Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global aviation high speed motor market size is projected to reach USD 3.74 billion by 2028, exhibiting a CAGR of 5.62% during the forecast period. Fortune Business Insights™ shares this information in its new report, titled “Aviation High Speed Motor Market, 2021-2028”. As per the report, the estimated value of this market was USD 2.33 billion in 2020.
Development of Electrically Powered Airplanes to Create Huge Opportunities
With concerns over emissions released from planes mounting around the globe, several aviation companies have been actively engaged in the development of electric planes to enhance sustainability in the industry. For example, Airbus has been developing its ZEROe concept aircraft, which will be the world’s first zero-emission commercial aircraft when it is released in 2035. The airline series will be powered by hydrogen and the only emissions will be water vapor. Airbus has also been collaborating with Rolls-Royce to co-develop E-FanX, their hybrid aircraft that will be driven by a 2-megawatt electric motor. Aviation high speed motor systems are set to play a central role in providing the necessary propulsion power to these electric-based airplanes due to their reliability and ability to work in conjunction with electrical units.
On the basis of type, this market has been bifurcated into AC motor and DC motor. Based on platform, the market has been clubbed into commercial aircraft, general aviation aircraft, business aircraft, electric aircraft, UAVs, and helicopters. The commercial aircraft segment led the market in 2020 with a share of 22.50%. In terms of application, this market’s segments include propulsion system, flight control, and fuel management system. By geography, the market has been categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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The COVID-19 pandemic outbreak has proven calamitous for the aviation industry and has, by extension, hampered the aviation high speed motor market growth as well. One of the major reasons for this is the sharp decline in air passenger traffic, triggered by lockdowns, social distancing, travel bans, and economic downturn. For example, the International Civil Aviation Organization (ICAO) estimates that there was approximately a 60% reduction in air travelers in 2020, with airlines facing revenue losses in the vicinity of USD 371 billion. As a result, advancements in aircraft engine technologies have suddenly gotten disrupted, which will impact this market’s growth prospects.
What Does the Report Offer?
This market report supplies well-researched insights into the market drivers, trends, segments, and restraints, as well as provides calculated projections of the upcoming opportunities in the market. In addition, the report encompasses an unparalleled analysis of the key market players and their strategies, along with an in-depth examination of the regional prospects and developments impacting the market.
List of the Leading Companies Profiled in the Global Aviation High Speed Motor Market are:
- Xoar International LLC (The U.S.)
- EMRAX d.o.o. (Slovenia)
- Windings Inc. (The U.S.)
- ARC Systems Inc. (The U.S.)
- Siemens (Germany)
- Safran Electrical & Power (France)
- MagniX (The U.S.)
- MGM COMPRO (Czechia)
- H3X Technologies Inc. (The U.S.)
- NEMA Ltd. (The U.K.)
- Allied Motion Technologies (The U.S.)
- Meggitt PLC (The U.K.)
- Pipistrel (Slovenia)
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Key Driving Factor
Introduction of eVTOL Air Taxis by Aerospace Giants to Boost the Market
The demand for sustainable mobility in urban areas has risen dramatically over the past few years and aviation high speed motors can prove instrumental in meeting this demand. In a bid to meet this growing trend, aerospace bigwigs, especially Airbus, have been channeling their expertise and resources towards the development and introduction of electric vertical take-off and landing (eVTOL) aircraft. For example, Airbus came out with its autonomous eVTOL air taxi called Vahana, which can cover a distance of 31 miles. It completed its full test portfolio in 2019. Similarly, in January 2021, General Motors unveiled a concept electric air taxi at its virtual CES Expo, to be launched under its flagship Cadillac brand and powered by batteries. The burgeoning air taxi business and the integration of eVTOL technology with it have opened a new gateway of innovation in this market.
North America to Hold Dominant Market Position among Regions, Predicts Fortune Business Insights™
North America is expected to dominate the aviation high speed motor market share through 2028 on account of the robust presence of large aircraft manufacturers, such as The Boeing Company and Bombardier, in the region. These companies have been making enormous investments in developing next-generation aircraft engines, a factor that is proving vital for the growth of this market. The North American market size stood at USD 0.61 billion in 2020.
In Asia Pacific, the uptake of aviation high speed motors is being stoked by the aggressive fleet expansion by regional airliners, particularly in China, Japan, and India. On the other hand, the market in Europe is being propelled by the concerted efforts by governments in countries such as France and the UK to build zero-emission aircraft models.
Tactical Alliances between Competitors to Heat up Market Competition
The market for aviation high speed motors is entering a new phase of intense competition as key players are eagerly collaborating with each other to speed up the development of electric aircraft. The focus of market participants on electrically powered airplanes is driven by their aim to secure a lasting position in the market by investing in future-proof technologies.
November 2020: Safran Electrical & Power teamed up with Bye Aerospace under a Cooperation Agreement to equip Bye’s eFlyer 2 and eFlyer 4 aircraft with Safran’s patented ENGINeUS electric smart motors. Bye is also seeking FAA certification to operate the eFlyer 4 as an air taxi and the eFlyer 2 for professional flight training.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aviation High Speed Motor Market
- Impact of COVID-19 Pandemic on Global Aviation High Speed Motor Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Global Aviation High Speed Motor Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- AC Motor
- DC Motor
- Market Analysis, Insights and Forecast – By Platform
- Commercial Aircraft
- General Aviation Aircraft
- Business Aircraft
- Electric Aircraft
- Unmanned Aerial Vehicles
- Market Analysis, Insights and Forecast – By Application
- Propulsion System
- Flight Control System
- Fuel Management System
- Market Analysis, Insights and Forecast – By Region
- North America
- Rest of the world
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