Electric & Hybrid-Electric Aircraft Propulsion System Market New Study Offers Insights for 2035
Air pollution is increasing on the international agenda and is extensively identified as a threat to both economic progress and public health. The World Health Organization (WHO) estimates that annually 4.2 million deaths can be ascribed to air pollution. Recently, there have been key developments in techniques that permit the quantification of air pollution-related indicators to trace growth toward the sustainable development goals and that enlarge the evidence base of the effects of air pollution on health.
Read Report Overview: Electric & Hybrid-Electric Aircraft Propulsion System Market
Several companies across the world participated in various strategies to enable eco-friendly air travel. For instance, in September 2019, General Electric Company collaborated with NASA Advanced Air Vehicles Program (AAVP) to develop the future of flight for large commercial electric propulsion aircraft. For another instance, in May 2020, Airbus S.A.S. and Scandinavian Airlines signed a joint memorandum of understanding to research on hybrid and electric propelled aircraft. The alliance of the aircraft manufacturer and the airline would significantly help to get clear the conditions for hybrid and electric aircraft down the line. According to the agreement, Scandinavian Airlines focus on research on the eco-system and infrastructure conditions of hybrid-electric aircraft on a large-scale commercial stage. The following table illustrates the major projects associated with the Electric & Hybrid-electric Aircraft Propulsion System market.
Hybrid-Electric Propulsion Expected to Attain High Investments
Among the Electric & Hybrid-electric Aircraft Propulsion System market, hybrid-electric propulsion is expected to attain high investments in the future due to the high adoption rate in the commercial aviation industry. In 2025, hybrid-electric is expected to acquire the highest market value of $9.98 billion and is expected to grow to $52.73 billion by 2035 at a CAGR of 18.11% during the forecast period.
U.S. to Witness Fastest Growth in Electric & Hybrid-electric Aircraft Propulsion System Market
The U.S. is expected to dominate the Electric & Hybrid-electric aircraft propulsion system market in 2025 and is anticipated to uphold its dominance throughout the forecast period. Factors such as the presence of major Electric & Hybrid-electric Aircraft Propulsion System manufacturers and a significant investment by the U.S. Department of Defense (DoD) and several other companies are fueling the high growth rate and major share of the U.S. in the Electric & Hybrid-electric aircraft propulsion system market. Moreover, increasing policies to reduce harmful emissions caused by air travel are enabling airlines to procure electric & hybrid-electric aircraft.
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The electric & hybrid-electric aircraft propulsion system market is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the electric & hybrid-electric aircraft propulsion system market exhibits an inclination toward emerging strategies and developments by market players.