What is the future of Aircraft Electrification Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Electrification Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Electrification Market was likely to witness an impressive CAGR of 12.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Aircraft Electrification Market Share: By System Type
Based on the system type, the market is segmented as propulsion systems and aircraft systems. The propulsion systems segment is expected to hold the larger share of the market during the forecast period. Increasing concerns towards reduction in fuel consumption and carbon emissions are fueling the adoption of electrical propulsion systems. Further, surge in penetration of electric components in the aircraft propulsion systems is expected to reduce fuel burn substantially that will lead to reduce the environmental emissions.
Aircraft Electrification Market Share: By Region
In terms of regions, Europe is estimated to be the largest market for aircraft electrification during the forecast period, with France, Germany, The UK, and Switzerland being the major countries with lucrative growth opportunities. Increasing passenger traffic in the region, along with increasing concerns regarding passenger safety, carbon emissions, and noise pollution in various government regulatory bodies, such as the European Defense Agency (EDA), the European Union Aviation Safety Agency (EASA), the European Air Transport Command, and the UK Civil Aviation Authority (CAA), is fueling the demand for aircraft electrification. Further, presence of key electric aircraft manufacturers, such as Rolls Royce plc, Safran SA, GKN plc, and Thales Group is driving the growth of the region's market.