Nov 24, 2022
The more electric aircraft market is projected to grow from USD 4.1 Billion in 2022 and reach USD 7.3 Billion by 2027, at a CAGR of 12.6% during the forecast period. Major factors projected to drive the more electric aircraft market growth during the forecast period are improved aircraft performance, lower operational and maintenance costs, and lower emissions and noise pollution. On the other hand, a rise in investments and a longer clearance period are two factors impeding the growth of the electric aircraft market in the next years. Furthermore, advancements in high-density battery solutions, advancement of alternative power sources for electric power production, and expansion of sophisticated power electronic components will give further growth prospects for the more electric aircraft industry in the future years.
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 to drive fixed-wing aircraft needs.Recent technical improvements in the realm of power electronics and flight control system operations for rotary-wing aircraft, on the other hand, are expected to drive the segments expansion.
The market is classified into civil and military,based on end-user. The commercial sectors demand for more electric civil airplanes for carrying passengers and freight has expanded tremendously. Furthermore, 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 more electric aircraft regional analysis has been studied over North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Due to existence of key players and OEMs like as Airbus, Thales Group, and Safran S.A., the European market is the dominating the market with largest market share and is growing with the highest CAGR during the forecasted period. These system and component manufacturers are among the top companies featured in the region and have prospective consumers all over the world. During the forecast period, the Asia-Pacific market is expected to increase significantly. Countries like China and Japan are expected to remain important participants in this region. In contrast, India is emerging as the fastest-growing market for more electric civil aircraft during the same time due to its strong expansion in the commercial aviation sector.
The key market players in the more electric aircraft market are 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).