Aircraft Electrification Market: A Deep Dive into Market Size and Emerging Trends
Author : Sangmeshwar Swami | Published On : 26 Apr 2024
The Aircraft Electrification Market is experiencing significant growth, driven by the demand for sustainable aviation solutions and the need to reduce the overall weight of aircraft. Market statistics indicate that the market was valued at USD 6.0 billion in 2021 and is projected to reach USD 20.0 billion by 2030, with a robust CAGR of 14.3% during the forecast period.
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Lithium-sulfur and lithium titanate batteries:
In 2021, lithium-sulfur and lithium titanate batteries hold the largest market share in terms of component. The demand for batteries with high capacity and energy density is fueling developments in these chemistries, driving their dominance in the market.
Power generation segment:
The power generation segment is projected to witness the highest CAGR during the forecast period. Increasing electrical power in aircraft necessitates higher load requirements from power generation systems. This segment is witnessing growth due to the rising demand for electrical power generation solutions.
Propulsion system segment:
The propulsion system segment is forecasted to witness the highest CAGR during the forecast period. This growth is attributed to increasing developments in electrical propulsion systems, driven by the rise in hybrid electric and fully electric aircraft.
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North American market dominance:
The North American market is expected to contribute the largest share in 2021. The region leads in aircraft electrification due to its technological prowess and the presence of major component manufacturers like Honeywell and Raytheon Technologies, as well as aircraft manufacturers like Boeing and Lockheed Martin. These factors propel market growth in North America.
Key Market Players:
Major players leading the aircraft electrification market include Honeywell (US), Safran (France), Raytheon Technologies (US), GE Aviation (US), and Thales Group (France). These companies boast well-established manufacturing units and service solutions worldwide, catering to a diverse portfolio of customers.
In conclusion, the Aircraft Electrification Market is poised for significant expansion, driven by technological advancements, environmental concerns, and the need for lightweight aircraft. Key players are focusing on innovation and collaboration to capitalize on emerging opportunities in this rapidly evolving market landscape.
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