Aircraft Electrification Market On A 10-Year Rise
By Mat Dirjish
MarketsandMarkets’ current report, “Aircraft Electrification Market by Technology, Application, System, Component, Platform, Region – Global Forecast to 2030” sees the aircraft-electrification market on an upswing over the next 10 years. The researchers estimate the market to be worth $3.4 billion in 2022 and predict a rise to $8.6 billion by 2030, growing at a CAGR of 12.2% from 2022 to 2030.
The need to eliminate dependency on fossil fuels with a move towards emission-less flying are factors driving market growth. Other findings include:
- In terms of technology, the “more electric” aircraft segment will account for the largest market share in 2022.
- Hybrid electric segment set to grow at the highest CAGR, followed by fully electric aircraft.
- Power distribution segment to account for the largest share in 2022.
- Asia Pacific market to grow at the highest CAGR from 2022 to 2030.
- Top players in the aircraft electrification market include Honeywell International Inc. (US), Safran (France), Thales Group (France), United Technologies Corporation (US), and GE Aviation (US).
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