends. Some of the players studied are Honeywell International (United States), Safran (France), Thales Group (France), United Technologies (United States), GE Aviation (United States), Raytheon Company (United States), AMETEK (United States), Meggitt PLC. (United Kingdom), BAE Systems (United Kingdom), EaglePicher Technologies (United States), Astronics Corporation (United States), CRANE AEROSPACE &, ELECTRONICS (United States), Avionic Instruments, LLC (United States)

What is the Aircraft Electrification Market?

By producing energy with efficiency using fuel cells, it is possible to conserve fuel by switching aeroplanes to electric propulsion. When the main engines are not operating, the aircraft’s braking, landing, and ground taxiing can all be accomplished by utilising electric propulsion from fuel cells. The technology of transportation is being rapidly revolutionised by electric and hybrid-electric aircraft power. There has been a lot of discussion on how to lower aviation’s greenhouse gas emissions. It might be able to save weight, benefit the environment, consume less fuel, improve dependability, and take care of problems more quickly by electrifying aircraft parts.

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Propulsion, actuation, and power generation are the three main areas of focus in increasingly electric aircraft technology because of the rising demand for power-dense, efficient, and fault-tolerant flying components. The aerospace industry has been pressed to employ electrically powered drive systems instead of the traditional mechanical, pneumatic, or hydraulic systems due to the need for environmentally friendly aircraft systems. By using fuel cells to generate power within the aircraft, the aviation industry is attempting to reduce the pollutants produced by aeroplanes. Through a chemical process, fuel cells are able to convert the chemical energy from fuel into electricity. By producing energy with efficiency using fuel cells, it is possible to conserve fuel by switching aeroplanes to electric propulsion. The braking, landing, and ground taxiing of the aeroplane are all possible.

Highlights from Aircraft Electrification Market Study:

“According to HTF Market Intelligence, the Global Aircraft Electrification market is expected to see a growth rate of 13.1% and may see the market size of USD21.41 Billion by 2029, currently pegged at USD6.2 Billion.”

Aircraft Electrification Market Segmentation:

Major Key players are covered:

• Honeywell International (United States)
• Safran (France)
• Thales Group (France)
• United Technologies (United States)
• GE Aviation (United States)
• Raytheon Company (United States)
• AMETEK (United States)
• Meggitt PLC. (United Kingdom)
• BAE Systems (United Kingdom)
• EaglePicher Technologies (United States)
• Astronics Corporation (United States)
• CRANE AEROSPACE & ELECTRONICS (United States)
• Avionic Instruments, LLC (United States)

The market for aircraft electrification has been divided into global (North America, South America, Europe, Asia Pacific, and MEA) and regional (other regions). In 2022, the European Union had the biggest market share. On the other hand, North America was the second-largest market since it was home to important corporations and had advanced technology. In addition, the growing demand from SMEs and different business sectors may provide a cushion for market expansion.

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Influencing Trend:

• The primary trend fostering market expansion is the advancement of lithium-ion batteries. The advancement of lithium-ion batteries is the main trend driving market expansion.
• The market’s largest segment in 2020 was Lithium Cobalt Oxide (LCO).
• The consumer electronics sector, a significant end-user of the lithium-ion battery business, prefers LCO batteries because of their high energy density.
• During the forecast period, the lithium nickel manganese cobalt (Li-NMC) segment is anticipated to increase at the fastest rate.
• The demand for lithium-ion batteries is mostly driven by the automotive industry.
• High power is required by electric vehicles, and only the NMC battery type can deliver it.
• These batteries are utilised and have a very low self-heating rate.

Market Growth Drivers:

• According to the study, the development of alternative energy sources, increased usage of cleaner and greener aircraft, and advancements in sophisticated air mobility are the main reasons fueling this market’s expansion.
• In order to meet the sustainable targets that have been set internationally, governments and businesses are working together to reduce CO2 emissions.
• One of the main drivers of the increase in carbon emissions worldwide is air travel, as well as the travel sector more broadly.
• By 2028, regional flights on electric aircraft should be more economical than those using traditional jet engines, according to United Airlines, the third-largest U.S. airline.
• United plans to start serving smaller communities with 30-passenger aircraft. The aim is to convince people, notably business travellers, to switch from driving to flying.

Restraints:

• The lack of technology and the larger number of batteries on board an aircraft are the main challenges facing the aviation industry.
• Because it takes a lot of energy to move an aircraft over long distances given its size and weight, many batteries are required in each aircraft.
• This limits market growth in developing countries.

Opportunities:

• The market has potential growth opportunities due to shifts in technology preferences.
• The electrification of aeroplanes offers lower costs, which fuels industry expansion. Electrifying aircraft lowers the cost of the The main drivers for aeroplane operators and manufacturers to electrify aircraft are anticipated operational cost savings and decreased long-term cost advantages.
• For instance, Ampaire estimates that a 15-passenger aircraft would experience a 90% reduction in fuel expenses and a 50% reduction in maintenance costs.
• Such lower-cost arrangements might present a chance to resurrect service on routes that are not currently profitable.
• Additionally, electric aeroplanes offer less maintenance, quieter takeoffs and landings, and lower emissions of carbon and other pollutants.

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• In order to produce Archer’s Midnight eVTOL aircraft, Aircraft Electrification Stellantis and Archer joined forces on January 4, 2023.
• To support the manufacturing of the aircraft, Stellantis will provide cash, skilled labour, and cutting-edge manufacturing technologies.
• Due to the investment, Archer will be able to accelerate its journey to commercialization by avoiding investing hundreds of millions of dollars.
• As Archer’s only contract manufacturer, Stellantis will work to mass construct Archer’s eVTOL aircraft.
• In exchange, Stellantis would contribute up to $150 million in equity capital for Archer to use as a draw in 2023 and 2024.

Key Target Audience:

• New Entrants and Investors
• Venture Capitalists
• Government Bodies
• Corporate Entities
• Government and Private Research Organizations
• Research and Development Institutes
• Others

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