Electric and Hybrid-Electric Aircraft Propulsion System Market: Segmented: By Technology (Hybrid Propulsion, All-Electric Propulsion), By Application (Civil Aircraft, Military Aircraft), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Electric and Hybrid-Electric Aircraft Propulsion System Market to surpass USD 22.5 billion by 2031 from USD 6.7 billion in 2021 at a CAGR of 13% in the coming years, i.e., 2021-31.
Use of electric power for aircraft propulsion is referred to as an "electrified propulsion system." Combining gasoline-burning engines with electric batteries and motors, or a hybrid-electric propulsion system improves aircraft fuel efficiency, lowers carbon dioxide emissions, and significantly lowers maintenance costs. With the development of light, dependable electric propulsion units, airplane propulsion systems can become more energy-efficient, cleaner, and quieter.
The Electric and Hybrid-Electric Aircraft Propulsion System market is expected to project a notable CAGR of 13% in 2031.
The aviation industry's initiative for more electric aircraft (MEA) and the quickly rising demand for high-performance aircraft with low carbon emissions and better fuel efficiency are the main factors boosting the market for electric and hybrid-electric aircraft propulsion systems and opening up new opportunities.
Hybrid Propulsion segment to grow with the highest CAGR during 2021-31
Based on technology, the Electric and Hybrid-Electric Aircraft Propulsion System is classified into Hybrid Propulsion and All-electric Propulsion. The hybrid Propulsion is anticipated to increase at the greatest CAGR during the projection period. The increase is related to the aircraft's increased fuel efficiency. In addition, the market is anticipated to benefit from significant expenditures that are anticipated to be made in the future as a result of increased use in the commercial aircraft sector.
Civil Aircraft segment to grow with the highest CAGR during 2021-31
Electric and Hybrid-Electric Aircraft Propulsion System is fragmented based on application into Civil aircraft and Military aircraft. Civil aircraft is anticipated to increase at the highest CAGR during the projection period. The growth is attributable to escalating safety regulations by aviation governing organizations as well as rising demand for aircraft subsystems.
Rising demand for fuel-efficient aircrafts
The adoption of electric and hybrid-electric aircraft propulsion systems is being facilitated by the sharp rise in the price of fossil fuels and the demand for alternative energy sources. With decreased carbon emissions, this technology can reduce fuel use and aircraft pollution. Additionally, the most practical choice is an electric or hybrid-electric propulsion system as it provides operational flexibility and produces less noise during operation. All of these elements are anticipated to support market expansion.
The rapid increase in research and development
The expansion of electric and hybrid-electric aircraft propulsion systems is bolstered by a rapid surge in research and development for next-generation aircraft, which provides great performance and increased reliability. Additionally, the expanding civil and military aviation industries, as well as more electric aircraft (MEA) projects, will fuel the growth of the Electric and Hybrid-Electric Aircraft Propulsion System market.
High initial costs and reliability issues
The market's growth is being stifled by the high capital requirements and reliability of electric and hybrid-electric aircraft. Furthermore, the market for electric and hybrid-electric aircraft propulsion systems is being hampered by a shortage of batteries and suitable charging infrastructure.
Electric and Hybrid-Electric Aircraft Propulsion System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the projection period, North America is expected to have the biggest market share. The increase can be due to a large increase in next-generation aircraft research & development, which is driving the market for Electric and Hybrid-Electric Aircraft Propulsion Systems in the region.
The global COVID-19 pandemic has had a negative impact on economies all across the world. Lockdowns imposed around the world have created major disruptions in production, consumption, and supply chain management systems. COVID-19 laws forced the aviation industry to suffer significant losses. The travel ban has brought the sector to a halt all around the world. The Electric and Hybrid-Electric Aircraft Propulsion System market has been negatively impacted by a sharp drop in orders and delivery owing to COVID-19.
Electric and Hybrid-Electric Aircraft Propulsion System Market is further segmented by region into:
Electric and Hybrid-Electric Aircraft Propulsion System Market:
|Market size value in 2021||USD 6.7 billion|
|Revenue forecast in 2031||USD 22.5 billion|
|Growth Rate||CAGR of 13% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Technology, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Airbus S.A.S., 3W International GmbH, Boeing, Cranfield Aerospace Solutions, General Electric Company, GKN Aerospace Services Limited, Honeywell International Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, MagniX, Rolls-Royce Holdings plc., Safran S.A., Siemens AG, Raytheon Technologies Corporation, Leonardo S.p.A, and Other Prominent Players.|
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