According to our latest study on "Aircraft Electrification Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Application, and Geography," the market is expected to grow from US$ 1,977.47 million in 2021 to US$ 14,683.71 million by 2028; it is estimated to grow at a CAGR of 34.1% from 2022 to 2028.
The development of electric aircraft has been witnessing tremendous growth since past few years. As several aircraft OEMs are taking sheer interest to enter the aircraft electrification market, the investments have been significantly rising in the market over the years. For instance, in October 2021, NASA awarded a contract worth US$ 253.4 million to GE Aviation and MagniX USA Inc.
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for the development of its Electric Powertrain Flight Demonstration (EPFD) project that will mature Electrified Aircraft Propulsion (EAP) technologies through ground and flight demonstrations. Also, in January 2022, Lockheed Martin funded a company named Electra in its series A funding round for the development of its eSTOL concept of aircraft. Thus, the rising investments in the development of electric aircraft is propelling the growth of the aircraft electrification market.
Several aircraft manufacturers are focusing on the development of all electric. Many manufacturers are trying to get certifications from regulatory bodies for the commercialization of their respective electric aircraft models. For instance, in June 2022, Diamond Aircraft announced that its electric aircraft model eDA40 is scheduled to be launched in Q4 2022, and its certification is expected at the end of 2023 or Q1 2024. According to National Renewable Energy Laboratory (NREL), as of February 2020, ~170 electric aircraft projects were underway, which is 50% more as compared to 2018. Federal agencies are funding technology research and forecasting demand and environmental impacts. State governments have also begun pushing for further investigation in this area. For example, Washington State conducted a regional study to propose locations for charging infrastructure for small commercial electric aircraft to improve mobility for underserved communities.
Also, the Federal Aviation Administration (FAA) has been revising its approaches for certifying the electric propulsion of aircraft due to several challenging factors of introduced prototypes till now. According to the International Energy Association (IEA), the current prototypes developed by several electric aircraft OEMs can carry up to 20 passengers for the distance of up to 100 km. However, the research are underway to develop electric aircraft models that have the endurance to travel 1,000km, which are expected to commercialize by 2050. Also, since all the types of electric flight are limited to short haul journeys, it accounts for a less amount of aviation CO2 emissions. The development of hybrid or turboelectric designs for aircraft to cover up to 3,000 km distance is expected to reduce the emissions significantly from the aviation industry in the future. In 2022, Rolls Royce announced that it has been working on the development of hybrid electric aircraft propulsion engines of turbogenerator design that have the capability to recharge batteries after take-off or power propellers directly, enabling aircraft to switch between power sources in flight.
Wisk Aero; Airbus; Lilium GmbH; Diamond Aircraft Industries; Textron Aviation Inc.; Eviation; Bye Aerospace; Ampaire Inc.; Electra Aero, Inc.; and MagniX USA Inc. are among the key aircraft electrification market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the market and its ecosystem.
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