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The global aviation high speed motor market size was USD 2.33 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with aviation high speed motors witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the market exhibited a huge decline of -22.87% in 2020. The market is projected to grow from USD 2.55 billion in 2021 to USD 3.74 billion by 2028 at a CAGR of 5.62% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
Aviation high speed motors are used for various flight applications, such as propulsion, flight control, transmission, and others. These motors, used in aircraft systems, have high power density and less power voltage as compared to medium speed motors. The rising demand for more electric aircraft and unmanned aerial vehicles (UAVs) is expected to increase the employment of high speed electric motors to power airplanes. Moreover, the growing emphasis on reducing the carbon footprint has pushed aircraft engine manufacturers to design and develop electric engines, which is expected to fuel market growth.
Motor Manufacturing Factories to Face Exceptional Challenges amid the COVID-19 Pandemic
Due to lockdown in major countries, such as the U.S., Germany, France, China, Japan, and India, motor manufacturing factories faced a huge revenue drop as they were forced to shut down for several days. For instance, Siemens Ltd. reported a decrease in revenue by 59.5% in the 3rd quarter of 2020, driven by the shutdown of all manufacturing units and project sites amid the pandemic.
Even though the factories were operational after May 2020, only one-third of the staff was available in rotation, which led to an increase in order backlog. Moreover, governmental restrictions on trade and travel, along with the decreased demand for air travel among passengers, have led to a massive revenue drop in the aviation industry. The revenue losses have, in turn, led to cancelations of new aircraft orders, thus leading to a decrease in the demand for aviation high speed motors that are mounted in an aircraft.
Furthermore, disruptions in supply chains and the scarcity of raw materials due to the pandemic also pose a challenge to the market’s growth. This downfall is attributed to the sudden suspension of supply from China as it is one of the largest suppliers of raw materials and finished products.
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Development of Electric Motors for Commercial Electric Aircraft is a Prominent Trend
Nowadays, aircraft manufacturers are primarily focusing on the development of electric aircraft to save the cost of fuel and reduce harmful emissions from fossil fuels that affect the environment. For the last couple of years, there has been a high demand for all-electric passenger aircraft from countries such as the U.S., China, Singapore, and the U.K.
The development of electric motor market with high-power density and rotational speed is a prominent trend in the aviation industry. For example, Wright Electric, an electric aircraft manufacturer, has announced the development of an all-electric propulsion system for its 186-seat commercial electric aircraft. The manufacturer is producing an electric motor of 1.5MW. The development of motor and power systems is the next step towards building an all-electric narrow-body aircraft.
Moreover, government agencies, such as the National Aeronautics and Space Administration (NASA) and the Air Force Research Laboratory, are investing in research and development capabilities to design technologically advanced lightweight lithium-ion batteries for electrically-propelled aircraft. For instance, in 2019, NASA signed a collaboration agreement with the General Electric Company to develop a next-generation inverter for the NASA Advanced Air Vehicles Program (AAVP) to allow the future of flight for large commercial aircraft with electric propulsion. The program cost is USD 12 million.
Increasing Procurement of New Aircraft to Meet the Rising Demand for Air Travel to Boost Market Growth
The next-generation aircraft are equipped with high power density motors that consume less power. The environmental benefits of electric motors are increasing their implementation in new aircraft models. The growing number of airline passengers has further driven new aircraft procurement extensively. A rise in the disposable income of individuals has led to an increase in the demand for air travel, thus increasing air passenger traffic. According to the International Air Transport Association (IATA), the number of air passengers is expected to double to 8.2 billion by 2037. The increased demand for air travel has led airlines to increase their aircraft fleet size, which is anticipated to propel market growth. Even though the COVID-19 pandemic has had a severe impact on the aviation industry, it is expected to bounce back to the pre-COVID demand level by the end of 2021.
Growing Demand for UAVs and eVTOL Aircraft to Fuel the Market
Most small drones are equipped with brushed motors, whereas large drones are equipped with brushless motors. The continuous development in brushless motors to increase the overall efficiency of large UAVs is anticipated to fuel the growth of the market. Other drone motor technologies, such as counter-rotating motors, offer greater efficiency by consuming 20-50% less energy. The rising demand for UAVs for various applications such as surveying, mapping, monitoring, and others is anticipated to increase the demand for aviation high speed motors.
Moreover, UAVs and electric vertical takeoff and landing (eVTOL) aircraft have eliminated the usage of fossil fuels, thus reducing fuel costs and resultant emissions. The growing demand for eVTOL air taxis is also expected to augment the growth of the market.
Fluctuating Raw Material Prices from China to Hamper Aviation High Speed Motor Market Growth
Critical aircraft materials and components, such as copper wires, permanent magnets, steel bars, special alloys, and others, are widely manufactured in China. A few manufacturers in China have dominance over the pricing of these raw materials. The price of the product defines the supremacy of certain suppliers in the market. Thus, price fluctuations have to be borne by other suppliers and manufacturers in the market. The raw material suppliers face low-profit margins as they are unable to pass the price change to the end customers.
