Aircraft Electrification Market Analysis

Aircraft Electrification Market Analysis

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Based on component, the market is divided into electric motors, batteries, power electronics, sensors, wiring & distribution, environmental control systems, and others. The electric motors segment dominated the market with a share of over 20% in 2022 and is estimated to reach over USD 4 billion in revenue by 2032. Electric motors play a pivotal role in aircraft electrification, serving as the heart of the propulsion system in electric and hybrid-electric aircraft. These motors are responsible for converting electrical energy into mechanical thrust, driving the aircraft forward. They offer numerous advantages, including high efficiency, lower maintenance requirements, reduced noise levels, and environmental benefits due to their lower emissions. The development of lightweight, high-performance electric motors is a critical component of the aircraft electrification process, enabling a shift away from traditional internal combustion engines.
 

Based on application, the market is divided into electric propulsion, power distribution and conversion, energy storage, electric actuators, fuel cell, generators, and others. The electric propulsion segment dominated the global market with a share of over 25% in 2022 and is estimated to reach over USD 6 billion in revenue by 2032. Electric propulsion systems are used to generate thrust and power the aircraft. Electric propulsion systems are more efficient and have lower operating costs than traditional aircraft engines. In addition, electric propulsion systems do not produce emissions, thus reducing the environmental impact of the aviation sector. The electric propulsion market is expected to grow significantly in the coming years. This growth is attributed to several factors including environmental regulations, technological advancements, and increased demand for electric aircraft. The growing government concerns around the world will drive the electric propulsion segment demand over the forecast period.
 

North America dominated the global aircraft electrification market with a share of over 35% in 2022 and is expected to grow significantly in the coming years. Governments in North America are supporting the development and adoption of electric aircraft through various initiatives such as tax breaks and grants. For example, the U.S. government provided funding for the development of electric aircraft through the National Aeronautics and Space Administration (NASA) and the Federal Aviation Administration (FAA). Many companies in North America are setting ambitious sustainability goals including reducing their carbon emissions. Electric aircraft can help companies to achieve their sustainability goals. For instance, in November 2022, Amazon announced that it will purchase 1,000 electric delivery drones from Rivian Automotive.