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 growth of this market is mainly driven by increase in adoption of cleaner and greener aircraft, developments in advanced air mobility and alternative sources of energy.
Key players have adopted various organic and inorganic strategies to strengthen their position in the aircraft electrification market. The aircraft electrification market includes major players Honeywell International Inc. (US), Safran (France), Thales Group (France), Raytheon Technologies (US), GE Aviation (US) these players have adopted various strategies, such as acquisitions, contracts, new product launches, and partnerships & agreements, to expand their presence in the market further.
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HONEYWELL INTERNATIONAL INC. is a technology and manufacturing company that operates through four segments: Aerospace, Home and Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. It is a trusted leader with decades of experience in engineering and manufacturing high-performance navigation and sensor products for commercial, defense, industrial, and space applications. Honeywell International Inc. provides electrical components to OEMs and aftermarkets across the globe. Honeywell also has a technologically advanced product portfolio. Aerospace products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, aircraft lighting, management, and technical services, and aircraft wheels & brakes. The company also provides spare parts, repair, overhaul, and maintenance services, connected solutions, and data services for the aftermarket.
GENERAL ELECTRIC COMPANY (GE) is an industrial company that operates through its Industrial and Financial Services segments. The Industrial segment includes Power, Renewable Energy, Aviation, and Healthcare, and its Financial Services segment, Capital. The inertial navigation system developed by GE is used by US Marine Corps as well as in the satellite communication systems of Boeing, ViaSat, and Nextant. GE constantly focuses on collaborations to strengthen its penetration in the market. For instance, in 2019, GE Aviation and NASA partnered to develop the inverter for large commercial electric aircraft. GE Aviation also focuses on securing contracts from OEMs as well as the aftermarket across the globe. For instance, in July 2018, Boeing awarded GE Aviation a contract for AH-64 avionic systems.
SAFRAN is a French multinational aircraft engine, rocket engine, aerospace-component, defense, and security company. Its subsidiary, Safran Electronics & Defense, offers optronics, avionics, and electronic systems, as well as critical software for both civil and military applications in the naval, aeronautical, and space sectors. Safran is leveraging its expertise in more electric aircraft products, which are aligned with the changing market needs. It is developing new technologies such as next-generation aircraft engines, new materials for aircraft components, new manufacturing techniques such as 3D printing, more electric aircraft components, electrical systems for helicopters, and reducing fuel consumption.
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
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