DC Motor Segment to Grow at a Higher CAGR Backed by Increasing Demand for Electric Aircraft
Based on type, the market for aviation high speed motors is segmented into AC motor and DC motor. The AC motor segment is expected to dominate throughout the market during the forecast period owing to the extensive usage of AC motors in various applications, such as pumps and compressors, in an aircraft.
The DC motors segment is expected to witness higher growth during the forecast period owing to their increasing applications in electric aircraft. An electric aircraft uses a battery or hydrogen-cell-powered direct current electric motors for propulsion. Moreover, high-speed DC motors generate small inertia, which increases the dynamic response of the motor.
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UAV Segment to be Fastest-Growing Segment Backed by Increasing Usage of UAVs for Military Applications
Based on the platform, the market is classified into commercial aircraft, general aviation aircraft, business aircraft, electric aircraft, unmanned aerial vehicles (UAV), and helicopters.
The commercial aircraft segment is anticipated to dominate the aviation high speed motor market share owing to the increasing number of commercial aircraft deliveries. For instance, in October 2020, SKY Express, a Greek airline, placed an order for four Airbus A320neo aircraft.
The UAV segment is expected to grow at a higher CAGR owing to the rise in the demand for UAVs for military applications, such as surveillance and monitoring. Moreover, increasing investments by key players for the development of air taxis is expected to aid the growth of this market.
The electric aircraft segment is also expected to witness significant growth throughout the forecast period owing to the growing awareness among manufacturers to develop aircraft with zero emissions.
Propulsion Segment to Showcase Highest Growth Supported by the Growing Demand for all-Electric Aircraft
In terms of application, the market is divided into propulsion system flight control and fuel management system.
The propulsion system segment was estimated to be the largest segment in 2020 and is set to continue its domination during the projected period. Aviation high speed motors are used in various power generating applications in an aircraft, such as AC generators, auxiliary power units (APU), ram air turbine pumps, and others. The growth of the segment is attributed to the growing number of commercial aircraft deliveries. This segment is also predicted to be the fastest-growing segment as well, owing to the increasing use of electric motors as engines in electric aircraft and UAVs.
The fuel management system segment is projected to showcase a significant CAGR during 2021-2028. Motors are used in fuel boost pumps, fuel override pumps, APU fuel feed pumps, water scavenge jet pumps, and fuel scavenge jet pumps. The increasing demand to increase the efficiency of aircraft by reducing fuel consumption is expected to support the growth of this market.
North America Aviation High Speed Motor Market Size, 2020 (USD Billion)
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The global market is segmented, based on region, into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the market in 2020. The North America market size stood at USD 0.61 billion in 2020. Its growth is attributed to the increase in the demand for air travel in the region. The presence of key aircraft manufacturers, such as the Boeing Company and others, is also driving market growth across North America.
In Asia Pacific, the market for aviation high speed motors is predicted to witness remarkable growth during the forecast period. The growth is due to the rising investments in the aviation sector by countries such as India, China, Japan, and others. The increasing procurement of new aircraft to expand fleets to meet the growing air passenger traffic is expected to drive the growth of the regional market.
Europe is anticipated to show significant growth owing to the rising demand for electric aircraft in the region. Countries such as the U.K and France are investing in the development of pollution-free aircraft. For instance, in June 2020, as the government initiative, France announced a package of USD 16.85 billion to support the aviation industry. The scheme involves investing funds in small companies and launching carbon-neutral planes by 2035.
Growing tourism in the Middle Eastern countries and the increasing use of UAVs for modern agricultural practices in Latin American countries are expected to drive the growth of the market during 2021-2028.
Key Players to Introduce Advanced Technologies in Existing Motor Designs to Improve Operational Efficiency
Key companies in the market are majorly focusing on introducing advanced technologies for enhancing the overall efficiency of an aircraft. For instance, H3X Technologies Inc. has developed a lightweight integrated electric motor, HPDM-250. The first version of the motor weighs 15kg that produces 200kW of continuous power. The motor has a built-in inverter and achieves a top speed of 20,000 rpm. Moreover, other major players such as Siemens, Safran Electrical & Power, and others are focused on transforming their products to offer cost-effective systems to their customers.
An Infographic Representation of Aviation High Speed Motor Market
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The aviation high speed motor market report provides a detailed analysis of the market and focuses on key aspects, such as key players, product types, platforms, and applications of high-speed motors in an aircraft. Moreover, the research report offers insights into market trends, competitive landscape, market competition, product pricing, market status, and highlights key industry developments. In addition to the factors mentioned above, the market report encompasses several direct and indirect factors that have contributed to the sizing of the global market over recent years.
Value (USD Billion)
Type; Platform; Application and Geography
Fortune Business Insights says that the global market size was USD 2.33 billion in 2020 and is projected to reach USD 3.74 billion by 2028.
Registering a CAGR of 5.62%, the market will exhibit moderate growth in the forecast period (2021-2028).
The commercial aircraft segment is expected to be the leading segment in this market during the forecast period.
MagniX is the leading player in the global market.
North America dominated the market in terms of share in 2020.
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