The Hybrid Electric Jet market is expected to be valued at about US$ 54.00 million in 2022 and is projected to reach US$ 323.30 million by 2026, exhibiting a CAGR of 56.42% during the forecast period, according to Hybrid Electric Jet Market, By Electric Motor Type (Batteries, Solar Cells, Gas-powered, Ultra Capacitors, and Power Cables), By End User (Industrial and Commercial), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
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A hybrid-electric jet is a propulsion system that combines the battery-powered electric motor and an internal combustion engine. Also, it is used as a transition technology that transforms the fossil fuel to electric propulsion. The reduction in the carbon emission from the engine is one of the major factors that is gaining the significant traction over the commercial aircrafts. Thus, hybrid electric jet is an innovative technology that is used to solve the aviation industries toughest challenges along with improving the environmental performance
Increasing need to reduce carbon footprint and aircraft noise are among the key factor driving growth of the global hybrid electric jet market
The major problem faced by the aviation industry is increase in carbon footprint, which directly affects the climatic condition. Carbon foot print results in increasing the aircraft noise and engine emissions, which directly affects the flying experience in the aircraft. Therefore, the aviation industry are majorly investing in R&D for developing alternate fuel sources. For instance, in 2017, Boeing increased their R&D investment by 58% to incorporate an innovative solution in the aircraft that will help in minimizing the emission of CO2. Hybrid electric jet prolusion system can be used for minimizing the carbon footprint from the climate.
Furthermore, increasing government initiatives regarding the reduction of carbon footprint by adopting certain polices related to environment protection are expected to further influence growth of the hybrid electric jet market. For instance, According to the Energy Information Administration (EIA), in the U.S. the emission of carbon dioxide has reduced to 2.5% in 2015 as compared to 2014. This success is achieved due to the U.S. electricity generation portfolio played a key role decreasing the CO2 emission. Hence, the steps taken to reduce the carbon footprint are expected to drive growth of the hybrid electric jet market over the forecast period.
Key Trends and Analysis of the Global Hybrid Electric Jet Market:
On the basis of region, market in North America region is estimated to account for the largest share in the hybrid electric jet market during the forecast period. Economic growth and expansion of commercial as well as defense aviation are factors driving the North American hybrid electric jet market. North America accounted for 30% of all commercial jets worldwide, in 2016. According to Boeing, in 2016, around 7,060 units of new aircraft were delivered in North America and the region will require 8,640 new airplanes over the next 20 years. Moreover growth of the market in North America is attributed to the rise in demand for fuel-efficient aircraft. According to Boeing, 737 jets were scheduled to be delivered in North America in 2017. These are the factors expected to drive regional market growth over the forecast period.
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Major players operating in the global hybrid electric jet market are Zunum Aero, Boeing HorizonX, Uber Technologies Inc, JetBlue Technology, Siemens AG, Airbus SE, Rolls Royce, Lilium, EasyJet Ltd. and Wright Electric.