Home Press Releases Hybrid Aircraft Market worth $13.2 Billion by 2030 at a CAGR of 41.6%

Hybrid Aircraft Market worth $13.2 Billion by 2030 at a CAGR of 41.6%

by Press Room


(EMAILWIRE.COM, August 24, 2023 ) This report analyzes the Hybrid Aircraft Market from 2020 to 2030. It discusses industry and technological trends currently prevailing in the market and the factors that drive, restrain, and challenge market growth globally. The hybrid-electric aircraft market is estimated to be USD 1.2 billion in 2023 and is projected to reach USD 13.2 billion by 2030, at a CAGR of 41.6% during the forecast period. Key factors include the growing demand for noise-free aircraft and green energy, increasing demand for short haul range connectivity and increasing demand for alternate modes of transportation.

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Based on the Lift Technology, the CTOL segment is expected to lead the market in 2023. The Lift Technology segment includes CTOL, STOL and VTOL. The conventional takeoff and landing (CTOL) aircraft, also known as horizontal takeoff and landing aircraft, uses runways for takeoff and landing. These aircraft conventionally use Vectored Thrust as a lift for taking off and landing. These aircraft could need a runway length that could range between 1,200 m to 2,400 m. Increasing developments in business jets and regional transport hybrid aircraft are expected to fuel the growth of the CTOL segment. Companies like Pipistrel (Slovenia), Eviation Aircraft (US), and Heart Aerospace (US) have also made major developments and are conducting extensive testing on their respective hybrid-electric aircraft.

Based on Aircraft Type, the unmanned aerial vehicles segment is expected to lead the market in 2023. A large number of unmanned aerial vehicles are expected to be deployed in the next few years for both civil and military missions. Early adoption of new technologies will be employed, from smart skin to structural components and intelligent motors. UAVs often need extended flight durations and longer ranges, especially for surveillance, mapping, and delivery applications. With hybrid propulsion, UAVs can take advantage of electric propulsion’s efficiency for long-distance cruising while still using engines for more demanding situations like takeoff, ascending, or acceleration. Thus, the demand for hybrid UAVS is increasing due to the redundancy offered by a hybrid system which improves mission dependability and safety, which is essential for applications like defense or search and rescue. The market for hybrid UAVs is rising as more sectors recognize the benefits of increased endurance, payload capacity, and adaptability. Thus, the growth of UAV Segment paves the way for a transformative revolution in hybrid-electric aircraft market.

Based on range, the > 501 km segment is expected to lead the market in 2023. The hybrid-electric aircraft market focuses mainly on conventional aircrafts such as regional transport aircraft, light aircraft and

business jets which have a range of > 501 km. The need for long haul ranges without re-fueling is expected to increase the > 501 km segment in the hybrid aircraft market.

Based on the system, the batteries and fuel cells segment are expected to lead the market in 2023. Batteries are the most common onboard energy storage components of hybrid-electric aircraft due to their relatively high storage capacity. Modern batteries are mostly rechargeable and are lithium-based. Hydrogen fuel cell technology also holds significant promise for various applications, particularly in the transportation sector, where it can be integrated into hybrid aircraft with ranges under 500 km. These fuel cells generate electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct.

Key Market Players:

Major players operating in the hybrid aircraft market VoltAero (France), Electric Aviation Group (US), Plana (South Korea), Ascendance Flight Technologies (France), and XTI Aircraft (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. These companies have products with wider applications, a larger product footprint, significant market share, and broader geographical use cases. They have established a strong market presence and reputable products with strong business strategies.

News Also Covered @
https://www.prnewswire.com/news-releases/hybrid-aircraft-market-worth-13-2-billion-by-2030—exclusive-report-by-marketsandmarkets-301906443.html

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