PUBLISHER: The Business Research Company | PRODUCT CODE: 1414695
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414695
“Zero-Emission Aircraft Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on zero-emission aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for zero-emission aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The zero-emission aircraft market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Zero-emission aircraft are aircraft that produce no greenhouse gas emissions during their operation, including carbon dioxide or methane. These aircraft offer a sustainable alternative to traditional models, contributing to a reduction in the carbon footprint associated with air travel.
The primary types of zero-emission aircraft include turboprop rear bulkhead, turbofan system, and blended wing body. The turboprop rear bulkhead is a structural component installed in the fuselage to separate the pressurized zone from the unpressurized zone, providing support for the pressure load in the cabin. These aircraft can be powered by various sources such as hydrogen, electric, and solar, catering to different range requirements such as short-haul, medium-haul, and long-haul flights. Additionally, diverse technologies such as electric motor technology, fuel cell technology, hydrogen fuel storage, and power management and distribution technology are applied in passenger and cargo aircraft.
The zero-emission aircraft market research report is one of a series of new reports from The Business Research Company that provides zero-emission aircraft market statistics, including zero-emission aircraft industry global market size, regional shares, competitors with a zero-emission aircraft market share, detailed zero-emission aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the zero-emission aircraft industry. This zero-emission aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The zero-emission aircraft market size has grown rapidly in recent years. It will grow from $20.82 billion in 2023 to $24.5 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The historical growth of zero-emission aircraft can be attributed to factors such as the implementation of environmental regulations, advancements in electric propulsion, heightened concerns about climate change, increased public awareness and pressure, as well as the successful demonstration of various projects.
The zero-emission aircraft market size is expected to see rapid growth in the next few years. It will grow to $44.01 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The anticipated growth in the forecast period for zero-emission aircraft is driven by factors such as the increasing market demand for sustainable travel, government initiatives providing funding for green aviation, the shift towards urban air mobility, the global recovery of air travel with an emphasis on sustainability, the standardization of regulations, and the emergence of sustainable aviation fuels. Prominent trends expected in the forecast period include ongoing technological innovation in aerospace, continuous evolution of battery technologies, the development of hybrid-electric aircraft solutions, the exploration of hydrogen-powered aircraft, the advancement of zero-emission regional aviation, and an increased focus on technological collaboration.
The anticipated growth in the zero-emission aircraft market is expected to be propelled by the increasing stringency of emission regulations. This refers to the heightened strictness or severity of rules and policies aimed at reducing greenhouse gas emissions and other harmful substances originating from aircraft. Zero-emission aircraft propulsion systems, utilizing hydrogen-powered engines, produce no emissions during operation. For instance, in February 2021, the U.S. Environmental Protection Agency (EPA) implemented its first federal policy regulating greenhouse gas emissions from commercial aircraft. Similarly, the International Civil Aviation Organization (ICAO) has set ambitious goals, including reducing CO2 emissions from aviation by 2% per year from 2020 and achieving carbon-neutral growth improvement by 2050. Consequently, the increasing stringency of emission regulations is a driving force behind the growth of the zero-emission aircraft market.
The growth of the zero-emission aircraft market is also expected to be fueled by the rising and fluctuating fuel prices. Traditional fuel costs, which are subject to fluctuations and increases, are prompting the aviation industry to explore alternative, cost-effective, and sustainable propulsion systems such as electric and hydrogen-based technologies. For example, according to the Bureau of Transportation Statistics, regular motor gasoline prices increased by 49% between January and June 2022, while diesel fuel prices increased slightly higher by 55%. Although fuel costs decreased in June and July of 2022, they remain more than twice as high as they were at the beginning of two years ago. Therefore, the upward and variable trajectory of fuel prices is a significant driver for the zero-emission aircraft market.
Electric aircraft technologies have emerged as a prominent trend in the zero-emission aircraft market. These technologies involve the use of batteries to power electric motors instead of traditional jet fuel. Companies in the zero-emission aircraft market are introducing innovative electric aircraft to establish their market presence. For example, in September 2022, Eviation Aircraft, an Israeli-based company focused on developing electric aircraft, unveiled Alice, a groundbreaking all-electric passenger aircraft. Alice, designed for nine passengers, utilizes battery technology similar to electric cars or cell phones. With just 30 minutes of charging, it can achieve up to 2 hours of flight time, representing a significant advancement in sustainable and environmentally-friendly air travel.
Major players in the zero-emission aircraft market are strategically forming partnerships to explore potential applications for superconducting technologies. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. In December 2022, Airbus SE, a Netherlands-based aerospace manufacturing company, announced a partnership with CERN to assess the role of superconductivity in the decarbonization of future aircraft systems. The Super-Conductor for Aviation with Low Emissions (SCALE) prototype aims to promote the adoption and implementation of superconducting technology in aerial electrical distribution systems. This collaboration showcases CERN's recognition of the excellence of Member States' industries and marks the beginning of a long-term partnership. The SCALE demonstration combines Airbus UpNext's expertise in revolutionary aircraft development with CERN's proficiency in superconducting technology. Initial results are expected by the end of 2023, marking the commencement of a partnership that will pave the way for aircraft power distribution using superconducting technology. CERN is an international organization based in Switzerland, operating the world's largest particle physics laboratory.
In April 2022, Textron Inc., a US-based aircraft company, acquired Pipistrel d.o.o for $240 million. This acquisition integrated Pipistrel into Textron's newest business sector, Textron eAviation, aligning with Textron's long-term strategy to offer a family of sustainable aircraft for civic air mobility. Pipistrel, based in Slovenia, specializes in electric aircraft, emphasizing sustainable flight for the future.
Major companies operating in the zero-emission aircraft market report are AeroDelft, Airbus SE, Bye Aerospace, Eviation Aircraft, Joby Aviation, Lilium GmbH, Wright Electric, Boeing Company, Northrop Grumman Corporation, SpaceX Aerospace Company, ZeroAvia Inc., MagniX, Zunum Aero, SkyDrive Inc., Pipistrel d.o.o., HyPoint Inc., Wisk Aero, XTI Aircraft Company, Rolls-Royce plc, Ampaire Inc., Alaka'i Technologies, Volocopter GmbH, Vertical Aerospace, H55, Heart Aerospace, Scaled Composites, Electric Power Systems, Embraer SA, Faradair Aerospace Limited, Beta Technologies
Europe was the largest region in the zero-emission aircraft market in 2023. The regions covered in the zero-emission aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the zero-emission aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The zero-emission aircraft consist of sales of aircraft that uses various technology including solar power during its operation. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.