Aircraft Electrification Market worth $20.0 Billion USD by 2030, at a CAGR of 14.3%

The aircraft electrification industry is projected to grow from USD 6.0 billion in 2021 and to reach USD 20.0 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period.

The report "Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Component, Application, System, Platform (Commercial, Military, Business & General Aviation, UAV, AAM) and Region - Forecast to 2030" The market for aircraft electrification is estimated to be USD 6.0 billion in 2021 and is projected to reach USD 20.0 billion by 2030, at a CAGR of 14.3% during the forecast period. The need for sustainable aviation solutions and reduction in overall weight of aircraft is driving the growth of the aircraft electrification market.

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Browse 221 market data Tables and 50 Figures spread through 268 Pages and in-depth TOC on "Aircraft Electrification Market by Technology and Region - Forecast to 2030"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/aircraft-electrification-market-31650461.html

The aircraft electrification market is led by major players like Honeywell (US), Safran (France), Raytheon Technologies (US), GE Aviation (US), and Thales Group (France). These companies have well established manufacturing units and service solution across the globe and provide solutions to a large portfolio of customers.

Lithium-sulphur and lithium titanate batteries has the largest market share in 2021.

Based on component, these batteries are witnessing the largest market share in 2021. The need for batteries with large capacity and energy density is driving the demand for developments in these chemistries.

The power generation segment is projected to witness the highest CAGR during the forecast period.

Based on application, the power generation segment is projected to grow at the highest CAGR rate for the aircraft electrification market during the forecast period. Power in an aircraft is generated through different generators, an auxiliary power unit and an external ground power supply. With the increase in electrical power in the aircraft, the load requirement from power generation systems increases. This is one of the main reasons for the increase in power generation segment.

The propulsion system segment is projected to witness the highest CAGR during the forecast period.

Based on system, the propulsion system segment is projected to grow at the highest CAGR rate for the aircraft electrification market during the forecast period. Increasing developments on electrical propulsion system with the rise in hybrid electric and fully electric aircraft to drive the demand for this segment.

The North American market is projected to contribute the largest share in 2021

North American market is witnessing the largest market share in 2021. Aircraft Electrification is an important development all major OEMs are focusing. North America is the technology leader across regions and is the home to major component manufacturers like Honeywell and Raytheon Technologies as well as aircraft manufacturers like Boeing, and Lockheed Martin among others. These factors drive the market growth in the region.

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