Electric Aviation Market Estimated to Reach $37 Billion By 2030 as Demand for Environment-Friendly Aircraft Rises
PALM BEACH, Fla., Aug. 20, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - According to the International Energy Agency (IEA), global flights produced around 720 million tons of carbon dioxide in 2021. The global aviation industry produces over 2% of all the CO2 emissions induced by humans. With an increase in the number of global aircraft fleet size and air travel, these numbers are expected to rise even higher. Hence, there has been a pressing need for electric aircraft, which will help reduce the carbon footprint of the aviation industry. Organizations and governing bodies such as the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency have called for sustainable alternatives to aircraft fuel as they estimate that aircraft-generated emissions are expected to be three-fold in volume by 2050. Since electric engines do not have noises associated with jet or combustion engines, they result in no aircraft noise levels. In an electric aircraft, manufacturers aim to improve efficiency by replacing hydraulically controlled systems with electric systems. A report from MarketsAndMarkets projected that the Electric Aircraft Market which was valued at $8,800 Million in 2022 and is estimated to grow from $10,100 Million USD in 2023 to $37,200 Million USD by 2030 at a CAGR (Compound Annual Growth Rate) of 19.8%. Rising demand for environment-friendly aircraft and the growing development of UAVs and electric VTOLs are the key factors driving the electric aircraft market. Active companies in news today include: KULR Technology Group, Inc. (NYSE: KULR), Meta Platforms, Inc. (NASDAQ: META), NVIDIA Corporation (NASDAQ: NVDA), NNE NANO Nuclear Energy Inc. (NASDAQ: NNE), Oslo Inc. (NYSE: OKLO).
The MarketsAndMarkets report said: “An electric aircraft uses batteries for power and propulsion, which is traditionally achieved by fossil fuels. There has been a growing need for sustainable alternatives to fossil fuel to reduce the carbon emissions resulting from aircraft, as the global aircraft fleet size and air travel is expected to increase in the future. Electric aircraft are more energy-efficient and are considered a cleaner and quieter mode of air travel. Recent technological advancements in power electronics, battery technologies, and electrical motors played a major role in driving the market for electric aircraft. The adoption of electric aircraft is expected to drive value and unlock significant improvements in terms of aircraft weight, energy efficiency, total life cycle cost, maintenance, and aircraft reliability. By system, the aerostructures segment is estimated to dominate the electric aircraft market during the forecast period. Aerostructures account for the largest share of the total development cost of an aircraft. Newly developed electric aircraft, especially eVTOL aircraft, require some of the most advanced materials to make them lightweight while maintaining their structural strength. These factors contribute to the large share of the system segment in the electric aircraft market.”
KULR Technology Group, Inc. (NYSE American: KULR)Partners with Amprius Technologies to Develop Reference Design to Enhance Battery Safety and Performance in Advanced Air Mobility - KULR Technology Group, (the "Company" or "KULR"), a global leader in safe and high-performance energy storage solutions, today announced it has been selected for a pivotal battery pack reference design project by Amprius Technologies (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform. The final reference design will provide Amprius’ customers with a solution to address thermal runaway at the battery pack level that leverages KULR’s advanced energy management platform, KULR ONE Design Solutions, with Amprius’ high-energy Silicon Anode pouch cells to meet the rigorous thermal qualification standards set by the Federal Aviation Administration (FAA) and European Union Aviation Safety Agency (EASA), ensuring the highest levels of safety and performance. This partnership is set to push the boundaries of next-generation battery technology, with a focus on the burgeoning advanced air mobility (AAM) market.
The integration of all lithium-ion battery technology into Advanced Air Mobility (AAM) presents significant challenges, particularly due to the risks of cell thermal runaway. To address these concerns, the FAA and EASA have established stringent design regulations to mitigate the risks associated with using lithium-ion battery packs in electric manned applications. The partnership between Amprius and KULR is designed to meet these strict safety standards and accelerate the adoption of Amprius’ high-performance cells in the AAM sector, where their technology is uniquely positioned to excel.
