(EnergyIndustry.Net, March 31, 2023 ) According to a recent report, the More Electric Aircraft Market is projected to grow from USD 4.1 Billion in 2022 to USD 7.3 Billion by 2027, at a CAGR of 12.6% during the forecast period. This growth is driven by several factors, including advancements in high-density battery solutions, the expansion of sophisticated power electronic components, and the development of alternative power sources for electric power production.
The aviation industry is constantly evolving and looking for new ways to improve aircraft performance, reduce operational and maintenance costs, and lower emissions and noise pollution. One solution to these challenges is the development of more electric aircraft, which rely on electrical power systems instead of traditional mechanical and hydraulic systems.
The report also notes that the more electric aircraft market is further segmented into fixed-wing and rotary-wing aircraft based on aircraft type. The development of more dependable and efficient auxiliary power supply systems is needed to drive fixed-wing aircraft, while recent technical improvements in the realm of power electronics and flight control system operations are expected to drive the expansion of rotary-wing aircraft.
Furthermore, the market is classified into civil and military based on end-user. The demand for more electric civil airplanes for carrying passengers and freight has expanded tremendously, while the rising usage of the developed electrical system in military tactical airlifters for airborne refueling and medical evacuation is likely to drive market expansion.
The analysis of the regional market for more electric aircraft has been conducted across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The European market holds the largest market share and is expected to grow at the highest CAGR during the forecasted period. This is attributed to the presence of key players and OEMs such as Airbus, Thales Group, and Safran S.A. These system and component manufacturers are prominent companies in the region and have potential customers worldwide. The Asia-Pacific market is expected to witness significant growth during the forecast period, with countries like China and Japan expected to remain important participants in the market. India, on the other hand, is emerging as the fastest-growing market for more electric civil aircraft during the same period, driven by its strong expansion in the commercial aviation sector.
Key Market Players
The more electric aircraft market is dominated by key players such as AMETEK (US), Safran (France), Astronics Corporation (US), Amphenol Corporation (US), Honeywell International, Inc (US), Meggitt (UK), Safran S.A. (France), Rolls Royce Plc (UK), Raytheon Technologies Corporation (US), Thales Group (France), and General Electric (US).
Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Component, Application, System, Platform (Commercial, Military, Business & General Aviation, UAV, AAM) and Region (2021-2030)
Aircraft Electrical Systems Market by System (Power Generation, Conversion, Distribution, Energy Storage), Component, Technology, Platform (Commercial Aviation, Military Aviation, Business & General Aviation), End-User, Application & Region - Global Forecast to 2030
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