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Zero Emission Aircraft Market size was over USD 23.69 billion in 2023 and is set to cross USD 150.78 billion by the end of 2036, witnessing more than 15.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of zero emission aircraft is estimated at USD 26.59 billion.
The growth of the market can be attributed to the increasing need to reduce the carbon emission of aircrafts to curb the air pollution. zero emission aircraft are a concept of using hydrogen, electricity, or solar energy to power the aircraft, in order to completely diminish any aviation pollution. The major pollutant from aircrafts is NO2 and other unfiltered particles. The aviation pollution has increased more than 18% since 1990s, and was responsible for more than 6000 premature deaths in 2019. The concept of zero emission aircraft is still under development, and is estimated to attain physical state by the end of 2035. This is estimated to significantly boost the market growth. Moreover, increasing investment in this concept, and other innovations in the aerospace industry, are expected to boost the market growth.
Growth Drivers
Initiatives to Reduce Pollution caused by Aircrafts
Increasing Innovation in Technology
Challenges
High Initial Investment
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
16.14% |
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Base Year Market Size (2023) |
USD 4.6 billion |
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Forecast Year Market Size (2036) |
USD 30.6 billion |
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Regional Scope |
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The market is segmented by vehicle type into commercial airplanes, helicopters, air mobility vehicles, and others, out of which, the commercial airplane segment is anticipated to hold the notable share in the market during the forecast period on account of increasing innovation in the aerospace industry, along with increasing investment in the direction. On the basis of end-user, the market is segmented into defense, commercial, and others, out of which, the commercial segment is estimated to gain the major share over the forecast period, owing to the mounting research and development ongoing for making zero emission commercial planes.
Our in-depth analysis of the global market includes the following segments:
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Technology |
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Vehicle Type |
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End-User |
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Regionally, the zero emission aircraft market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America industry is poised to dominate majority revenue share by 2036, impelled by highest number of airplanes and other aviation vehicles present in the U.S, with more than 1900 airports in the nation. Moreover, increasing innovation and technological advancements in the region is estimated to boost the market growth in the region. The market in the Europe region is estimated to witness major growth over the forecast period owing to the ongoing research and innovation in technology, in countries, including Sweden, France, and Germany, among others. The major players in the aircraft market are estimated to invest heavily in this concept in the coming years, which is anticipated to boost the market growth.
The market is dominated by Airbus SAS, which is currently working on the concept of zero emission aircraft, and is estimated to start the production between 2030-2035. However, other major players of the aerospace industry are anticipated to step into the market in the upcoming years.
September, 2020: Airbus released a proposal to launch a series of zero-emission aircraft using hydrogen fuel, with three aircraft designs.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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