HYBRID ELECTRIC JET MARKET ANALYSIS

Hybrid Electric Jet MarketSize and Trends

The Global Hybrid Electric Jet Market size was valued at US$ 8.9 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.2% from 2023 to 2030.

Global Hybrid Electric Jet Market Trends:

Increasing Investment in Electric Aviation

In order to help the aviation industry reach its goal of having net-zero CO2 emissions by the year 2050, electric aircraft have a significant potential to reduce emissions, noise, and operating costs across a variety of different applications. For instance in January 26, 2023, the U.S. Air Force chose Electra Aero, Inc. for an US$ 85 million Strategic Funding Partnership to create electric short takeoff and landing (eSTOL) aircraft. The creation of a full-scale, pre-production eSTOL aircraft prototype is part of this strategic funding partnership. Government funding, private investment, and matching Small Business Innovation Research (SBIR) funding will all contribute to the funding.

In August 2020, for carbon-neutral hybrid electric aviation, the Department of Energy (DOE) announced funding of $33 million. The Australian government granted Dovetail Electric Aviation a grant of A$ 3 million ($2 million) in January 19, 2023 to help it convert turbine-powered aircraft to electric-powered ones.

In July 2022, ZeroAvia, a developer of hydrogen-electric aircraft, announced that it had secured US$ 30 million in additional funding. The US$ 68 million in Series B funding, the third round of equity financing for new companies received by ZeroAvia will be used to launch its fleet of 40 to 80-seat aircraft by 2026.

In May 2021, for its ecosystem for electric aviation, the electric aviation startup Beta Technologies, an aerospace manufacturer only developing electric vertical raised US$ 368 million in Series A funding, the second stage of startup financing. Australian Minister for Industry, Science, and Technology Edham Nurredin Husic announced the release of grants totaling US$ 44 million in January 19, 2023 to support Australian businesses in various research projects involving electric aviation. Rory Roberts, an associate professor of mechanical engineering at Tennessee Tech, was awarded a US$ 1.06 million federal grant in November 2021 for the study of electric aviation.

For Instance, in December 2021, Researchers at Embry-Riddle Aeronautical University received a US$ 625,000 grant from the Federal Aviation Administration (FAA) to improve the safety of a new class of electric propulsion-powered aircraft. Therefore, increasing funding and investment for electric aircraft research and development (R&D) significantly accelerates the market's expansion.