Hybrid Electric Jet Market, By Electric Motor Type (Solar Cells, Batteries, Ultra Capacitors, Gas-powered, Power Cables), By End User (Commercial, Industrial, Others), and By Geography (EU, NA, APAC, LATAM, and MEA) Analysis, Size, Share, Trends, & Forecast from 2021-2027
REPORT HIGHLIGHT
The global hybrid electric jet market is expected to grow up to US $ 33,380 million by 2026. It is anticipated to grow at a CAGR of 56.5% during the forecast period of 2021-2026. Increasing greenhouse gas emissions from different industries and stringent government regulation and international efforts for pollution control are major growth driving factors for the hybrid electric jet market.
Hybrid electric jets are aircraft powered by electric motors and electric engines. In hybrid jets, both motors and internal combustion engines add value to the system by saving fuel and reducing emission & noise. These jets also provide configuration flexibility and operational efficiency compared to conventional combustion-powered aircraft. The internal energy storage system provides better energy efficiency and longer flight time in hybrid jets.
Market Dynamics
The hybrid-electric jet market is part of the futuristic aviation industry. Increasing pollution and volatility of fuel prices are major reasons for aviation players to focus on renewable and climate-friendly energy sources. For instance, aviation contributes 2% to the world’s total carbon emissions. This jet can get its power from a battery, solar cells, ultra-capacitors, or gas-powered engines. Parallel energy sources and efficient power drives compared to internal combustion engines make this aircraft more energy efficient and less polluting. Rapid technological advances in power electronics, electro-hydrostatic actuators, high-density electric motors, and power conversion systems are major technological drives of product range growth. Increasing investments in research & development and policy incentives are major pushes for companies to enter into this field. For instance, Europe is expected to observe significant investments in R&D activities in carbon footprint reduction and technological advancements in the large-scale electric aircraft market.
Aircrafts using conventional motors result in green gas emission which is a major environmental concern. According to European Aviation Safety Agency, utilization of renewable and electric power drives is expected to reduce 75% CO2 & 90% of Nitrous Oxide. Additionally, these new jets also reduce noise levels up to 65%. According to the Flightpath 2050 plan of ESEA, it aims to reduce 60% of NOx emissions and 75% of noise pollution. Initial high investments in technology can offset long-term fuel costs which are the biggest concern for profitability for almost all aviation companies.
Increasing fuel prices and stringent government regulation makes the adoption of hybrid jets urgent for aviation companies. Low profitability and razor-thin margins make strategic investment difficult for airlines to adopt hybrid jets in commercial uses. For aircraft manufacturing companies, technological tie-ups and purchase agreements for locking demand are important.
Another key driver for companies to adopt the hybrid electric technology is the push to reduce the carbon footprint and achieve SDG goals. Doing business sustainably has become a criterion, and policymakers are pushing towards a great extent to make airliners adopt clean fuel technology. The concept of carbon credits, triple bottom line, and ESG governance are also pushing the growth for e-based propulsion systems by airliners
Energy Source Takeaway
There are 4 major types of hybrid jets: Battery powered, Solar cells, Gas- powered, and ultra-capacitor-powered aircraft. Battery-powered jets are the fastest growing compared to other energy source types. The major reason is increasing infrastructure investment and research and development on longer battery life. Solar-powered aircraft is another field of rapid product development. Solar energy is at forefront of renewable energy adoption. High cost for long-distance flight and high initial investment in solar cells are some of the major hindrances in the development of this segment. Ultra-capacitor-powered jet is a comparatively new development. Research in this domain is increasing over the last few years which indicates probable growth of opportunities in the future.
Alternatively, battery-powered jets are also increasingly being used and the growth rate is picking up. This is because of improvement in Li-ion batteries which can be used for powering propulsions. Hybrid fuel which produces electricity powers up the battery which in turn powers up the engine system. Improvement in research and engineering with battery systems will improve the duration of a flight which thereby will increase the growth rate of the segment.
End-User Takeaway
2 major user applications are industrial and commercial use of hybrid jets. The majority of the companies are working on product development for industrial applications by creating smaller versions of large passenger aircraft. The joint project of Airbus, Rolls Royce, and Siemens is a recent example. Companies like UBER Technologies are also developing prototypes of jets for urban transportations. Commercial use of hybrid jets is attracting more interest as a major concern of rising traffic and pollution in major cities of the world. However, the economic viability of commercial applications is still questionable.
