The zero emission aircraft market consists of aircraft powered by electric, hydrogen fuel cell or hybrid electric propulsion. These aircraft are equipped with batteries or fuel cells to store energy and electric motors to provide thrust. They have significant advantages over traditional aircraft in terms of lower operating costs, negligible emissions and reduced noise. The need for zero emission aircraft has risen owing to strict environmental regulations and sustainability goals of various nations and companies to curb pollution from air travel.
The Global Zero Emission Aircraft Market is estimated to be valued at US$ 7.68 Bn in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the zero emission aircraft are AeroDelft, Airbus S.A.S., Ampaire Inc., Avinor AS, BETA Technologies, Inc., Bye Aerospace, Equator Aircraft AS, Evektor, spol. s r. o., Eviation Aircraft, Heart Aerospace, HES Energy Systems, Joby Aero, Inc., Lilium GmbH, NASA, Pipistrel d.o.o, Rolls-Royce plc, Wright Electric, and ZeroAvia, Inc. Several key players are working on developing electric, hybrid and hydrogen fuel cell Zero Emission Aircraft market commercial use and have conducted successful test flights.
The rising concern over environmental pollution and stringent emission norms are expected to drive significant demand for zero emission aircraft in the coming years. Many countries and corporations have committed to transitioning to zero emission fleets which will create avenues for growth of electric and hydrogen powered aircraft.
Technological advancements in electric motors, batteries, fuel cells and composite materials have enabled designs for commercially viable electric aircrafts. Continuous research is being conducted to improve energy storage capacity, thrust generation and launch systems for zero emission aircraft towards large scale production.
Market Trends
Growing investment in electric aircraft technology - Major aircraft manufacturers and technology companies are investing heavily in developing electric aircraft technology. For instance, Rolls Royce invested $133 million in electric air taxi maker Vertical Aerospace.
Increasing focus on hydrogen fueled aircraft - Hydrogen has high energy density making it suitable for long range aviation. Companies are exploring hydrogen fuel cells and cryogenic liquid hydrogen storage and propulsion systems for large commercial aircraft. For example, Zeroavia is developing a hydrogen fuel cell passenger aircraft with 600 km range.
Market Opportunities
Cargo transportation - Small electric cargo aircraft could replace delivery trucks for last mile deliveries, helping reduce ground transportation emissions.
Air taxi services - Electric and hybrid-electric air taxis are being developed for passenger transportation over short-medium distances between cities and airports. This nascent urban air mobility market is expected to boom in the coming decade.
Impact of COVID-19 on Zero Emission Aircraft Market growth and geographical regions
The COVID-19 pandemic has significantly impacted the growth of the zero emission aircraft market. During the initial phase of the pandemic in 2020, production facilities were shut down completely due to lockdowns imposed worldwide. This led to delays in aircraft deliveries and temporarily stalled research & development activities focused on developing zero emission planes. However, with restrictions being eased now in 2021, the market is slowly recovering.
The pre-COVID scenario saw immense interest from both private players as well as governments to invest in green technologies for aviation. Favorable emission norms and incentives for electric planes were encouraging innovations. But the pandemic weakened the financial condition of airlines and disrupted supply chains, putting projects on hold. Investments slowed down during the peak period of the crisis. Going forward, as the aviation industry rebounds, focus on sustainability is expected to drive the zero emission aircraft market again. Both infrastructure development and pilot projects need to be accelerated to make up for lost time during the pandemic.
Geographical regions with highest Zero Emission Aircraft market value concentration
The value contribution of the zero emission aircraft market is currently concentrated in few developed regions of the world which are at the forefront of green aviation research and development. North America holds a significant share of the total market value, led by ongoing electric aircraft programs in the United States. Companies likeAmpaire Inc., Joby Aero and Eviation Aircraft are driving innovations from this region. Europe is another major market, with the European Union providing funding and European aircraft manufacturers such as Airbus actively pursuing electric air mobility solutions. Countries like Norway and Germany are actively working on pilot projects for electric planes and hybdrid-electric aircraft.
Fastest growing region in the Zero Emission Aircraft market
Asia Pacific region is expected to witness the fastest growth in the zero emission aircraft market during the forecast period. This is owing to growing focus on sustainability within the aviation industry and rising investments from countries like China and Japan. Regional governments are coming up with favorable policies and incentives to boost innovations around green aviation technologies. Rising urban air mobility demand and potential of short flight electric aircraft for connecting remote areas makes Asia Pacific a key emerging market for zero emission planes. Manufacturing facilities are also being set up to cater to the growing regional demand.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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