(MENAFN- GlobeNewsWire - Nasdaq) Fairfield's New Report Indicates Unprecedented Evolution of the Hybrid Electricc Aircraft Landscape with Rising Investments Across Electric Aviation Industry and Growing Sustainability Across the Aviation IndustryLondon, April 19, 2024 (GLOBE NEWSWIRE) -- Global hybrid electric aircraft market is expected to value from US$1.1 Bn in 2022 to US$12 Bn in 2030 in the forthcoming years from 2022 to 2030 and witness a CAGR of 40%.
The hybrid electric aircraft market holds immense potential to transform the aviation industry by offering sustainable and efficient air transportation solutions. Ongoing investments in research and development are expected to drive innovation and propel the market forward.
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REPORT SCOPE
| Report Attributes | Details |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 |
| Market Size in 2022 | US$1.1 Bn |
| Estimated Market Size in 2030 | US$12 Bn |
| CAGR | 40% | |
| Growth Drivers | Increasing Investments Across the Electric Aviation Industry Growing Inclination Toward Short-Haul Range Connectivity Rising Concerns Around Environment Protection |
| Segmentation | By Aircraft Type (Regional transport aircraft, Business jets, Light and ultralight aircraft, Unmanned aerial vehicles, Advanced air mobility) By Power Source (Fuel hybrid, Hydrogen hybrid) By Mode of Operation (Piloted, Automated) By Range (Less than 100 km, 101 km to 500 km, More than 500 km) By Lift Technology (CTOL, STOL, VTOL) |
| Regional Coverage | North America (The United States, Canada) Europe (Germany, The United Kingdom, France, Italy, Turkey, Russia, Rest of Europe) Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific) Latin America (Brazil, Mexico, Rest of Latin America) The Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa) |
Aircraft manufacturers, propulsion system suppliers, and technology startups are forming strategic partnerships and collaborations to accelerate the development and commercialization of hybrid electric aircraft solutions.
One trend in the market is the retrofitting of existing aircraft with hybrid electric propulsion systems, offering a more cost-effective and incremental approach to introducing electrification to the aviation industry. Rising demand for improved aircraft results is driving the market growth further.
Growing concerns over climate change and air pollution have prompted the aviation industry to seek more sustainable alternatives to traditional fossil fuel-powered aircraft, driving the demand for hybrid electric propulsion systems.
Hybrid electric propulsion systems offer the potential for significant fuel savings and operational cost reductions compared to conventional aircraft engines, particularly for short-haul and regional flights.
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Key Research Insights
Hydrogen hybrid segment takes the lead in the market. Light and ultralight aircraft category spearheads. Europe continues to be the largest revenue contributor. North America to witness the notable growth.
Insights into Segmentation Analysis
Hydrogen Hybrid Segment Leads the Charge in the Market
Hydrogen electric aircraft have expanded range capabilities comparable to conventional aircraft, as well as faster refuelling times when compared to battery charging. Electric hydrogen aeroplanes are positioned as a possible alternative for sustainable air transportation since hydrogen fuel cells generate power without generating greenhouse emissions. The hydrogen hybrid segment's lower maintenance and vibration-free capability will enhance the hydrogen hybrid segment power source segment over the projected period.
STOL Lead the Way in the Forthcoming Years
A short take-off and landing (STOL) aircraft requires a short runway for take-off and landing. A runway of almost 1200m is required for STOL, although there have been improvements on aircraft that would require a runway as short as 600 m for take-off and landing. For take-off and landing, these aircraft might use vectored thrusts and a hybrid wing type as a lift plus cruise. Companies such as Plana (South Korea) and Electra Aero (US) are developing STOL aircraft. During the projected period, the STOL segment will be driven by the increasing demand for shorter takeoff for hybrid aircraft.
Key Report Highlights
The rising demand for environmental protection has pushed the hybrid aviation sector towards a one-way green aviation mode. Increased government regulations governing aviation pollution is driving the market growth. Rising demand for improved aircraft results while using electric technology to reduce carbon emissions.
Insights into Regional Analysis
North America to Experience the Substantial Growth
The United States is predicted to be the largest electric aircraft market in North America during the projection period. The Environmental Protection Agency in the United States has declared rules for aviation greenhouse gas emissions. More than 11% of all US transportation greenhouse gas emissions and around 4% of all US greenhouse gas emissions are attributed to aviation. The EPA is planning to adopt severe regulations to reduce aviation emissions. Technological advancements and increased R&D expenditures by market participants are expected to boost regional market share throughout the projection period.
Europe Continues to be the Notable Revenue Contributor
Europe is expected to maintain its market dominance over the forecast period, owing to an increase in the number of manufacturers, collaboration, and partnerships. Favourable government policies and citizens having access to corporate jets, are boosting the region's demand for hybrid electric aircraft.
Key Companies Profiled in the Global Hybrid Electric Aircraft Market
Leonardo S.p.A. AVA PROPULSION, INC. Embraer S.A. TRANSCEND AIR CORPORATION Electra Aero, Inc. SKYFLY TECHNOLOGIES LTD. H2FLY COSTRUZIONI AERONAUTICHE TECNAM S.P.A ELROY AIR AIRSPACE EXPERIENCE TECHNOLOGIES, INC. AMSL AERO PTY. LTD. Manta Aircraft Pipistrel Group Bye Aerospace Textron Aviation
Global Hybrid Electric Aircraft Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 -(By Aircraft Type Coverage, By Power Source Coverage, By Mode of Operation Coverage, By Range Coverage, By Lift Technology Coverage, By Geographic Coverage and Leading Companies):
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