LONDON, March 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Aircraft Electrification Global Market Report 2023, turbocharger technology is a key trend shaping the aircraft electrification market. Companies in the aircraft electrification market are focusing on turbocharger technology and developing new products to strengthen their position in the market. In order to maintain sea-level take-off manifold pressure and full, rated power up to the engine's critical altitude, a turbocharger compresses the engine's intake of air. For example, in 2022, Rolls-Royce, a UK-based company that manufactures aero-engine, developed turbogenerator technology, which includes a new small engine designed for hybrid-electric applications. The technology will be a scalable onboard power source that will complement the Rolls-Royce Electrical propulsion portfolio and provide a longer range of sustainable aviation fuels and subsequently if hydrogen combustion becomes feasible.
Other major players in the aircraft electrification market such as The Boeing Company, Airbus SE, Safran Group, Honeywell International Inc., General Electric Company and others are focusing on adopting other technology-based strategies such as the implementation of high-voltage batteries to strengthen their position in the market. A high-power density battery will enable a faster rate of energy transfer into the cells during charging or out of the cells while discharging.
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The global aircraft electrification market is expected to grow from $4.76 billion in 2022 to $9.68 billion in 2027 at a compound annual growth rate (CAGR) of 15.3%. The market is expected to grow to $16.68 billion in 2032 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to the expansion of the aviation industry.
North America was the largest region in the aircraft electrification market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in aircraft electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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The global aircraft electrification market is segmented -
1) By Component: Batteries, Fuel Cells, Solar Cells, Electric Actuators, Electric Pumps, Generators, Motors, Power Electronics, Distribution Devices
2) By Technology: More Electric, Hybrid Electric, Fully Electric
3) By Platform: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles (UAVs), Advanced Air Mobility
As per the aircraft electrification market, the top opportunities in the aircraft electrification market segmented by component will arise in the fuel cells segment. Companies can capitalize on the aircraft electrification market's growth potential by implementing market-trend-based strategies such as strategic acquisitions, strategic partnerships, and new technological launches.
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