In-depth analysis of how COVID-19 is impacting the Aircraft Electrification Market

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According to the research report the "Aircraft
Electrification Market by Technology (More
Electric, Hybrid Electric, Fully Electric),
Application, System, Component (Batteries, Fuel
Cells, Actuators, Generators, Power
Electronics, Distribution Devices), Platform,
Region - Global Forecast to 2030", The aircraft
electrification market is estimated to be USD 3.4
billion in 2022 and is projected to reach
USD 8.6 billion by 2030, at a CAGR of 12.2 from
2022 to 2030. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id31650461 The aircraft electrification
technology is installed to enable the evolution
of traditional aircraft operating on
conventional fossil fuels into electrically
operated aircraft. There has been a rapid rise
in research activities for the development of
commercially viable electric aircraft. The
important driver for these research activities
and introduction of new electric aircraft in the
market are the various advantages of aircraft
electrification over other traditional
technologies such as noise reduction, reduced
carbon emissions, lower vibrations, and simpler
design for manufacture and maintenance.
Additionally, due to the increasing awareness on
emission-less flying and government regulations
in several countries pertaining to reduction in
noise and emissions for the aviation industry,
the aircraft electrification market is expected
to witness significant growth during the
forecast period. More electric technology segment
is estimated to account for the largest share of
the aircraft electrification market in 2022 Based
on technology, the more electric aircraft segment
is estimated to account for the largest share of
the market in 2022. The increasing need to
optimize aircraft performance has been a
catalyst in boosting the growth of the more
electric aircraft (MEA) segment. The hybrid
electric segment of the market is projected to
grow at the highest CAGR, followed by fully
electric aircraft over the forecast period. The
growth of the market for hybrid electric
technology across the globe can be attributed to
the advantages offered by electric aircraft for
airliners, including reduced consumption of fuel
and lower maintenance. The power distribution
segment is estimated to account for the largest
share of the aircraft electrification market in
2022 Based on application, the power distribution
segment is estimated to account for the largest
share of the market in 2022. The trend towards
the development of electrical components is
influencing the growth of the power distribution
segment. Further, power conversion is one of the
most important systems used in aircraft. Various
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equipment, such as inverters, transformer
rectifier units, and transformers, are used on
aircraft to provide power supply. Enhancement of
operational efficiency and reduction in total
aircraft system weight drive demand in the power
conversion segment of the market. The Asia
Pacific aircraft electrification market is
projected to grow at the highest CAGR from 2022
to 2030 Based on region, the Asia Pacific region
is expected to witness substantial growth during
the forecast period. Countries in the Asia
Pacific region are undergoing development and
upgrading various capabilities in the field of
aircraft electrification, which offers
significant potential for the manufacturers of
electric components. A rise in demand for
low-cost carriers (LCCs) is one of the factors
driving growth of the market in the Asia
Pacific. With affordable air travel on the rise
and relaxation in some government regulations,
the Asia Pacific region is witnessing an
increased procurement of LCCs. Additionally,
increasing aerospace defense expenditure and
expansion in airline networks in emerging
nations, such as India and China, are expected
to drive the demand for aircraft electrification
in the region. Key Market Players Some of the
major players in the aircraft electrification
market include Honeywell International Inc.
(US), Safran (France), Thales Group (France),
United Technologies Corporation (US), and GE
Aviation (US), among others. Dont miss out on
business opportunities in Aircraft
Electrification Market. Speak to our analyst and
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