Regional Takeaway
Globally, North America is estimated to become the largest market for hybrid electric jet aircraft. It can be further bifurcated to specific countries of USA & Canada Other major regions are Europe, Asia Pacific, Latin America & Middle East & Africa (AMENA). Europe is expected to grow at a faster scale owing to the presence of major aircraft manufacturers like Airbus SE, Rolls Royce, Boeing & Siemens AG in the region. Technological initiatives and the presence of aircraft research companies are major factors of growth for these regions. An increasing number of strategic collaborations are observed in Europe. For instance, in November 2019, European manufacturer, Airbus SE, Rolls Royce & Siemens AG collaborated to develop a hybrid jet called E-FAN X which is based on 100-seater British Aerospace 146 aircraft. In September 2019, EasyJet started working with US startup Wright Electric to build an all-electric airliner within the next decade.
COVID-19 Impact
The outbreak of COVID-19 in December 2019, has significantly affected many industries including hybrid electric jet market. Various policies to restrict cross border movement has impacted raw material movement as well as labor supply in manufacturing units. With uncertainty in the global economic landscape, investments in future projects took a hit. Major conglomerates were struggling to keep daily operations in place. These developments also affected research work performed in aviation and clean energy initiatives. With heavy operational costs and wafer-thin margins in aviation industries, companies were struggling to turn profitable after the pandemic. Many companies stopped their strategic projects to keep cash flow in positive territories to improve operations post-pandemic. Apart from these short-term developments, climate commitments from many governments are expected to keep the growth of the hybrid jet market in check during the forecast period.
Key Vendor Takeaway
Most of the players are based out of Europe and North America in the hybrid jet aircraft market. This list includes names like Zunum Aero, Boeing HorizonX, Jet Blue Technology, Siemens AG, Rolls Royce, Lilium, Easy Jet Ltd., Wright Electric, Airbus SE, UBER Technologies, Agusta Westland, and so on. There are some small & aspirational players like Eviation, magniX, Pipistrel, Ampire, and Bye Aerospace.
Many companies are working together to keep pace with rapid innovation and bringing core competencies of various players aligned together for better product development. For instance, for the development of E-FAN X, Airbus took the responsibility for engine integration with flight controls & power electronics. Rolls Royce will be improving the turbo-shaft engine with a two-megawatt generator and Siemens will develop a power distribution network for power shift between the engine and battery-powered motors. Generator and power electronic integration will be done jointly by Airbus & Rolls Royce.
The market size and forecast for each segment and sub-segments has been considered as below:
- Historical Year – 2016 to 2018
- Base Year – 2019
- Estimated Year – 2020
- Projected Year – 2021 to 2027
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL HYBRID ELECTRIC JET MARKET KEY PLAYERS
- Zunum Aero
- Boeing HorizonX
- Jet Blue Technology
- Siemens AG
- Rolls Royce
- Lilium
- Easy Jet Ltd.
- Wright Electric
- Airbus SE
- UBER Technologies
- Agusta
- Eviation
- magniX
- Pipistrel
- Ampire
- Bye Aerospace
GLOBAL HYBRID ELECTRIC JET MARKET, BY ELECTRIC MOTOR TYPE
- Solar Cells
- Batteries
- Ultra Capacitors
- Gas-Powered
- Power Cables
- Others
GLOBAL HYBRID ELECTRIC JET MARKET, BY END USER
- Commercial
- Industrial
- Others
GLOBAL HYBRID ELECTRIC JET MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
TABLE OF CONTENT
1. HYBRID ELECTRIC JET MARKET OVERVIEW
1.1. Study Scope
2. EXECUTIVE SUMMARY
2.1. Market Snippet
2.1.1. Market Snippet by Electric Motor Type
2.1.2. Market Snippet by End User
2.1.3. Market Snippet by Region
2.2. Competitive Insights
3. HYBRID ELECTRIC JET KEY MARKET TRENDS
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. HYBRID ELECTRIC JET INDUSTRY STUDY
4.1. Porter’s Five Forces Analysis
4.2. Marketing Strategy Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. HYBRID ELECTRIC JET MARKET: COVID-19 IMPACT ANALYSIS
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. HYBRID ELECTRIC JET MARKET LANDSCAPE
6.1. Market Share Analysis, 2019
6.2. Key Innovators Analysis
6.3. Breakdown Data, by Key Manufacturer
6.3.1. Established Players’ Analysis
6.3.2. Emerging Players’ Analysis
7. HYBRID ELECTRIC JET MARKET – BY ELECTRIC MOTOR TYPE
7.1. Overview
7.1.1. Segment Share Analysis, By Electric Motor Type, 2020 & 2027 (%)
7.2. Batteries
7.2.1. Overview
7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.3. Solar Cells
7.3.1. Overview
7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.4. Gas-Powered
7.4.1. Overview
7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.5. Ultra Capacitors
7.5.1. Overview
7.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
7.6. Power Cables
7.6.1. Overview
7.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8. HYBRID ELECTRIC JET MARKET – BY END USER
8.1. Overview
8.1.1. Segment Share Analysis, By End User, 2020 & 2027 (%)
8.2. Commercial
8.2.1. Overview
8.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.3. Industrial
8.3.1. Overview
8.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
8.4. Others
8.4.1. Overview
8.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9. HYBRID ELECTRIC JET MARKET– BY GEOGRAPHY
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2020 & 2027 (%)
9.2. North America
9.2.1. Overview
9.2.2. Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.2.4. North America Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.2.5. North America Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.2.6. U.S.
