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The Business Research Company’s Aircraft Electrification Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032

LONDON, GREATER LONDON, UK, January 4, 2024 /EINPresswire.com/ — The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

The global aircraft electrification market has experienced remarkable growth, surging from $4.52 billion in 2022 to $5.09 billion in 2023, marking a robust compound annual growth rate (CAGR) of 12.6%. The aircraft electrification market is poised to further expand, projecting a growth to $7.94 billion in 2027 at a CAGR of 11.8%.

Driving Force Behind Market Growth:
A pivotal factor propelling the aircraft electrification market is the escalating demand to reduce the carbon footprint. The carbon footprint, indicative of total greenhouse gas emissions over a specific period, has become a focal point for change. Aircraft electrification, by harnessing electricity as an alternative to traditional fuel, stands out as a significant contributor to reducing harmful gas emissions. Approximately 3% of global carbon dioxide emissions are attributed to the aviation sector. To address this, the industry has committed to becoming carbon neutral by 2050, employing measures such as hydrogen power, carbon offsets, and cleaner fuel. The increasing global call to minimize carbon footprints is expected to be a driving force behind the aircraft electrification market.

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Key Players Shaping the Industry:
Major players steering the aircraft electrification market include industry giants such as The Boeing Company, Airbus SE, Safran Group, Honeywell International Inc., Raytheon Technologies Corporation, General Electric Company, Thales Group, Moog Inc., Parker-Hannifin Corp., Eaton, AMETEK Inc., Meggitt PLC, BAE Systems, EaglePicher Technologies, and Nabtesco Corporation.

Strategic Partnerships – A Key Trend:
An evident trend in the aircraft electrification market is the emergence of strategic partnerships. Companies are actively entering into collaborations with aircraft electrification firms to leverage collective resources and explore new market opportunities. For instance, Eve UAM, a Brazil-based urban air mobility solutions provider, joined forces with Thales Group to enhance Eve’s electric vertical take-off and landing (eVTOL) aircraft in Brazil. Additionally, Amedeo, an Ireland-based aircraft leasing and asset management company, collaborated with AURA AERO to advance the net-zero by 2050 objective of the commercial aviation sector. This strategic collaboration emphasizes the industry’s focus on cooperative research and technological advancements.

Regional Dynamics:
•North America Leading: North America asserted its dominance in the aircraft electrification market in 2022.
•Asia-Pacific Growth: Asia-Pacific is anticipated to witness the highest growth in the forecast period.

Market Segmentation:
The global aircraft electrification market is segmented into three main categories:
•Component: Batteries, Fuel Cells, Solar Cells, Electric Actuators, Electric Pumps, Generators, Motors, Power Electronics, Distribution Devices
•Technology: More Electric, Hybrid Electric, Fully Electric
•Platform: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles (UAVs), Advanced Air Mobility.

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Aircraft Electrification Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Aircraft Electrification Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on aircraft electrification market size, aircraft electrification market drivers and trends, aircraft electrification market major players, competitors’ revenues, market positioning, and market growth across geographies. The aircraft electrification market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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