As the aviation industry races toward sustainability, the aircraft electrification market is witnessing exponential growth. Forecasted to expand from USD 11.04 billion in 2025 to USD 34.70 billion by 2034, at a CAGR of 14.94%, this sector is revolutionizing aerospace with innovations in electric motors, batteries, and power systems. A significant focus on reducing carbon emissions and government-led investments in green aviation technologies are driving this transformation.
In this article, we explore the key trends, regional highlights, and most importantly, the top companies in aircraft electrification — with an overview of their business, products, and estimated market capitalization.
🌍 Market Overview
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North America holds the largest share in revenue generation.
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Europe is set to register strong growth, driven by environmental regulations.
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Among components, motors lead the market share, while batteries are expected to grow the fastest due to innovation in energy storage systems.
🔧 Key Components in Aircraft Electrification
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Batteries – Energy storage systems enabling full-electric and hybrid propulsion.
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Motors – High-efficiency electric motors powering aircraft.
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Generators & Power Electronics – Converting and distributing electricity across systems.
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Actuators, Pumps & Distribution Devices – Enabling smooth electric functionality onboard.
🚀 Top Aircraft Electrification Companies
1. AMETEK, Inc.
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About: A global manufacturer of electronic instruments and electromechanical devices.
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Products: Power systems, electronic instruments, and motion control systems used in electric aircraft.
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Market Cap: Approximately USD 35 billion.
2. EnerSys
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About: Specializes in stored energy systems, serving aerospace, defense, and industrial sectors.
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Products: High-performance lithium batteries and energy storage systems.
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Market Cap: Around USD 4 billion.
3. General Electric (GE)
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About: A diversified multinational conglomerate known for its aviation division.
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Products: Hybrid electric propulsion, electric generators, and aviation power systems.
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Market Cap: Over USD 160 billion.
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4. Honeywell International Inc.
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About: A global tech conglomerate with a stronghold in aerospace innovation.
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Products: Electric power generation systems, integrated avionics, and cooling systems for electric aircraft.
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Market Cap: Approximately USD 140 billion.
5. Lee Air, Inc.
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About: A U.S.-based aerospace component manufacturer.
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Products: Electromechanical actuators and valves for electric flight systems.
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Market Cap: Private company (financials undisclosed).
6. magniX
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About: An electric motor manufacturer focused solely on electrifying regional and cargo aircraft.
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Products: Magni350 and Magni650 electric propulsion systems.
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Market Cap: Private company (not publicly traded).
7. Meggitt PLC
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About: A UK-based engineering company, recently acquired by Parker Hannifin.
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Products: Electric brakes, environmental control systems, and power electronics.
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Market Cap (pre-acquisition): USD 7.8 billion.
8. Thales Group
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About: A French multinational with a strong presence in aerospace, defense, and transportation.
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Products: Power management systems, avionics, and electric distribution systems.
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Market Cap: Over USD 30 billion.
9. Astronics Corporation
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About: Provides advanced technologies for the global aerospace and defense industries.
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Products: Power distribution systems, lighting, and aircraft interface devices.
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Market Cap: Around USD 350 million.
10. BAE Systems
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About: A leading defense and aerospace company headquartered in the UK.
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Products: Hybrid electric propulsion systems and onboard energy management solutions.
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Market Cap: Over USD 35 billion.
11. Crane Aerospace & Electronics
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About: A division of Crane Co., known for aerospace electrical systems.
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Products: Power conversion, distribution equipment, and cabin systems.
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Market Cap (Crane Co.): USD 7 billion.
12. EaglePicher Technologies LLC
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About: Specializes in energy storage solutions for defense and aerospace.
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Products: High-density batteries for UAVs and electric aircraft.
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Market Cap: Private entity (undisclosed).
13. PBS Aerospace
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About: A Czech-based aerospace manufacturer.
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Products: Turbojet engines and auxiliary power units (APUs) with a focus on electric integration.
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Market Cap: Private company.
14. Radiant Power Corporation
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About: Designs and manufactures aircraft power systems.
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Products: Power control panels, battery backup systems, and electric seat power systems.
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Market Cap: Private firm.
15. Raytheon Technologies (RTX)
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About: A U.S.-based aerospace and defense giant formed from United Technologies and Raytheon merger.
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Products: Advanced electric propulsion research through its Collins Aerospace division.
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Market Cap: Over USD 120 billion.
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❓ Frequently Asked Questions (FAQs)
1. What is aircraft electrification?
Aircraft electrification refers to replacing traditional mechanical and hydraulic systems in aircraft with electric-powered systems to enhance efficiency and reduce emissions.
2. Why is the aircraft electrification market growing?
The market is expanding due to increased focus on sustainable aviation, advancements in battery technology, and governmental investments in green aviation.
3. Which region leads the aircraft electrification market?
North America currently dominates the market, while Europe is growing at the fastest pace.
4. What role do batteries play in aircraft electrification?
Batteries serve as the primary energy source in electric aircraft, critical for propulsion, control, and auxiliary functions.
5. Who are the key companies in the aircraft electrification market?
Major players include General Electric, Honeywell, Raytheon Technologies, Thales Group, and magniX among others.
Source : https://www.towardsautomotive.com/insights/aircraft-electrification-market-sizing