“The Manned Electric Aircraft market set to grow to US$12.29bn by 2029” says new Visiongain report
29 March 2019
Visiongain has launched a new aircraft report Manned Electric Aircraft Market Report 2019-2029: Forecasts by Aircraft Type (Ultralight Aircraft and Light Jet), by Component (Battery, Electric Motor and Others), by Technology (Hybrid and All Electric).
Manned electric aircrafts are being designed to lessen the level of noise, air as well as ground pollution. Gradually there has been numerous changes in the technology that has ultimately resulted in the market growth. Aircrafts are being introduced that have the potential to carry out a controlled landing at the times of engineering failures. Electric backing is being incorporated and fuel is being obtained from solar cells. Safety and reduction of global warming are the main concerns that are considered while carrying out the production of these manned electric aircrafts. Due to augmenting prerequisites in the military and aviation sector, the market is gaining huge demand across the globe. The Manned Aircraft Market is mainly driven by the enhanced and improved maneuverability, reduced risk of explosion and fire. Rise in environmental concerns, rising awareness of safety issues and increase in investments in research and development activities in the aerospace industry coupled with low maintenance costs, are some of the factors which are likely to affect the global manned electric aircraft market positively and therefore drive the growth curves of the market during the forecast period.
According to the European Commission, airplane emissions presently account for about 3% of total EU greenhouse gas emissions, and about 4% of world greenhouse gas emissions. It’s a significant percentage that’s growing at a fast rate. By contrast, the emissions per person on a flight from London to New York is approximately equivalent to a person in the EU heating their home for a whole year. With electric aviation, these rising emissions could be reduced. It will make more feasible the ambitious EU goal of cutting greenhouse emissions to 40 percent below their 1990 levels by 2030, and to 80 percent of 1990 emissions by 2050.
The Visiongain report analyst commented "Electric aircraft is gaining usage over traditional aircraft. Soaring fuel prices have become a rising concern for aviation companies, urging them to look for alternatives to conventional fuel sources. Thus, the focus on electrical energy as an efficient and eco-friendly alternative to conventional fuel may boost the electric aircraft demand over the forecast period. Electric aircrafts aid in reducing air, noise & ground pollution. This results in diminishing hazards of global warming, which is expected to drive the electric aircraft demand."
Leading companies featured in the report who are developing manned electric aircraft and its related products and services include Airbus S.A.S., Northrop Grumman Corporation, Boeing, Aurora Flight Sciences, Lockheed Martin Corporation, Thales Group, Zunum Aero, Embraer S.A., Bombardier, GE Aviation among others.
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