PUBLISHER: Allied Market Research | PRODUCT CODE: 1298372
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298372
Electric planes utilize batteries to power an electric motor instead of using jet fuel to power an engine. Electric aircrafts are being manufactured for commercial aviation. The rise in inflight traffic across the globe, revitalization of economies post COVID-19, strict regulatory framework toward safety of electric aircrafts, and efforts of major industry players to develop electric aircrafts increase fuel efficiency and reach carbon neutrality by 2050 are some of the major market accelerators.
The rise in military expenditure of nations across the globe to strengthen their aerial capabilities, long term aircraft modernization contracts by global players with government across the globe, and exhaustive research and development carried out to improve output of military electric aircrafts would offer opportunities during the forecast period.
The power-to-weight ratio is one of the main obstacles to scaling up electric propulsion for bigger aircraft. In other words, without significantly increasing the aircraft's weight, the electrical systems of today simply cannot provide the required power. High-temperature superconducting technologies, however, are showing promise as a potential answer to this technological problem since they can boost propulsion chain power density while drastically reducing distribution system mass.
Utilizing superconducting technology in electrical devices and distribution cables is one long-term option. Superconductors are substances that, when chilled to cryogenic levels, exhibit no electrical resistance, boosting efficiency and lightening weight. In most all-electric or hybrid-electric aircraft, superconducting motors and cables would be necessary to maximize power density and decrease waste heat. However, hydrogen-powered aircraft may supercool the systems using their cryogenic liquid-hydrogen fuel.
Airbus is already putting extensive resources towards research, development and commercial integration of superconducting technologies in aviation industry. In 2021, Airbus published a case study using ASCEND in 2021. Through a reduction in cable weight and a cap of 30kW/kg in power electronics, the three-year demonstrator project aims to demonstrate that an electric- or hybrid-electric propulsion system enhanced by cryogenic and superconducting technologies can be more than 2 to 3 times lighter than a conventional system without sacrificing a 97% powertrain efficiency.
Rise in air traffic is bolstering the requirement of new electric aircrafts. The rise in aviation traffic is attributed to a variety of factors. The primary reason is population and economic expansion, which is being fueled by the surge in middle class. By 2035, the global economy is projected to increase by 3% annually, while aviation traffic is projected to grow by an average of 6% annually. The second development element is introducing low-cost airlines with competitive rates on well-travelled routes. They play a significant role in the intensification of air traffic in Europe; at present, they account for more than 40% of Europe's and 25% of traffic globally. By encouraging international airlines to lower ticket rates, these businesses significantly influence airline prices.
According to the International Civil Aviation Organization, passenger traffic and freight volume should quadruple by 2035. (ICAO). To deal with this overburden, the SESAR program in Europe makes several suggestions for improvement. Modernizing present air traffic management techniques and tools is necessary to respond effectively. All air service providers must make an effort and adapt to the market to satisfy demand amid rising traffic. The ICAO predicts that 620,000 more pilots are anticipated to need to be trained over the next ten years due to the rise in aviation traffic. Present-day pilot training programs don't achieve this goal and take a long time to operate. Similarly, it is necessary to upgrade airport infrastructure locally to accommodate this growth. The majority of airports are too tiny to accommodate all aircraft operations.
The electric aircraft market is divided on the basis of takeoff type, component, end use and platform. By takeoff type, the market is fragmented into conventional takeoff and landing, short takeoff and landing, and vertical takeoff and landing. By component, it is divided into batteries, electric motors, aerostructures, avionics, and others. By end use, it is categorized by commercial and military. The platform segment is bifurcated into fixed wing and rotary wing. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the electric aircraft market include: AeroVironment, Airbus, Ampaire, Duxion, EHang Holdings Ltd., Elbit Systems Ltd., Embraer SA, Eviation, Joby Aviation, Lilium, Pipistrel Aircraft, Rolls Royce Plc, Volocopter GMBH, Wright Electric, Inc., and ZeroAvia.