Aircraft Electric Motor Market to Generate $14.4 Billion, by 2032 with 8.5% CAGR: States Allied Market Research
Allied Market Research
6 min read
Allied Market Research
The global aircraft electric motor market is expanding rapidly due to factors such as development in electric aircraft propulsion system, surge in demand for electrical components in aircraft, and environmental concerns and emission reduction.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Aircraft Electric Motor Market by Type (AC Motor and DC Motor), by Output (Up to 10 kW and 10-200 kW), by Application (Propulsion System, Flight Control System, Engine Control System, Environmental Control System and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032".
As per the report, the global market size for aircraft electric motor is estimated to gain $14.4 billion by 2032. The industry generated $6.4 billion in 2022 and is anticipated to showcase a notable CAGR of 8.5% during the forecast period of 2023 to 2032.
The global aircraft electric motor market is expanding rapidly due to government initiatives, technological advancements in electric motor, funding programs and incentives for aircraft electrification, and rise in regulations on environmental sustainability and carbon emissions. However, limited energy density of batteries and thermal issues and high voltage of aircraft electrical systems restrain the market growth to some extent. Nevertheless, regional and short-haul aviation, air taxi services, and surge in urban air mobility are expected to offer ample growth opportunities to the market in upcoming years.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$6.4 billion
Market Size in 2032
$14.4 billion
CAGR
8.5 %
No. of Pages in Report
270
Segments Covered
Type, Output, Application, and Region.
Drivers
Environmental regulations and emissions reduction Rise in demand for electrical components in aircraft Advancement in electric aircraft propulsion systems
Opportunities
Expansion of alternative power sources Rise in demand for urban air mobility and electric air taxis
Restraints
High voltage and thermal issues of aircraft electrical systems Limited energy density of batteries
The AC motor segment to retain its dominance during the forecast period
On the basis of type, the AC motor segment grabbed the largest market share of nearly three-fifths of the global aircraft electric motor market in 2022 and is expected to rule the roost from 2023 to 2032. AC motors are the vital component of electric aircraft propulsion systems, and as the requirement for electric aircraft increases, the demand for AC motors is also anticipated to rise. The DC motor, on the other hand, is estimated to display the fastest CAGR of 10.1% throughout the forecast timeframe. DC motor provides a supportive combination of efficiency, compactness, and power density. This ability makes them perfect option for aircraft applications where space and weight limitations are important.
The engine control system segment generated the highest share in 2022
On the basis of application, the engine control system segment gained the largest market share in 2022, contributing to nearly one-fourth of the global aircraft electric motor market. Moreover, the propulsion segment is anticipated to lead the market in terms of revenue during the forecast period, owing to its crucial role in controlling the operation of the electric motor utilized for aircraft propulsion. The other segment, however, would manifest the fastest CAGR of 11.4% by 2032. Electric motor-driven door actuation systems have the capability to integrate advanced safety functionalities and reliability improvements. These features encompass position sensors, obstacle detection, and redundant control mechanisms, all aimed at ensuring the reliable and secure operation of aircraft doors.
The 10-200 kW segment to lead the trail throughout the forecast timeframe
By output, the 10-200 kW segment contributed to more than four-fifths of the global aircraft electric motor market in 2022 and is expected to continue its supremacy by 2032. The power output of 10-200 kW is developed to meet the distinctive need of aviation applications, involving compactness, reliability, efficiency, and high power-to-weight ratio. The up to 10 kW segment, on the other hand, would showcase the fastest CAGR of 12.1% throughout the forecast timeframe. Electric motors for aircraft, with outputs of up to 10 kW, are utilized in smaller aircraft, auxiliary systems, and actuation systems where lower power demands are sufficient.
North America to grab the lion’s share by 2032
The regional analysis in the report states that, the market across North America was largest in 2022, contributing to nearly one-third of the total market revenue due to surge in demand for aircraft drive the expansion of the aircraft electric motor market. However, Europe region is expected to lead in terms of revenue by 2032. LAMEA, on the other hand, is projected to witness the fastest growth with 11.9% CAGR during the forecast period. The presence of affluent economies like Saudi Arabia and Qatar, coupled with rising investments in the development of aircraft systems and components by LAMEA (Latin America, Middle East, and Africa) nations drive the growth of the market across the LAMEA region.
The report offers a comprehensive analysis of the prominent players in the global aircraft electric motor market. These key players have implemented various strategies, including collaborations, new product launches, expansions, joint ventures, agreements, among others, to augment their market share and uphold dominant positions across diverse regions. The report proves valuable by illuminating aspects such as operating segments, business performance, product portfolio, and strategic initiatives undertaken by market players, thereby providing insights into the competitive landscape.
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