9.2.6.1. Overview
9.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.2.6.3. U.S. Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.2.6.4. U.S. Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.2.7. Canada
9.2.7.1. Overview
9.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.2.7.3. Canada Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.2.7.4. Canada Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.3. Europe
9.3.1. Overview
9.3.2. Key Manufacturers in Europe
9.3.3. Europe Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.3.4. Europe Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.3.5. Europe Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.3.6. Germany
9.3.6.1. Overview
9.3.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.6.3. Germany Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.3.6.4. Germany Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.3.7. Italy
9.3.7.1. Overview
9.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.7.3. Italy Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.3.7.4. Italy Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.3.8. United Kingdom
9.3.8.1. Overview
9.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.8.3. United Kingdom Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.3.8.4. United Kingdom Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.3.9. France
9.3.9.1. Overview
9.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.9.3. France Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.3.9.4. France Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.3.10. Rest of Europe
9.3.10.1. Overview
9.3.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.3.10.3. Rest of Europe Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.3.10.4. Rest of Europe Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.4. Asia Pacific
9.4.1. Overview
9.4.2. Key Manufacturers in Asia Pacific
9.4.3. Asia Pacific Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.4.4. Asia Pacific Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.4.5. Asia Pacific Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.4.6. India
9.4.6.1. Overview
9.4.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.6.3. India Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.4.6.4. India Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.4.7. China
9.4.7.1. Overview
9.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.7.3. China Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.4.7.4. China Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.4.8. Japan
9.4.8.1. Overview
9.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.8.3. Japan Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.4.8.4. Japan Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.4.9. Rest of APAC
9.4.9.1. Overview
9.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.4.9.3. Rest of APAC Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.4.9.4. Rest of APAC Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.5. Latin America
9.5.1. Overview
9.5.2. Key Manufacturers in Latin America
9.5.3. Latin America Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.5.4. Latin America Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.5.5. Latin America Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.5.6. Brazil
9.5.6.1. Overview
9.5.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.6.3. Brazil Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.5.6.4. Brazil Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.5.7. Mexico
9.5.7.1. Overview
9.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.7.3. Mexico Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.5.7.4. Mexico Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.5.8. Argentina
9.5.8.1. Overview
9.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.8.3. Argentina Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.5.8.4. Argentina Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.5.9. Rest of Europe
9.5.9.1. Overview
9.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.5.9.3. Rest of LATAM Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.5.9.4. Rest of LATAM Market Size and Forecast, By End User, 2016 - 2027 (US Billion)
9.6. Middle East and Africa
9.6.1. Overview
9.6.2. Key Manufacturers in Middle East and Africa
9.6.3. Middle East and Africa Market Size and Forecast, By Country, 2016 - 2027 (US$ Billion)
9.6.4. Middle East and Africa Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.6.5. Middle East and Africa Market Size and Forecast, By End User, 2016 - 2027 (US$ Billion)
9.6.6. Saudi Arabia
9.6.6.1. Overview
9.6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.6.3. Saudi Arabia Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.6.6.4. Saudi Arabia Market Size and Forecast, By End User, 2016 - 2027 (US$ Billion)
9.6.7. United Arab Emirates
9.6.7.1. Overview
9.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.7.3. United Arab Emirates Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.6.7.4. United Arab Emirates Market Size and Forecast, By End User, 2016 - 2027 (US$ Billion)
9.6.8. Rest of MEA
9.6.8.1. Overview
9.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Billion)
9.6.8.3. Rest of MEA Market Size and Forecast, By Electric Motor Type, 2016 - 2027 (US$ Billion)
9.6.8.4. Rest of MEA Market Size and Forecast, By End User, 2016 - 2027 (US$ Billion)
10. KEY VENDOR ANALYSIS
10.1. Competitive Dashboard
10.2. Company Profiles
10.2.1. Zunum Aero
10.2.1.1. Company Snapshot
10.2.1.2. Financial Performance
10.2.1.3. Product Benchmarking
10.2.1.4. Strategic Initiatives
10.2.2. Boeing HorizonX
10.2.3. Jet Blue Technology
10.2.4. Siemens AG
10.2.5. Rolls Royce
10.2.6. Lilium
10.2.7. Easy Jet Ltd.
10.2.8. Wright Electric
10.2.9. Airbus SE
10.2.10. UBER Technologies
10.2.11. Agusta
10.2.12. Eviation
10.2.13. MagniX
10.2.14. Pipistrel
11. 360 DEGREE ANALYST VIEW
12. APPENDIX
12.1. Research Methodology
12.2. References
12.3. Abbreviations
12.4. Disclaimer
12.5. Contact Us
