Electrified Aircraft Propulsion Market is Projected to Register a CAGR of 12% During the Forecast Period By 2023 to 2033

As of right now, the net valuation of the market is estimated to reach US$ 6,546.3 million by the end of 2023. The Global Electrified Aircraft Propulsion Market systems is projected to increase at an average annual growth rate of 12% between 2023 and 2033. According to a new study by FMI, the overall market is anticipated to reach a valuation of up to US$ 20,331.9 million in 2033.

The cost of maintaining an airplane is much reduced when it is electrified since it contains fewer moving components than conventional systems. Leading airplane manufacturers, for instance, Airbus and Boeing are producing more electric aircraft nowadays as a result of such benefits.

Similar to affordable operating costs obtained by the electrification of aircraft, developing hybrid and fully electric airplanes represents a further potential of the market. Moreover, the rising global concern for reducing the combustion of fossil fuels is expected to strengthen the demand for electrified aircraft propulsion systems.

Frequent electrification of an airplane complicates the need for the current infrastructure’s expansion. This could pose a key hurdle for the emerging trends in the market.

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Key Takeaways from the Electrified Aircraft Propulsion Market Study Report

• The overall market is projected to witness an absolute growth of 13,785.6 million over the next ten years.
• Both manufacturers of aircraft and their electrical components can be found in the North American market, holding more than 40% of the overall market. The United States is the leading country with a yearly contribution of 28.4% in the global market share. The need for an electrified aircraft propulsion market in this country is getting driven by the development of cutting-edge air transportation platforms.
• In Europe, Germany is expected to remain at the forefront of the production and supply of electrified aircraft propulsion systems. In the year 2022, the net market share of the market was figured out to be around 7.2%. Meanwhile, the sales of electrified aircraft propulsion systems in the United Kingdom are anticipated to register a higher growth rate of 9.2% through 2033.
• The Asia Pacific region, particularly in China and India, is predicted to see significant CAGR growth throughout the forecast period. The demand for electrified aircraft propulsion systems in China is projected to grow at 11.4% during the years from 2023 to 2033. Meanwhile, the sales of electrified aircraft propulsion systems in India are anticipated to witness an even higher CAGR of 12.1% during this period.
• Based on different components of an electrified aircraft propulsion system, the battery segment contributed a revenue share of nearly 19.4% in 2022.
• Based on applications of electrified aircraft propulsion systems, the power distribution segment dominates the market and held a revenue share of 37.9% in 2022.

Competitive Landscape for the Electrified Aircraft Propulsion Market Players

As advanced aviation applications call for batteries with greater energy storage capacity and more safety measures, so there are few market payers so far. Many market players in Asia, the United States, and Europe believe that lithium-ion battery performance can be significantly improved to achieve a business of scale.

Honeywell, Safran, Thales, Raytheon, Ametek, Meggitt, Astronics, Crane, and Magnix among others are some leading players in the global electrified aircraft propulsion industry. As a result of intensive research being carried out to develop new associated battery technologies, several new players may enter the market in the coming days.

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