Key Drivers Propelling Growth in the Aircraft Electrification Market to USD 37.2 Billion by 2034, with a CAGR of 14.9% | Future Market Insights.

The need for cleaner and safer solutions for air travel and the increasing developments in the air mobility platforms to drive demand of the Aircraft Electrification Industry.

/EIN News/ -- NEWARK, Del, July 15, 2024 (GLOBE NEWSWIRE) -- The aircraft electrification market is expected to be valued at USD 9.3 Billion in 2024. The market is expected to progress at an astounding rate of 14.9% over the forecast period. By 2034, the value of the market is forecasted to reach USD 37.2 Billion.

With sustainability measures on the rise, companies are making concentrated efforts to minimize environmental damage by turning to alternative sources of energy like electricity. Governments are also encouraging the adoption of electrification, making investments to develop research programs and impose regulatory measures on aircraft carriers.

In addition to air pollution, traditional aircraft are also adjudged guilty of increasing noise pollution. Electrified aircraft offer the benefit of being quieter than traditional aircraft. The cost savings enabled by electrification also benefits airline carriers. Both flights carrying cargo and passengers are being developed with electrification.

Request a Report Sample:
https://www.futuremarketinsights.com/reports/sample/rep-gb-18910

Key Takeaways from the Aircraft Electrification Market

• The aircraft electrification market is anticipated to be valued at USD 9.3 Billion in 2024.
• Batteries form the leading component in the aircraft electrification market. From 2024 to 2034, the segment is forecasted to progress at a CAGR of 14.7%.
• Power generation is the market by application. Power generation is predicted to progress at a CAGR of 14.5% over the forecast period.
• South Korea is one of the most promising countries in the market. The CAGR for the market in South Korea is anticipated to be 17.0% over the forecast period.
• Japan and China are poised to be lucrative markets in the Asian region. The CAGRs for Japan and China are pegged at 16.5% and 15.6%, respectively, from 2024 to 2034.
• The market in the United States is expected to register a CAGR of 15.2% over the forecast period.

“The electrification of aircraft is still a developing process. The constantly innovating industry is improving on existing components like generators and actuators, which is driving the market forward,” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competition Analysis of the Aircraft Electrification Market

The highly competitive market is characterized by the presence of established players, startups, and small-scale companies. Partnership agreements are common as companies try to leverage the combined technology available at their disposal. Some of the prominent companies in the market include Honeywell International Inc., Astronics Corporation, Meggitt plc, and BAE Systems.

Top Key Players

• Honeywell International Inc.
• Astronics Corporation
• Meggitt plc
• BAE Systems
• Collins Aerospace
• Rolls-Royce plc
• Ametek, Inc.
  

Recent Developments in the Aircraft Electrification Market

• In January 2024, Joby Aviation inked a partnership deal with Atlantic Aviation for the electrification process of their aviation structure.
• In November 2022, United Airlines invested in Natron Energy, an aircraft battery manufacturer.

Unlock Growth Opportunities with Our Insightful Report:
https://www.futuremarketinsights.com/checkout/18910

Key Segmentations

By Component:

• Batteries
• Fuel Cells
• Electric Actuators
• Generators
• Motors
• Power Electronics
• Distribution Devices
• Others

By Application:

• Power Generation
• Power Distribution
• Power Conversion
• Energy Storage

By Phase:

• More Electric
• Hybrid Electric
• Fully Electric
  

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)
  

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Have a Look at Related Research Reports of Automotive

The size of the aircraft exterior lighting is anticipated to expand significantly, driven by increasing sales and rising demand for advanced lighting systems in modern aircraft.

Sales of aircraft generators are expected to grow due to heightened demand and market size expansion for reliable power solutions in aviation.

The demand for innovative aircraft cabin interior solutions is growing, contributing to the increasing market size and sales in the aerospace industry.

The aircraft refurbishing market is experiencing substantial growth in sales, reflecting the rising demand and expanding size of refurbishment services.

With the growing demand for vehicle electrification market size is projected to increase significantly, boosting overall sales.

The anti-aircraft warfare market is seeing a surge in demand, with an expanding size and increasing sales of advanced defense systems.

The size of the air transport MRO market is expanding due to rising demand and increased sales of maintenance, repair, and overhaul services for aircraft.

As the market size for electric two-wheelers grows, the demand for specialized MRO services is increasing, leading to higher sales in the sector.

The automotive wiring harness market is witnessing growth in both size and sales, driven by escalating demand for advanced electrical systems in vehicles.

The automotive turbocharger market size is expanding with increasing sales and growing demand for enhanced engine performance and efficiency.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube