According to the research report the "Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Application, System, Component (Batteries, Fuel Cells, Actuators, Generators, Power Electronics, Distribution Devices), Platform, Region - Global Forecast to 2030", The aircraft electrification market is estimated to be USD 3.4 billion in 2022 and is projected to reach USD 8.6 billion by 2030, at a CAGR of 12.2% from 2022 to 2030. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=31650461 The aircraft electrification technology is installed to enable the evolution of traditional aircraft operating on conventional fossil fuels into electrically operated aircraft. There has been a rapid rise in research activities for the development of commercially viable electric aircraft. The important driver for these research activities and introduction of new electric aircraft in the market are the various advantages of aircraft electrification over other traditional technologies such as noise reduction, reduced carbon emissions, lower vibrations, and simpler design for manufacture and maintenance. Additionally, due to the increasing awareness on emission-less flying and government regulations in several countries pertaining to reduction in noise and emissions for the aviation industry, the aircraft electrification market is expected to witness significant growth during the forecast period. More electric technology segment is estimated to account for the largest share of the aircraft electrification market in 2022 Based on technology, the more electric aircraft segment is estimated to account for the largest share of the market in 2022. The increasing need to optimize aircraft performance has been a catalyst in boosting the growth of the more electric aircraft (MEA) segment. The hybrid electric segment of the market is projected to grow at the highest CAGR, followed by fully electric aircraft over the forecast period. The growth of the market for hybrid electric technology across the globe can be attributed to the advantages offered by electric aircraft for airliners, including reduced consumption of fuel and lower maintenance. The power distribution segment is estimated to account for the largest share of the aircraft electrification market in 2022 Based on application, the power distribution segment is estimated to account for the largest share of the market in 2022. The trend towards the development of electrical components is influencing the growth of the power distribution segment. Further, power conversion is one of the most important systems used in aircraft. Various
equipment, such as inverters, transformer rectifier units, and transformers, are used on aircraft to provide power supply. Enhancement of operational efficiency and reduction in total aircraft system weight drive demand in the power conversion segment of the market. The Asia Pacific aircraft electrification market is projected to grow at the highest CAGR from 2022 to 2030 Based on region, the Asia Pacific region is expected to witness substantial growth during the forecast period. Countries in the Asia Pacific region are undergoing development and upgrading various capabilities in the field of aircraft electrification, which offers significant potential for the manufacturers of electric components. A rise in demand for low-cost carriers (LCCs) is one of the factors driving growth of the market in the Asia Pacific. With affordable air travel on the rise and relaxation in some government regulations, the Asia Pacific region is witnessing an increased procurement of LCCs. Additionally, increasing aerospace & defense expenditure and expansion in airline networks in emerging nations, such as India and China, are expected to drive the demand for aircraft electrification in the region. Key Market Players Some of the major players in the aircraft electrification market include Honeywell International Inc. (US), Safran (France), Thales Group (France), United Technologies Corporation (US), and GE Aviation (US), among others. Don’t miss out on business opportunities in Aircraft Electrification Market. Speak to our analyst and gain crucial industry insights that will help your business grow. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Sanjay Gupta MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 Email: Newsletter@marketsandmarkets.com