Soaring fuel prices have become a rising concern for aviation companies, impelling them to look for alternatives to conventional fuel sources. Thus, the focus on electrical energy as an efficient and eco-friendly alternative to conventional fuel may boost the global electric aircraft market demand over the forecast period. Electric aircrafts aid in reducing air, noise & ground pollution. This results in diminishing hazards of global warming, which is expected to drive the global electric aircraft market demand.
Electric aircrafts are highly innovative with respect to technology and functioning. For example, helicopters can exercise safety control, while landing despite any engineering failures with the help of electric backup. This serves as a key driving force to the global electric aircraft market. Electric aircraft paves new pathways for applications of many new electrical components and systems, including structural components, printed electronics, and smart skin, which is further anticipated to boost the global electric aircraft market. The global electric aircraft market growth is propelled by increasing usage of autonomous systems. The need to achieve optimized aircraft performance, reduced gas emissions and airport noise, decreased operational & maintenance costs and the tremendous increase in aircraft deliveries have been a few other key factors spurring the global electric aircraft market demand. Soaring need for fuel-efficient and greener aircraft is expected to be a cardinal driving factor that compels aircraft manufacturers to opt for more fuel-efficient alternatives.
Increasing number of airline passengers has driven the aircraft orders extensively. The market is expected to gain prominence over the next few years owing to several benefits such as increased safety, improved maneuverability, less risk of explosion or fire, and less noise. Further, electric aircrafts eliminates usage of fossil fuel consumption and its resultant emissions, which in turn contributes to environmental and cost benefits. Thus, the electric aircraft market is anticipated to witness healthy growth in near future owing to the aforementioned benefits. Several regulatory issues and other macro-economic factors are anticipated to hinder the global electric aircraft market growth. Key challenges faced by the industry participants include reliability of electrical systems in harsh environment, thermal management, and optimization in electrical systems.
Aircraft market is classified as large body, narrow body, and wide body aircraft markets. The aircrafts can work on commercial, UAV, and military platforms by application of various technologies. These technologies comprise power electronics, thermal management, advanced materials, and safety systems. North America and Europe electric aircraft market is expected witness significant demand despite the economic downturn. This may be attributed to the technological advancements and strong R&D initiatives by the key players in these regional markets. Further, to meet the changing demands of the stakeholders in the aircraft market, Asia Pacific is expected to restore its technology platform in the near future. Asia Pacific is also projected to grow significantly over the forecast period owing to military Keynesianism.
The key players in the global electric aircraft market are Boeing, Safran, Airbus, Raytheon, and Honeywell International Inc. These key players aim at continuous improvement with lean approach as a major part of their strategy, ultimately boosting productivity.
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