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By application, the cargo aircraft segment is projected to lead the global zero-emission aircraft market, owing to higher its CAGR
The global zero-emission aircraft industry is estimated at $29.24 billion in 2030, and is anticipated to hit $191.97 billion by 2040, registering a CAGR of 20.7% from 2030 to 2040.” - Allied
market ResearchWILMINGTON, DE, UNITED STATES, October 18, 2024 /EINPresswire / -- According to the report, the global zero-emission aircraft industry is estimated at $29.24 billion in 2030, and is anticipated to hit $191.97 billion by 2040, registering a CAGR of 20.7% from 2030 to 2040 in air passenger traffic and reduced GHG emissions across the globe drive the growth of the global zero-emission aircraft market. On the other hand, technological challenges and high costs associated with solar, electric, and hydrogen-powered aircrafts restrain the growth to some extent. However, proactive government initiatives toward zero-emission powered aircrafts and advancements in zero-emission aircraft technologies are expected to create multiple opportunities in the industry.
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Key Segments in the Zero-Emission Aircraft Market
By Propulsion Type:
Hydrogen Fuel Cell Aircraft: These aircraft use hydrogen as a primary fuel source, converting it into electricity to power the propulsion system. They produce only water as a by-product.
Battery-Electric Aircraft: These planes are powered by electricity stored in batteries, similar to electric vehicles, with no emissions during flight.
Hybrid-Electric Aircraft: Combines electric propulsion with conventional engines, reducing emissions significantly compared to traditional aircraft.
By Aircraft Type:
Fixed-Wing Aircraft: Includes commercial, regional, and private jets that use zero-emission technologies for medium- to long-distance travel.
Rotorcraft: Helicopters and similar aircraft that utilize electric or hydrogen fuel cell propulsion systems.
Urban Air Mobility (UAM) Vehicles: Electric vertical takeoff and landing (eVTOL) aircraft designed for short-distance urban transportation.
By Range:
Short-Haul: Aircraft designed for short-range flights (less than 500 km), suitable for regional travel.
Medium-Haul: Aircraft with a range between 500 to 1,500 km, catering to domestic flights.
Long-Haul: Future developments in long-range zero-emission aircraft, aimed at intercontinental travel.
Market Drivers
Environmental Regulations: Governments and regulatory bodies are imposing strict emissions standards on the aviation industry, encouraging the development of zero-emission solutions.
Rising Fuel Costs: Fluctuating fossil fuel prices drive airlines to seek alternative, more stable energy sources like electricity or hydrogen.
Technological Advancements: Innovations in battery technology, fuel cells, and lightweight materials are making zero-emission aircraft more viable.
Public and Industry Support: Increasing consumer awareness and demand for sustainable travel options are pushing airlines and manufacturers to invest in green technologies.
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Leading Companies in the Market
Airbus
ZeroAvia
Wright Electric
Rolls-Royce Holdings
MagniX
Universal Hydrogen
Trends
Hydrogen-Powered Aircraft Development: Major aerospace companies like Airbus are exploring hydrogen as a sustainable fuel alternative due to its potential to power long-haul flights with zero emissions.
eVTOL and Urban Air Mobility Growth: The rise of eVTOL aircraft is driving investment in urban air mobility, providing a green solution for urban transportation needs.
Government Initiatives and Funding: Governments worldwide are supporting the transition to zero-emission aircraft through funding, tax incentives, and research grants.
Partnerships and Collaborations: Increased collaboration among aviation companies, technology firms, and research institutions to accelerate the development and commercialization of zero-emission technologies.
Challenges
Infrastructure Requirements: The lack of hydrogen refueling stations and electric charging infrastructure at airports poses a significant barrier to widespread adoption.
Energy Density Limitations: Current battery technology has limitations in terms of weight and energy capacity, which restricts the range and payload of electric aircraft.
Regulatory and Certification Hurdles: Certification processes for new aircraft technologies are complex and time-consuming, slowing down market entry.
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David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.