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Between 2010 and 2019 a consistent upsurge has been noticed in the electrification of aircraft systems, research on electrical propulsion, and investments in electric or hybrid aircraft designs. Aerospace firms are joining forces to challenge their industry's growing contribution to greenhouse gas emissions, with electric engines seen as one of the answers. In simple terms, "hybrid-electric" denotes two diverse sources of power, and on aircraft, this means being propelled by kerosene and an electric battery.
This report examines, analyzes, and predicts the evolution of electric & hybrid aircraft technologies, markets, and outlays (expenditures) over the next 8 years - 2020-2028 in the aerospace industry. It also examines electric & hybrid aircraft markets geographically, focusing on the top 95% of global markets, in the United States, Europe, and Asia. In this report, they analyze the market size of the Global Electric & Hybrid Aircraft market for the period 2020 - 2028. The report primarily focuses on the key markets - Americas, Europe, Asia, Middle East and Africa. As of now, the United States remains the largest market for electric & hybrid aircraft followed by China and the European Union. Throughout the report, they show how electric & hybrid aircraft are used today to add real value. To provide the most thorough and realistic forecast, this report provides a twin-scenario analysis, including "steady state", and the emergence of new electric & hybrid aircraft technology. Companies are now unveiling new design plans for a biofuel-powered hybrid plane for passenger and cargo transport. This is because biofuel-powered aircraft will reduce the cost it takes to operate aircraft, including fuel and asset costs.