IMARC Group, a leading market research company, has recently releases report titled “More Electric Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global more electric aircraft market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the more electric aircraft market?

The global more electric aircraft market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.6 Billion by 2028, exhibiting a growth rate (CAGR) of 16.53% during 2023-2028.

What is more electric aircraft?

More electric aircraft (MEA) involve 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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What are the growth prospects and trends in the more electric aircraft industry?

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.

What is included in market segmentation?

The report has segmented the market into the following categories:

Application Insights:

  • Air Pressurization and Conditioning
  • Configuration Management
  • Flight Control Operations Management
  • Power Generation Management
  • Power Distribution Management
  • Others

Technology Insights:

  • Safety Systems and Advanced Materials
  • Power Electronics
  • Energy Storage Devices
  • Thermal Management Systems
  • Others

Aircraft Type Insights:

  • Fixed Wing (Narrow Body/Wide Body/Very Large Body) Aircraft
  • Rotary Wing Aircraft
  • Unmanned Aerial Vehicles
  • Others

Breakup by Region:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Airbus SE
  • Bombardier Inc.
  • Honeywell International Inc.
  • Lockheed Martin Corporation
  • Raytheon Technologies Corporation
  • Rolls-Royce Holdings Plc
  • Safran S.A.
  • Thales Group
  • The Boeing Company
  • TTTech Computertechnik AG
  • United Technologies Corporation

Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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