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Zero Emission Aircraft Market Size

Report ID: GMI7634
Published Date: Dec 2023
Report Format: PDF

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Zero Emission Aircraft Market Size

Zero Emission Aircraft Market was valued at USD 6.4 billion in 2023 and is estimated to register a CAGR of over 13% between 2024 and 2032. Expansion in this market is attributed to a surge in environmental regulations and a heightened focus on sustainability goals. As governments worldwide implement stringent emissions standards, aviation stakeholders invest in green technologies, driving the development and adoption of zero-emission aircraft to align with global sustainability initiatives & reduce the aviation industry's carbon footprint.

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For instance, in July 2023, the International Air Transport Association (IATA) released the industry net zero tracking methodology, guiding airlines in reporting emissions. This development supports the aviation industry's commitment to achieving net-zero emissions. As airlines implement sustainable practices to adhere to these guidelines, they fuel the growth of zero-emission aircraft by fostering innovation and investments in eco-friendly aviation technologies & solutions.

Rapid advancements in battery and propulsion technologies are propelling the zero-emission aircraft market growth. Breakthroughs in electric propulsion and energy storage systems contribute to the development of more efficient & viable electric aircraft, fostering innovation and attracting investments in cleaner, sustainable aviation solutions. For instance, in July 2023, DANX Carousel Group launched Electron 5, an electric cargo plane. This battery-run aircraft aims to facilitate zero-emission point-to-point air freight deliveries across Europe.

Zero Emission Aircraft Market Report Attributes
Report Attribute	Details
Base Year:	2023
Zero Emission Aircraft Market Size in 2023:	USD 6.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	13%
2032 Value Projection:	USD 20.5 Billion
Historical Data for:	2018 - 2023
No. of Pages:	250
Tables, Charts & Figures:	337
Segments covered:	Aircraft Type, Type, Capacity, and End Use
Growth Drivers:	Surge in environmental regulations and increasing focus on sustainability goals Rapid advancements in battery and propulsion technologies Increasing government support and funding Growing demand for Sustainable Aviation Fuels (SAFs)
Pitfalls & Challenges:	High cost associated with ZEA technologies Technical challenges in developing and commercializing ZEA technologies

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The high cost associated with Zero Emission Aircraft (ZEA) technologies poses a challenge in the market. Research, development, and implementation of cutting-edge sustainable aviation technologies demand significant investment. The industry faces hurdles in making these technologies commercially viable due to the high initial costs. Overcoming this challenge requires continued advancements, economies of scale, and supportive policies to drive down costs, making zero-emission aircraft more accessible for widespread adoption in the aviation sector.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for zero emission aircraft was USD 6.4 billion in 2023 and is expected to register over 13% CAGR from 2024-2032 due to the surge in environmental regulations and the heightened focus on sustainability goals worldwide.

The hydrogen fuel cell aircraft segment held 30% share of the zero-emission aircraft industry in 2023 owing to higher adoption for addressing the challenges of long-range zero-emission flights and offering a clean and efficient propulsion solution.

North America held 30% share of the zero emission aircraft industry in 2023 and is expected to register commendable CAGR from 2024-2032 due to the growing commitment to sustainability coupled with substantial investments in R&D activities in the region.

Airbus, Rolls-Royce plc, HES Energy Systems, Aurora Flight Sciences (The Boeing Company), BYE AEROSPACE, Lilium, and Eviation Aircraft are some of the major zero-emission aircraft companies worldwide.