According to a new market research report published by Global Insight Services “Aircraft Electrification Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Aircraft electrification is the process of powering an aircraft using electricity instead of traditional fossil fuels. This can be done by either using electric motors to power the aircraft directly, or by using a hybrid system that combines electric motors with a traditional internal combustion engine.
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Key Players
The global aircraft electrification market includes players such as Thales Group, Honeywell International Inc, GE Aviation, Safran, Raytheon Technologies Corporation, Meggitt PLC, BAE Systems, Hartzell Engine Technologies LLC, PBS AEROSPACE, Eagle-Picher Technologies, and others.
Key Trends
There are a number of different approaches to aircraft electrification, including hybrid-electric, all-electric, and fuel cell-powered systems.
Hybrid-electric systems are the most common type of electrification technology being developed for aircraft. These systems use both electric and combustion engines to power the aircraft.
All-electric systems are another type of electrification technology under development. These systems use electric motors to power the entire aircraft.
Fuel cell-powered systems are a third type of electrification technology. Fuel cells generate electricity from a chemical reaction between hydrogen and oxygen.
Aircraft electrification is a promising technology for reducing fuel consumption and emissions. However, the technology is still in its early stages of development, and there are a number of challenges that need to be addressed before it can be widely adopted.
Key Drivers
The key drivers of aircraft electrification market are the rising fuel prices, stringent emission regulations, and the need for aircraft manufacturers to reduce their dependence on fossil fuels.
The rising fuel prices are the major driver for the growth of aircraft electrification market. The price of jet fuel has increased from $0.61 per gallon in 2001 to $2.11 per gallon in 2019.
The stringent emission regulations are another driver for the growth of aircraft electrification market. The International Civil Aviation Organization (ICAO) has set a goal of reducing the carbon dioxide emissions from aviation by 50% by 2050.
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Market Segments
The aircraft electrification market is segmented by component, technology, application, and region. By component, the market is classified into batteries, generators, motors, and others. On the basis of technology, it is bifurcated into more electric, hybrid electric, and fully electric. Based on application, it is divided into power generation, power distribution, power conversion, and energy storage. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Reasons to buy Aircraft Electrification Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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