Scope of the Study
The global aircraft electrification market is expected to witness significant growth during the forecast period according to the AMA study. This is owing to growing demand for electric aircraft propulsion systems propelled by the introduction of electric-powered aircraft models and requirement of electrification in other commercial models as well. Moreover, rising initiatives for reducing environmental emissions through aircraft and strict regulations regarding carbon emissions by aircraft is boosting the demand for aircraft electrification globally.
The market study is being classified by Type (Propulsion Electrification and Aircraft Electrification), by Application (Power Generation, Power Conversion, Power Distribution and Power Storage) and major geographies with country level break-up.
Honeywell International Inc. (United States), Safran (France), Thales Group (France), United Technologies (United States), GE Aviation (United States), Raytheon Company (United States), AMETEK.Inc. (United States), Meggitt PLC. (United Kingdom), BAE Systems (United Kingdom), EaglePicher Technologies (United States), Astronics Corporation (United States), CRANE AEROSPACE & ELECTRONICS (United States) and Avionic Instruments, LLC (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing towards the development of electrical systems to meet the carbon emission goals set by different government associations due to pollution problems in the global environment because of aircraft emissions. Moreover, the aircraft companies are also entering into the aircraft electrification market for their expansion and to capture competitive positions. For instance, in August 2019, BAE Systems announced that it has entered into the aircraft electrification market by preparing to offer a suite of products to be used on platforms ranging from regional jets to small urban air mobility aircraft. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Aircraft Electrification market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Aircraft Electrification market by Type, Application and Region.
On the basis of geography, the market of Aircraft Electrification has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Norway, Denmark, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Demand for Electric Aircraft Propulsion Propelled by Introduction of Electric Powered Aircraft
- Increasing Initiatives for Reducing Environmental Emissions by Aerospace Companies
- Strict Regulations Regarding Carbon Emissions by Aircraft Industry Boosting the Demand for Electrification of Aircraft Systems
- Development of Fuel Cell Technologies Propelled by Implementation and Introduction of Hydrogen-Powered Fuel Cells
- Introduction of Electric Aircraft Will Create Huge Opportunities for Market Vendors During the Forecast Period
- The Emergence of Electric Power Systems for External Applications of Traditional Commercial Aircraft Models
- Range Limitations of Aircraft After Electrification
- Challenges in Electrification of Commercial Aircraft with Large Seating Capacity
Market Leaders and their expansionary development strategies
In June 2019, Honeywell International Inc. and Denso announced a collaboration for the development of electric propulsion systems for urban air mobility.
In June 2019, GE Aviation announced that it has Started Operations to Electrify Airplane Engines to Meet Carbon Emission Goals. Currently, GE Aviation accounts for more than 65% of the world's commercial airplane engines.
Analyst CommentThe global aircraft electrification market is in its booming stage according to the AMA Research study due to increasing concerns towards carbon emissions deployed from aerospace industry. Most of the aircraft OEMs and component manufacturing companies are have already made their plans to shift towards electrical technologies for the implementation in aircraft models. For instance, in August 2019, Collins Aerospace unveiled its plans to redefine the future of electric aircraft by opening a new facility worth USD 50 million to design and test high-power and high-voltage systems for the next generation of more electric aircraft. However, commercial electric aircraft models are still in their developing stage due to challenges in electrifying large commercial aircraft models.
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