Hybrid Aircraft Market is driven by Increasing defense expenditure in advanced and emerging economies

A hybrid aircraft is a powered aircraft which has fixed wings. Hybrid aircrafts are particularly applicable for long endurance flights. Hybrid aircrafts with rotary wings are used for heavy lift applications. Hybrid aircrafts are primarily operated by electricity. However, during take-off or climb, these aircrafts require large amount of power and this extra power requirement can be supplemented by energy produced from turbine generators. The power produced from turbine generators does not create sound pollution and with the help of hybrid power, these aircrafts can use this excess power to recharge the onboard batteries.

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Increasing defense expenditure in advanced and emerging economies is utilized to manufacture advanced aircrafts. Rise in geo-political tensions leads countries to strengthen countermeasures to combat any attack from hostile groups and advancement in aviation industry thus flourishes the demand for hybrid aircrafts during the forecast period. Hybrid aircrafts are also utilized for humanitarian missions apart from their substantial usage in warfare. Countries make considerable investment in aerospace and defense to showcase their military supremacy. Initially, the U.S. and Russia invested in hybrid aircrafts; however, this trend spread to other countries as well. Hence, many countries hiking their military expenditure and spending on hybrid aircrafts is expected to lead to accelerating demand for hybrid aircrafts during the forecast period.

There has been growing trend of battery driven aircrafts. Hybrid aircrafts will not only save fuel but it has been seen that these aircrafts are able to reduce gas emissions significantly. With the rising need for energy conservation and environmental protection, hybrid aircrafts are perfect to adhere to the agenda of sustainable development. Considerable research in this field provides an opportunity for the market to grow during the forecast period. Researchers and scientists of NASA are trying to incorporate electric propulsion systems in the engine of hybrid aircrafts (instead of gas engines) to enhance the efficiency of hybrid aircrafts in the coming years.

On the basis of technology, the hybrid aircrafts market is segmented into two types – manned and unmanned hybrid aircrafts. Manned hybrid aircrafts held the dominant share in this market and this segment is likely to retain its dominance during the forecast period. Growing trend of vertical take-off and landing facility are made possible with the help of rapid technological advancement and this in turn is likely to accelerate the market demand for hybrid aircrafts over the forecast period. Long endurance flight capacity of these aircrafts is also projected to help expand the hybrid aircraft market during the forecast period.

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On the basis of applications, the hybrid aircraft market is divided into commercial aviation, defense and others. Commercial aviation held the largest share. Conventional planes are battery driven and recharging of battery systems is a problem. However, with a hybrid engine, an electric generator is attached to the engine and during times of peak power requirement, the electricity is produced and supplies energy to the plane. This type of hybrid engine helps to reduce power consumption and provides fuel efficiency to aircrafts. With the rising energy density, large number of aviation companies have come up with these hybrid aircrafts so that their operational cost can be reduced and the industry can achieve operational efficiency at the same time. Hybrid aircrafts are projected to find growing application in the defense sector owing to a competitive environment, and due to large number of countries bringing hybrid aircrafts into their military systems.

According to region, the hybrid aircrafts market is segregated into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the largest market share owing to increasing investment in aerospace and defense by the U.S. Asia Pacific which includes emerging economies such as China, India, and South Korea is expected to witness a growing market share in the hybrid aircrafts industry.

Some of the key market players in the hybrid aircrafts market include Airbus, Boeing, Lockheed Martin, Aeros, and Hybrid Air Vehicles.

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