The hybrid electric aircrafts global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hybrid Electric Aircrafts Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
hybrid electric aircrafts market size has grown exponentially in recent
years. It will grow from $1.41 billion in 2023 to $1.76 billion in 2024
at a compound annual growth rate (CAGR) of 25.2%. The growth in the
historic period can be attributed to increasing fuel costs, growing
environmental concerns, stricter emissions regulations, rising demand
for energy-efficient aviation, and government support for green aviation
initiatives.
The hybrid electric aircrafts market size is expected to see exponential growth in the next few years. It will grow to $4.35 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%. The growth in the forecast period can be attributed to the growing adoption of urban air mobility (UAM), increasing focus on noise reduction, expanding airline sustainability goals, development of hybrid propulsion systems for larger aircraft, and rising investment in electric aviation infrastructure. Major trends in the forecast period include the development of hybrid-electric air taxis, advancements in fast charging infrastructure, the shift towards modular electric powertrains, the expansion of government incentives for sustainable aviation, and the integration of AI for flight optimization and energy management.
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Scope Of Hybrid Electric Aircrafts Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hybrid Electric Aircrafts Market Overview
Market Drivers -
The
rising air traffic is expected to propel the growth of the
hybrid-electric aircraft market going forward. Economic growth and
rising incomes increase consumer spending on travel, leading to higher
demand for air transportation. Additionally, the expansion of
international tourism and the availability of affordable airfares
further boost passenger volumes and air traffic. Hybrid-electric
aircraft can help air traffic by reducing emissions and noise, leading
to more efficient and environmentally friendly operations at congested
airports. For instance, in February 2024, according to a report
published by the International Air Transport Association (IATA), a
Canada-based trade association, in 2023, global air traffic increased by
36.9% from 2022. Therefore, the rising air traffic will drive growth in
the hybrid-electric aircraft market.
Market Trends -
Major
companies operating in the hybrid-electric aircraft market are focusing
on the development of high speed propulsion designs, such as
turbogenerator technology to enhance efficiency and minimize
environmental impact through advanced power solutions. Turbogenerator
technology employs a turbine to generate electricity, often integrated
with high-speed engines, to deliver power both efficiently and reliably.
For example, in June 2022, Rolls-Royce Holdings plc, a UK-based
aerospace and defense firm, introduced a new turbogenerator system
designed as an onboard power source for hybrid-electric aircraft. This
system, which offers scalable power output ranging from 500 kW to 1200
kW, is set to complement Rolls-Royce's existing electric propulsion
solutions. The innovation aims to extend flight range by utilizing
sustainable aviation fuels and future hydrogen combustion technologies,
thereby supporting longer-distance travel with reduced or net-zero
emissions for increased passenger capacity.
The hybrid electric aircrafts market covered in this report is segmented –
1) By Aircraft Type: Regional Transport Aircraft, Business Jets And Light Aircraft, Advanced Air Mobility
2) By Component: Aerostructures, Engine, Avionics, Electric Motor, Batteries And Fuel Cells, Generator, Other Components
3)
By Lift Technology: Conventional Take-Off And Landing (CTOL), Short
Take-Off And Landing (STOL), Vertical Take-Off And Landing (VTOL)
4) By Mode Of Operation: Piloted, Automated
5) By Application: Commercial, Military
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Regional Insights -
North
America was the largest region in the hybrid electric aircrafts market
in 2023. Asia-Pacific is expected to be the fastest-growing region in
the forecast period. The regions covered in the hybrid electric
aircrafts market report are Asia-Pacific, Western Europe, Eastern
Europe, North America, South America, Middle East, Africa.
Key Companies -
Major
companies operating in the hybrid electric aircrafts market are Siemens
AG, Raytheon Technologies Corporation, The Boeing Company, Lockheed
Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell
Aerospace, National Aeronautics and Space Administration (NASA), Safran
S.A., Rolls-Royce Holdings plc, Israel Aerospace Industries Ltd.,
Embraer S.A., GKN Aerospace Services Limited, Daher, Aurora Flight
Sciences, Heart Aerospace AB, Aura Aero S.A.S., MagniX International,
Dufour Aerospace AG, Manta Aircraft Inc., Airspace Experience
Technologies Inc., Zunum Aero Inc., Ampaire Inc., Elroy Air Inc.,
Electra Aero Inc.
Table of Contents
1. Executive Summary
2. Hybrid Electric Aircrafts Market Report Structure
3. Hybrid Electric Aircrafts Market Trends And Strategies
4. Hybrid Electric Aircrafts Market – Macro Economic Scenario
5. Hybrid Electric Aircrafts Market Size And Growth
…..
27. Hybrid Electric Aircrafts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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