The Aircraft Electrification Global Market Report 2023 by The Business Research Company, provides aircraft electrification market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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In accordance with The Business Research Company’s comprehensive Aircraft Electrification Global Market Report for the year 2023, the expansive landscape of the global aircraft electrification market has manifested a robust ascent, escalating from $4.52 billion in 2022 to an impressive $5.09 billion in 2023, marking a noteworthy compound annual growth rate (CAGR) of 12.6%. It is imperative to note that this growth trajectory unfolds against the intricate backdrop of the Russia-Ukraine conflict, a geopolitical upheaval that has intricately interwoven itself with the dynamics of global economic recovery post the tumultuous times of the COVID-19 pandemic, at least in the immediate aftermath. The repercussions of this conflict have reverberated across nations, precipitating economic sanctions of considerable magnitude, an unprecedented surge in commodity prices, and disruptions within the intricate tapestry of supply chains. These multifaceted disruptions have inevitably cascaded into a widespread inflationary effect, impacting diverse markets and sectors on a global scale. Projections indicate that the aircraft electrification market is poised for continued expansion, reaching an estimated valuation of $7.94 billion in the year 2027, fueled by a robust CAGR of 11.8%.
The growing demand to reduce the carbon footprint is driving the electric aviation market. Carbon footprint refers to the total volume of greenhouse gases, notably carbon dioxide, that something, such as a person’s actions or the manufacturing and shipping of a product, emits over a specified period. Carbon footprints can be reduced by bringing change in the way the activities are carried out. Aircraft electrification is one such change that will lead to a reduction in carbon footprint. Electric aircraft use electricity instead of fuel, reducing the emission of harmful gases into the atmosphere, thereby reducing carbon footprint.
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The aircraft electrification market is segmented:
1) By Component: Batteries, Fuel Cells, Solar Cells, Electric Actuators, Electric Pumps, Generators, Motors, Power Electronics, Distribution Devices
2) By Technology: More Electric, Hybrid Electric, Fully Electric
3) By Platform: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles (UAVs), Advanced Air Mobility
An intriguing trend shaping the contours of the aircraft electrification domain is the strategic alignment of entities through partnerships, thereby orchestrating a synergistic confluence of resources and expertise to navigate novel markets. A noteworthy instance materialized in April 2022, when Eve UAM, LLC, a Brazil-based avant-garde aircraft entity specializing in urban air mobility solutions, forged an alliance with the distinguished Thales Group. This strategic collaboration aspires to propel the growth trajectory of Eve’s electric vertical take-off and landing (eVTOL) aircraft within the Brazilian landscape. A meticulous series of collaborative research endeavors encompassing technical, financial, and adaptive evaluations for an electrically propelled aircraft is slated to unfold over the course of a year. Thales, an illustrious France-based conglomerate, renowned for its prowess in avionics, electric systems, flight control mechanisms, navigation solutions, and communication technologies, will contribute invaluable insights to this partnership. Similarly, in October 2021, Amedeo, an Ireland-based stalwart in aircraft leasing and asset management, inked a transformative partnership with AURA AERO. This strategic liaison is strategically calibrated to further the net-zero by 2050 imperative championed by the commercial aviation sector. AURA AERO, headquartered in Toulouse, France, is at the vanguard of aerospace innovation, pioneering the design and production methodologies for entirely digital electric aircraft.
The aircraft electrification market report table of contents includes:
1. Executive Summary
2. Aircraft Electrification Market Characteristics
3. Aircraft Electrification Market Trends And Strategies
4. Aircraft Electrification Forwarding Market – Macro Economic Scenario
5. Aircraft Electrification Market Size And Growth
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26. Africa Aircraft Electrification Market
27. Aircraft Electrification Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Aircraft Electrification Market
29. Aircraft Electrification Market Future Outlook and Potential Analysis
30. Appendix
Top 5 Major Players:
- The Boeing Company
- Airbus SE
- Safran Group
- Honeywell International Inc
- Raytheon Technologies Corporation
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List Of Tables:
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Aircraft Electrification Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Aircraft Electrification Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Aircraft Electrification Market, Segmentation By Platform, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
…
Table 46: The Boeing Company Financial Performance
Table 47: Airbus SE Financial Performance
Table 48: Safran Group Financial Performance
Table 49: Honeywell International Inc. Financial Performance
Table 50: Raytheon Technologies Corporation Financial Performance
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