30 October 2020
Visiongain has published a new report on Hybrid Aircraft Market Report : Forecasts by Component (Propulsion, Control System, Airframe, Electronics, Actuators, Pumps & Valves), by Type (Manned, Unmanned), by Propulsion Type (Solar Powered, Battery Powered, Fuel Cell Powered), by Application (Commercial, Defence), by Range (Short Range, Medium Range, Long Range) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global hybrid aircraft market was valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2031. The hybrid aircraft market is projected to grow at a CAGR of XX% during the forecast period from 2021 to 2031 and the growth can be attributed to increasing investment on the advanced aircraft technologies with heavy lifting capabilities. Hybrid aircraft uses electricity as one of the main sources along with high powered turbines during takeoff, which enables heavy lifting capabilities. The turbine power also used for charging batteries onboard aircraft. Increasing demand for heavy lifting capabilities in defense sector is one of the prime factors to drive the market for hybrid aircraft market over the forecast period. In addition, aviation industry has been continuously making efforts to reducing carbon footprint and focusing on greener aviation, which is also one of the key factors to propel the market growth in coming years.
US is one of major spenders on the hybrid aircraft market over the forecast period which is estimated to account for XX% of the global hybrid aircraft market over the forecast period. The country is significantly focusing on developing advanced aircraft for defense forces and which is capable of flying higher altitudes with heavy payload such as armored vehicles, which is expected to spur the market growth in near future.
COVID-19 Impact on Hybrid Aircraft Market
COVID-19 has affected the global economies negatively during the past few months, due to which defense budgets in 2021 are anticipated to shrink, compare to last few years. Majority of the countries spend around 2% of their GDP on defense budget and this percentage is expected to fall in coming years along with GDP. As a result of fall in GDPs, defense budgets of many countries are expected to reduce in coming years, at least till 2023. Fall in defense budget will in turn affect the investment on hybrid aircraft development programs during the forecast period.
The players operating in the aviation industry are highly focused on developing hybrid aircraft. Hybrid aircraft market is a concentrated market with less number of players operating currently. However, countries across the globe are promoting indigenisation of aircraft development for defense forces, which is expected to offer several growth opportunities in the future. Some of the company’s profiled in this report include Boeing, Airbus, Aeros Corporation, Hybrid Air Vehicles Limited, Ampaire Inc, Lockheed Martin, Bye Aerospace, Embraer, DeLorean Aerospace and Safran.
• In July 2020, Electric Aviation Group, the UK-based engineering and development firm, has announced that they have developed new hybrid aircraft design which can carry more than 70 passengers. As per company statement, the aircraft can offer a range of 800 nautical miles range and is expected to take its flight in 2028.
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