Zero Emission Aircraft Market Size
Zero Emission Aircraft Market accounted for USD 6.4 billion in 2023 and is expected to register a CAGR of more than 13% during 2024-2032
Growth in the market is explained by an uptick in environment regulations and greater emphasis on achieving sustainability objectives. With governments all over the globe enforcing strict standards of emissions, aviation players fund green technology innovations, fueling the creation and implementation of zero-emission jets to keep with global sustainability agenda & minimize carbon footprint of aviation.
For example, in July 2023, the International Air Transport Association (IATA) published the industry net zero tracking methodology, which will help airlines report emissions. This initiative aids the aviation sector in its quest to become net-zero emissions. As airlines adopt sustainable measures to comply with these guidelines, they drive the expansion of zero-emission aircraft by promoting innovation and investments in environmentally friendly aviation technologies & solutions.
Swift advancements in energy storage and battery, as well as propulsion, technologies are driving growth in the zero-emission aircraft market. Innovation in electric propulsion and energy storage systems fuels development of efficient & feasible electric planes, inducing investments and innovations in cleaner & more sustainable air transportation solutions. For example, DANX Carousel Group unveiled Electron 5, an electric aircraft used for freight cargo, in July 2023. This electrically operated aircraft will provide point-to-point air freight delivery throughout Europe without emitting any pollution.
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Report Attribute Details
Base Year 2023
Zero Emission Aircraft Market Size in 2023 USD 6.4 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 13%
2032 Value Projection USD 20.5 Billion
Historical Data for 2018 – 2023
No. of Pages 250
Tables, Charts & Figures 337
Segments covered Aircraft Type, Type, Capacity, and End Use
Growth Drivers
Rise in environmental regulations and growing emphasis on sustainability targets
Accelerated development in battery and propulsion technologies
Growing government support and funding
Growing demand for Sustainable Aviation Fuels (SAFs)
Pitfalls & Challenges
High expense related to ZEA technologies
Technological difficulties in technology development and marketing of ZEA technologies
The expensive nature of Zero Emission Aircraft (ZEA) technologies is a challenge in the market. R&D and implementation of advanced sustainable aviation technologies call for huge investments. The market challenges the industry to make these technologies commercially feasible because of their high upfront costs. The way to overcome this challenge is by continued innovation, economies of scale, and supportive policies to reduce costs, thus making zero-emission aircraft more affordable for broad application in the aviation industry.
Zero Emission Aircraft Market Analysis
Discover more about the major segments influencing this market
In terms of the future of flight, there are various ways to go green. We have battery planes, hybrid planes, and even solar planes. But the one that’s creating a lot of buzz currently is hydrogen fuel cell planes. They already had around 30% of the market for green planes in 2023, and that’s only going to increase in the coming years. That’s because hydrogen fuel cells address the challenging issue of flying long distances without emitting anything. They’re a clean and efficient means of keeping planes aloft. Governments and corporations are investing heavily in researching and developing these hydrogen fuel cell planes. They’re improving and improving all the time. For instance, Honeywell recently initiated a large project in Europe to produce sophisticated fuel cells for aircraft. They’re collaborating with other firms to develop state-of-the-art technology that will make air travel cleaner and greener.
The aircraft industry is a large pie, cut into various slices depending on the way the planes fly. There’s turboprops, turbofans, those new-fangled Blended-Wing Body (BWB) designs, and even all-electric ones. Currently, turboprops are the largest slice of the pie, occupying nearly half of the market. They’re ideal for short and regional flights since they’re both fuel-efficient and environmentally friendly. With people looking to travel more and more locally and on short trips, turboprops are set to become even more popular. Manufacturers are also doing their best to improve them, so we will soon be able to see some really awesome turboprop airplanes. And with the move towards electric airplanes and cutting emissions, turboprops are proving to be a major influence. They are suitable for smaller planes that do not have to travel as long distances, and they can make regional flights more environmentally friendly.
Hey, guess what? North America is taking over as a major market for clean planes that don’t spew any pollution. As of 2023, they were already getting down to about a third of the market, and that will only continue to increase in years to come. Why is North America so stoked on green planes? Because they’re big on going green these days. They’re investing a lot of money in trying to develop planes that don’t pollute. And it’s not only the government—universities and companies are joining forces to make it happen. Plus, more and more people want to fly without feeling guilty about making the world worse. And when the government makes it easy for companies to convert to cleaner planes, it’s a win-win! So, what’s the future of green planes in North America? It’s bright! With their focus on sustainability, passion for technology, and all those individuals who desire to fly green, they’re at the forefront of making pollution-free flying a reality.
Zero Emission Aircraft Market Share
Airbus has the largest market share, a reputation dating back years as one of the world’s top aircraft manufacturers, and its focus on sustainability and innovation place it in a favorable position as the world transitions to zero-emission flight. The firm’s research and development expenditures into electric and hydrogen power propulsion systems could have put them ahead of the competition.
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Zero Emission Aircraft Market Companies
Major players operating in the zero-emission aircraft industry are
- Airbus
- Rolls-Royce plc
- HES Energy Systems
- Aurora Flight Sciences (The Boeing Company)
- BYE AEROSPACE
- Lilium
- Eviation Aircraft
