Zero-Emission Aircraft Market Outlook Report 2024-2033

Global zero-emission aircraft market size is expected to reach $44.01 Bn by 2028 at a rate of 15.8%, segmented as by type, turboprop rear bulkhead, turbofan system, blended wing body

Jun 19, 2024 - 11:42

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Zero-Emission Aircraft Market Outlook Report 2024-2033

Overview and Scope

Zero-emission aircraft refers to aircraft that produce no greenhouse gas emissions during operation, such as carbon dioxide or methane. A zero-emission aircraft provides a sustainable alternative to conventional aircraft, reducing air travel's carbon footprint.

Sizing and Forecast

The zero-emission aircraft market size has grown rapidly in recent years. It will grow from $20.82 billion in 2023 to $24.5 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to environmental regulations, advancements in electric propulsio, increased concerns about climate change, public awareness and pressure, demonstration projects.

The zero-emission aircraft market size is expected to see rapid growth in the next few years. It will grow to $44.01 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to market demand for sustainable travel, government funding for green aviation, transition to urban air mobility, global air travel recovery, standardization of regulations, emergence of sustainable aviation fuels. Major trends in the forecast period include technological innovation in aerospace, evolution of battery technologies, hybrid-electric aircraft solutions, hydrogen-powered aircraft, zero-emission regional aviation, technological collaboration.

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Segmentation & Regional Insights

The zero-emission aircraft market covered in this report is segmented –

1) By Type: Turboprop Rear Bulkhead, Turbofan System, Blended Wing Body

2) By Source: Hydrogen, Electric, Solar

3) By Range: Short-Haul, Medium-Haul, Long-Haul

4) By Technology: Electric Motor Technology, Fuel Cell Technology, Hydrogen Fuel Storage, Power Management And Distribution Technology, Other Technology

5) By Application: Passenger Aircraft, Cargo Aircraft

Europe was the largest region in the zero-emission aircraft market in 2023. The regions covered in the zero-emission aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increasing stringency of the emission regulations is expected to propel the growth of the zero-emission aircraft market going forward. Stringency on aircraft emission regulations refers to the degree of strictness or severity of rules and policies that aim to decrease greenhouse gas emissions and other harmful substances that originate from aircraft. Zero-emission aircraft propulsion systems produce no emissions during operation due to hydrogen-powered engines, including greenhouse gases and other harmful pollutants. For instance, in February 2021, according to the International Council on Clean Transportation, a US-based non-profit research organization, the U.S. Environmental Protection Agency (EPA) implemented its first federal policy in 2021. It regulates greenhouse gas emissions from commercial aircraft. Similarly, the International Civil Aviation Organization (ICAO), a Canada-based specialized agency had set a goal of reducing CO2 emissions from aviation by 2% per year from 2020 and achieving carbon-neutral growth improvement by 2050. Therefore, the increasing stringency of the emission regulations is driving the growth of the zero-emission aircraft market going forward.

Key Industry Players

Major companies operating in the zero-emission aircraft market report are AeroDelft, Airbus SE, Bye Aerospace, Eviation Aircraft, Joby Aviation, Lilium GmbH, Wright Electric, Boeing Company, Northrop Grumman Corporation, SpaceX Aerospace Company, ZeroAvia Inc., MagniX, Zunum Aero, SkyDrive Inc., Pipistrel d.o.o., HyPoint Inc., Wisk Aero, XTI Aircraft Company, Rolls-Royce plc, Ampaire Inc., Alaka'i Technologies, Volocopter GmbH, Vertical Aerospace, H55, Heart Aerospace, Scaled Composites, Electric Power Systems, Embraer SA, Faradair Aerospace Limited, Beta Technologies

The zero-emission aircraft market report table of contents includes: