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Aircraft Electrification Market Size
- Report ID: GMI7069
- Published Date: Oct 2023
- Report Format: PDF
Aircraft Electrification Market Size
Aircraft Electrification Market was valued at USD 6.5 billion in 2022 and is estimated to register a CAGR of over 13% between 2023 and 2032. With increasing awareness of climate change and the need to reduce greenhouse gas emissions, the aviation industry is under pressure to adopt more sustainable practices.
Aircraft electrification can significantly reduce carbon emissions, making it an attractive option for environmentally conscious customers and regulators. Advancements in battery technology such as lithium-ion batteries have made electric aviation more practical and reliable. Improved energy density, reduced weight, and increased safety are making electric aircraft a more viable option. Electric propulsion systems are generally quieter than traditional jet engines, reducing noise pollution around airports and making them suitable for Urban Air Mobility (UAM) & regions where noise concerns are prominent. Ongoing research & development efforts in electric aviation are driving technological innovation and expanding the range of available electric aircraft options. This includes improvements in electric motors, power management systems, and materials.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Aircraft Electrification Market Size in 2022 : | USD 6.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 13% |
| 2032 Value Projection: | USD 23 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 291 |
| Segments covered: | Component & Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The high thermal issues associated with aircraft electric systems are significant concerns that need to be addressed in the development and operation of electric aircraft. Electric systems, especially high-powered electric motors & power electronics, generate significant amounts of heat during operation. This heat must be managed effectively to prevent components from overheating and potentially failing. Current battery technology limits the range and endurance of electric aircraft. Overcoming these limitations to provide long-haul capabilities is a significant challenge. The energy density of batteries is lower than that of aviation fuels, making it challenging to store sufficient energy for long-haul flights without significant weight penalties.
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Aircraft Electrification Market Scope
