The global aviation high speed motor market size is projected to reach USD 3.74 billion by 2028, exhibiting a CAGR of 5.62% during the forecast period. According to a recent report by Fortune Business Insights™, titled “Aviation High Speed Motor Market, 2021-2028”, the value of the market was estimated to be USD 2.33 billion in 2020.
The sudden arrival of the COVID-19 pandemic has caused unprecedented upheavals in the aviation industry, shocking the aviation high speed motor market growth. The principal factor for the negative impact of the pandemic on this market is the revenue shortfalls experienced by motor manufacturing companies when major economies, such as India and Japan, underwent lockdowns from March 2020 onwards. Siemens, for instance, witnessed a 59.5% rise in its third-quarter earnings in 2020, triggered by the shutdown of its factories and plants.
Sydney Seaplanes, Dante Aeronautical, and MagniX Announce Exciting Partnership
Dante Aeronautical, Sydney Seaplanes, and MagniX announced a path-breaking partnership in December 2020, under which the companies will co-develop the world’s first-ever Electric Cessna Caravan Supplemental Type Certificate (STC) program. Leveraging MagniX’s aviation high speed motor propulsion system, Dante and Sydney will convert the Cessna Caravan into a fully-electric aircraft that will be certified by the Australian Civil Aviation Safety Authority. Set to be completed by 2023, the STC will position Sydney Seaplanes as an undisputed leader in electric aircraft operations, and Dante as the technology integrator, across Australia, New Zealand, and the South Pacific.
Commercial Aircraft Segment to Occupy Commanding Position
In terms of platform, this market has been divided into commercial aircraft, general aviation aircraft, business aircraft, electric aircraft, UAVs, and helicopters. The commercial aircraft segment led the market in 2020 with a share of 22.50%, owing to the soaring demand for commercial aircraft worldwide. As a consequence, domestic airliners are rapidly procuring commercial airplanes from aviation companies. For example, in March 2021, United Airlines placed an order for an additional 25 jets from Boeing’s 737 Max fleet to prepare itself for a rebound from the coronavirus crisis. By type, the global market has been segregated into AC motor and DC motor. Based on application, the market has been segmented into propulsion system, flight control, and fuel management system. On the basis of geography, the market has been classified into North America, Europe, Asia Pacific, and the Rest of the World.
Information source: https://www.fortunebusinessinsights.com/aviation-high-speed-motor-market-105140