(MENAFN- GlobeNewsWire - Nasdaq) The global hybrid aircraft market is growing due to rising concerns over Aviation emissions, advancements in electric propulsion technology, and cost-saving benefits for airlines.
Wilmington, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) --
Allied Market Research published a report, titled, " Hybrid Aircraft Market by Aircraft Type (Business Jets & Light Aircrafts, UAVs & AAM and Regional transport Aircraft), Lift technology (Conventional Takeoff & Landing, Short Takeoff & Landing and Vertical Takeoff & Landing), Mode of Operation (Piloted and Autonomous): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the hybrid aircraft market was valued at $1.9 billion in 2023, and is estimated to reach $10.7 billion by 2033, growing at a CAGR of 19.1% from 2024 to 2033.
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Prime determinants of growth
The global hybrid aircraft market has experienced growth due to growing concerns regarding emission from aviation industry, technological advancements in the electric propulsion technology, and operational cost saving for airline industry. Moreover, the surge in investments in hybrid aircraft technology and growth in air travel offer remunerative opportunities for the expansion of the global hybrid aircraft market.
Segment Highlights
On the basis of aircraft type, the business jets and light aircraft segment accounted for the largest market share in 2023 due to surge in strengthening of laws and regulations toward reducing emissions from the aviation industry, which has resulted in growing demand for aircraft with lower carbon footprints. Moreover, hybrid aircraft are quieter than conventional engines, which is particularly desirable for business jets and light aircraft operating in urban areas or airports with noise restrictions.
By lift technology, the conventional takeoff and landing segment accounted for the largest market share in 2023 as majority of airports globally are specifically designed for conventional takeoff and landing operations utilizing using conventional takeoff and landing technology reduces the need for costly upgradations and investments in new facilities. Moreover, conventional landing and takeoff enables in higher load capacity and does not require additional equipment, such as vertical lift fans or thrust vectoring mechanisms
By mode of operation, the piloted segment accounted for the largest market share in 2023 owing to safety regulations. However, the autonomous segment is still in its developing phase as current aviation regulations prioritize safety and require stringent certification processes for piloted aircraft. Developing similar regulations for autonomous aircraft involves addressing complex issues related to technology, safety, and air traffic management.
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Regional Outlook
By region, the Asia-Pacific region dominated the market share in 2023. The rapid economic growth in the Asia-Pacific region has resulted in a surge in need for air travel and air cargo. Similarly, rapid urbanization in the region contributes to increased travel between urban centers. Likewise, countries such as Vietnam, Indonesia, Thailand, Japan, and India, have witnessed an increase in international travel; thus, the increase in international travel activities and the growth in air cargo have resulted in growing air traffic. The growth in air traffic has led to an expanded aircraft fleet. Moreover, with the strong regulatory regulations on the aviation industry in terms of emission and fuel standards are further promoting the use of hybrid aircraft
Players:
Faradair Aerospace Ampaire Inc. Embraer S.A Rolls-Royce Holdings plc. Safran S.A. Raytheon Technologies Corporation General Electric Company Airbus Pipistrel Heart Aerospace
The report provides a detailed analysis of these key players in the global Hybrid Aircraft market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
On August 13, 2021, Embraer S.A announced the completion of the first flight of all-electric test aircraft. Embraer announced a strategic partnership with EDP, a Brazilian energy company, for research and development of its electric aircraft. The company is focusing more on the development of electric aircraft range technology, which is more suited to shorter, more regional routes.
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