The global aircraft electrification market is expected to witness significant growth in the coming years, owing to increase in need to reduce carbon emissions and control environmental pollution. Increase in initiatives to reduce dependency on oil is likely to boost the demand for aircraft electrification. An electric aircraft is powered by electric motors driven by thrust producing propellers. It has distributed drive system. Electricity can be supplied to aircraft through batteries, solar cells, fuel cells, ground power cables, and others. The first manned electric aircraft flew for just 14 minutes in 1973. Since then major researches have been conducted in this sector and experts are considering electric planes as the future of aviation.
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Covid-19 Scenario analysis:
- The research & development in aircraft electrification industries across the globe has been hampered because of the declared lockdowns and government restrictions on public gatherings due to the COVID-19 outbreak.
- Production rate of components such as Lithium-ion batteries and other power electronics parts has been hampered due to the pandemic.
- There will be considerable rise in demand in global aircraft electrification market in near future as world is moving towards normalcy.
- Supply of spare parts is down which is obstructing ongoing research and development of prototypes.
- Testing of prepared prototypes by companies is on halt due to present restrictions, which is expected to resume once the restrictions are lifted.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in concerns over environmental pollution by global governments, strict regulations regarding carbon emissions through airplanes by aircraft industry to reduce the aircraft’s noise, and low operational costs are some of the major factors that drive the growth of the global aircraft electrification market. However, limited range and capacity of electric aircraft are expected to restrain the growth of the market. On the contrary, development of advanced power electronics components and progress in Lithium-ion batteries are anticipated to provide lucrative opportunities for the aircraft electrification market.
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Concerns over environmental pollution
There have been enough evidences that show aircraft emissions cause pollution. The European Union states that direct emissions from aviation account for around 3% of the EU’s total greenhouse gas emissions, and more than 2% of global emissions. Reports suggest that if current technology is not advanced, then CO2 output from aircraft will likely increase by more than two times. Therefore, global aircraft electrification is expected to grow in near future.
Low operational cost
An electric aircraft can have a 90% less fuel cost and 50% less cost on maintenance as compared to fossil fuel aircraft. For instance, the Pipistrel Alpha Electro is an ultra-light electric aircraft, which can carry up to 2 passengers and can cover almost 160 km on an hour’s charge. The cost of electricity per hour of flight is roughly between $4 to $6. Hence, low operation cost is expected to boost the demand for aircraft electrification.
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Key benefits of the report:
- This study presents the analytical depiction of the global aircraft electrification industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global aircraft electrification market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global aircraft electrification market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global aircraft electrification market analysis based on competitive intensity and how the competition will take shape in coming years.
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