CHICAGO, Dec 12, 2023 – The global More Electric Aircraft Market is experiencing robust growth, with a projected compound annual growth rate (CAGR) of 12.6% during the forecast period. The market is anticipated to reach USD 7.3 billion by 2027, reflecting a significant increase from USD 4.1 billion in 2022. These insights are detailed in a comprehensive report by MarketsandMarkets, a leading market research and consulting firm.
More Electric Aircraft (MEA) represents a transformative trend in aviation, emphasizing the electrification of various aircraft systems traditionally powered by hydraulic and pneumatic sources. The expected growth in the MEA market is driven by factors such as the increasing focus on fuel efficiency, the adoption of electric propulsion systems, and advancements in power electronics and energy storage technologies. The report explores key segments, growth drivers, challenges, opportunities, and identifies key players in the global More Electric Aircraft Market.
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Key Segments:
Aircraft Type Segment: The More Electric Aircraft market includes various aircraft types, such as commercial, military, and general aviation, each with unique requirements for electrification.
System Segment: MEA involves the electrification of multiple aircraft systems, including the environmental control system (ECS), flight control system, power distribution system, and others, contributing to enhanced efficiency and sustainability.
Application Segment: MEA applications encompass electric propulsion systems, power generation, and other subsystems, reflecting the broad spectrum of electrification across different areas of aircraft functionality.
Browse 320 market data Tables and 60 Figures spread through 285 Pages and in-depth TOC on “More Electric Aircraft Market by Application, Aircraft Type, Aircraft System, Component, End User and Region – Global Forecast to 2027”
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Growth Drivers:
Focus on Fuel Efficiency: The increasing emphasis on fuel efficiency and environmental sustainability in aviation drives the adoption of More Electric Aircraft, which enables improved energy management and reduced fuel consumption.
Adoption of Electric Propulsion Systems: The growing adoption of electric propulsion systems, including electric motors and distributed propulsion technologies, contributes to the electrification of aircraft propulsion, reducing reliance on traditional fuel-based engines.
Advancements in Power Electronics: Ongoing advancements in power electronics, energy storage solutions, and electric motor technologies facilitate the efficient electrification of aircraft systems, fostering growth in the MEA market.
Challenges:
Integration Challenges: The integration of new electric systems with existing aircraft structures poses challenges related to compatibility, weight considerations, and the need for comprehensive system testing and certification.
High Initial Costs: The high initial costs associated with the development and implementation of advanced electric systems may impact widespread adoption, particularly in cost-sensitive segments of the aviation industry.
Opportunities:
Hybrid-Electric and Urban Air Mobility (UAM): The opportunities presented by hybrid-electric propulsion systems and the emerging field of Urban Air Mobility (UAM) create new avenues for the application of More Electric Aircraft technologies.
Government Initiatives and Funding: Support from governments and regulatory bodies, along with funding initiatives for research and development in electric aviation, creates opportunities for market growth.
Key Players:
The report identifies key players in the global More Electric Aircraft Market, including:
Rolls-Royce Holdings plc: A leading aerospace and defense company, actively involved in the development of electric propulsion systems and electrified aircraft technologies.
United Technologies Corporation (Collins Aerospace): A multinational conglomerate providing a range of aerospace and defense solutions, contributing to the development of More Electric Aircraft systems.
Safran SA: A global aerospace and defense company involved in the design and manufacturing of aircraft systems, including components for electrified aircraft.
Honeywell International Inc.: A diversified technology and manufacturing company, playing a key role in the development of advanced avionics and electrical systems for aircraft.
Raytheon Technologies Corporation: A multinational conglomerate involved in aerospace and defense, contributing to the advancement of electrification technologies in aviation.
The global More Electric Aircraft Market is poised for substantial growth, driven by the ongoing transformation of the aviation industry towards greater electrification. As technological innovations and regulatory support propel the adoption of More Electric Aircraft, the market is expected to play a pivotal role in shaping the future of sustainable and efficient aviation.
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