More Electric Aircraft Market Size, Share, Demand, Key Players, Growth and Industry Trends 2023-28
According to the latest report by IMARC Group, titled “More Electric Aircraft Market Size: Global Industry Trends, Size, Growth, Opportunity and Forecast 2023-2028”, provide the global more electric aircraft market size exhibited moderate growth during 2017-2022 and expects the market to grow at a CAGR of 16.53% during 2023-2028.The report provides a detailed analysis of the market on application, technology, aircraft type and region.
Report Metric
Historical: 2017-2022
Base Year: 2022
Forecast Year: 2023-2028
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Industry Definition and Application:
More electric aircraft (MEA)involves the gradual replacement of traditional hydraulic and pneumatic power with advanced electrical systems. This aids in the reduction of fuel consumption, aircraft mass, assembling costs, maintenance costs and greenhouse gas emissions. The engines of these systems also provide power to shaft-driven generators to power the requirements of an airplane system. Numerous functions, including de-icing, engine starting, pressurization, flight controls and actuation of the landing gear, are widely electrified to make them energy efficient. These systems are extensively utilized by end users as they are not only sustainable in nature but also result in minimal noise pollution and carbon emissions.
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Market Trends and Drivers:
The global market is primarily driven by considerable growth in the aviation sector. There has been a rising need for optimization to improve aircraft performance that has led to the increasing adoption of MEA across the globe. Its utilization aids in improving the reliability of the systems while minimizing operating and maintenance costs. Additionally, there has been a significant rise in the employment of technologically advanced power electronics, including fault-tolerant equipment, electro-hydrostatic actuators and flight control systems in MEAs, which is expected to provide an impetus to the market growth.
The market is further driven by the rising integration of MEA with advanced technologies to enhance fuel efficiency and aircraft reliability while ensuring minimal dependency on fossil fuels. Some of the other factors contributing to the market growth include the growing demand for these aircraft from the commercial sector, increasing adoption of unmanned aerial vehicles (UAV) in the defense sector, and continual research and development (R&D) activities conducted by key players.
More Electric Aircraft Market Segmentation:
The report has segmented on the basis on application, technology, aircraft type and region.
Breakup by Application:
Air Pressurization and Conditioning
Configuration Management
Flight Control Operations Management
Power Generation Management
Power Distribution Management
Others
Breakup by Technology:
Safety Systems and Advanced Materials
Power Electronics
Energy Storage Devices
Thermal Management Systems
Others
Breakup by Aircraft Type:
Fixed Wing (Narrow Body/Wide Body/Very Large Body) Aircraft
Rotary Wing Aircraft
Unmanned Aerial Vehicles
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the Major More Electric Aircraft Market Key players?
Airbus SE, Bombardier Inc., Honeywell International Inc., Lockheed Martin, Raytheon Company, Rolls-Royce Holdings Plc., Safran S.A., Thales Group, The Boeing Company, TTTech Computertechnik AG, United Technologies Corporation, etc.
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