Driving Innovation in Battery Technology - The joint effort will explore innovative methods to enhance battery safety and maximize energy density at the pack level. By integrating KULR’s advanced thermal management solutions with Amprius’ high-energy and high-power lithium-ion batteries and cutting-edge silicon anode technology, the partnership aims to deliver a battery system that is not only safe but also exceptionally high-performance.
"KULR’s proven expertise in thermal management and energy storage solutions makes them an ideal partner for this project,” said Jon Bornstein, President of Amprius Technologies Lab. “By combining Amprius' advanced silicon anode battery technology with KULR’s innovative approach to safety and performance, we are setting a new standard in the advanced air mobility segment. This partnership accelerates our ability to meet the stringent requirements of the electric aviation industry while simultaneously pushing forward the evolution of battery technology with a focus on safety, efficiency, and market expansion." CONTINUED… Read this entire press release and more news for KULR at: https://www.financialnewsmedia.com/news-kulr/
In addition to its battery technologies, KULR has a long history of serving the aviation industry with its KULR VIBE technology which eliminates vibration for helicopters and drones. Last week during they earnings call, KULR's CEO was very excited how KULR VIBE serves the computer server market for Facebook (NASDAQ: META) and Nvidia (NASDAQ: NVDA) with better cooling technology by removing vibration in the server’s fans. KULR VIBE can reduce energy use and cool the hot AI processing chips more efficiently, which has dramatically increased energy demand for companies like NNE NANO Nuclear Energy Inc. (NASDAQ: NNE) and Oslo Inc. (NYSE: OKLO), which is backed by Sam Altman of OpenAI.
In other developments in the markets of note:
NVIDIA Corporation (NASDAQ: NVDA) recently announced major advancements to Universal Scene Description, or OpenUSD, that will expand adoption of the universal 3D data interchange framework to robotics, industrial design and engineering, and accelerate developers’ abilities to build highly accurate virtual worlds for the next evolution of AI.
Through new OpenUSD-based generative AI and NVIDIA-accelerated development frameworks built on the NVIDIA Omniverse™ platform, more industries can now develop applications for visualizing industrial design and engineering projects, and for simulating environments to build the next wave of physical AI and robots.
Meta Platforms, Inc. (NASDAQ: META) recently reported financial results for the quarter ended June 30, 2024. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said Mark Zuckerberg, Meta founder and CEO. "We've released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we're driving good growth across our apps."
NANO Nuclear Energy Inc. (NASDAQ: NNE), a vertically integrated advanced nuclear energy and technology company developing portable clean energy solutions, recently announced that it has signed a Memorandum of Understanding (MOU) with the Rwanda Atomic Energy Board (RAEB).
The MOU establishes a framework under which NANO Nuclear work alongside the RAEB to facilitate the introduction and eventual integration of small modular reactors (SMRs) and microreactors, like ‘ZEUS’ and ‘ODIN’, NANO Nuclear’s next generation microreactors in development, throughout the Republic of Rwanda. NANO Nuclear will also be responsible for enabling the development of the country’s entire ecosystem of nuclear energy systems. This includes providing technical assistance, training and educational programs to develop Rwanda’s technical expertise in the nuclear energy industry.
Oklo Inc. (NYSE: OKLO), a fast fission clean power technology and nuclear fuel recycling company, recently announced a key strategic development in its supply chain management by signing a Preferred Supplier Agreement with Siemens Energy for the power conversion system of the Aurora powerhouse. This agreement underscores Oklo’s ambitions to bring cost-efficient advanced fission technology to market. Building on a previously signed Memorandum of Understanding, this binding agreement marks a crucial step in Oklo's vision to enhance production scalability, cost efficiency, and rapid deployment to meet growing customer demand.
Siemens Energy is a supplier of steam turbine and generator technology - rotating equipment that is part of the conventional island in small and large nuclear generation plants. Siemens Energy will supply the power conversion and supporting systems, fostering efficiencies through economies of scale. Standardizing equipment across Oklo’s powerhouses is expected to result in cost savings in manufacturing, construction, operations, and maintenance. Utilizing shared spare parts across deployment is expected to reduce maintenance downtime, enhance reliability, and improve overall performance.
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