More Electric Aircraft Market Size, Share & Forecast Report 2024-32
IMARC Group's report titled "More Electric Aircraft Market Report by Application (Air Pressurization and Conditioning, Configuration Management, Flight Control Operations Management, Power Generation Management, Power Distribution Management, and Others), Technology (Safety Systems and Advanced Materials, Power Electronics, Energy Storage Devices, Thermal Management Systems, and Others), Aircraft Type (Fixed Wing (Narrow Body/Wide Body/Very Large Body) Aircraft, Rotary Wing Aircraft, Unmanned Aerial Vehicles, and Others), and Region 2024-2032". The global more electric aircraft market size reached US$ 2.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2032, exhibiting a growth rate (CAGR) of 14.2% during 2024-2032.
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Factors Affecting the Growth of the More Electric Aircraft Industry:
- Increasing Demand for Fuel Efficiency and Reduced Emissions:
Aerospace manufacturers and airlines are seeking innovative solutions to minimize the carbon footprint of air travel due to regulatory mandates on environmental sustainability. The more electric aircraft (MEA) concept, which involves replacing pneumatic and hydraulic systems with electrically powered components, offers advantages in this regard. MEAs can achieve greater fuel efficiency and lower emissions compared to traditional aircraft by leveraging advanced electrical systems and technologies. This shift not only aligns with environmental objectives but also responds to economic pressures, as fuel costs constitute a notable portion of airline operating expenses. The ongoing development of lightweight, high-efficiency electrical components is making MEAs an increasingly viable and attractive option for aviation.
- Advancements in Electrical Power Systems Technology:
Innovations in areas, such as high-density battery systems, more efficient power electronics, and enhanced electric motor technologies are key enablers for the transition towards MEAs. These technological improvements allow for the development of aircraft that rely more heavily on electricity for propulsion, control surfaces, and onboard systems, reducing the reliance on traditional hydraulic, mechanical, and pneumatic systems. These advancements not only contribute to making aircraft lighter and more energy-efficient but also enhance their performance, reliability, and maintenance characteristics. The integration of cutting-edge electrical systems is instrumental in meeting the stringent safety and efficiency standards required in aviation, further encouraging investment and research and promoting the adoption of MEA designs.
- Enhanced Operational Efficiency and Cost Savings:
MEAs lower maintenance requirements and reduced operational costs over their lifecycle compared to traditional aircraft. This is attributed to their electric systems, which have fewer moving parts, leading to decreased wear and tear and, in turn, lower maintenance needs. Additionally, the simplification of aircraft systems through electrification is notably reducing the weight of the aircraft, further contributing to fuel savings and operational efficiency. Airlines are recognizing the long-term cost benefits associated with MEAs, including the potential for reduced downtime and higher aircraft availability. These economic incentives are critical in a highly competitive industry where efficiency and cost-effectiveness are paramount, driving the adoption of MEA technologies across commercial and military aviation sectors.
Leading Companies Operating in the Global More Electric Aircraft Industry:
- 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
More Electric Aircraft Market Report Segmentation:
By Application:
- Air Pressurization and Conditioning
- Configuration Management
- Flight Control Operations Management
- Power Generation Management
- Power Distribution Management
- Others
Power distribution management holds the biggest market share, as efficient electrical power distribution is critical for the reliability and performance of more electric aircraft systems.
By Technology:
- Safety Systems and Advanced Materials
- Power Electronics
- Energy Storage Devices
- Thermal Management Systems
- Others
Based on the technology, the market has been divided into safety systems and advanced materials, power electronics, energy storage devices, thermal management systems, and others.
By Aircraft Type:
- Fixed Wing (Narrow Body/Wide Body/Very Large Body) Aircraft
- Rotary Wing Aircraft
- Unmanned Aerial Vehicles
- Others
Fixed wing (narrow body/wide body/very large body) aircraft represents the largest segment owing to their extensive use in both commercial and cargo transportation.
Regional Insights:
- 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
North America dominates the market due to the presence of major aircraft manufacturers, advanced technology firms, and the rising investments in research and development (R&D) for more electric aircraft innovations.
Global More Electric Aircraft Market Trends:
The growing integration of artificial intelligence (AI) and machine learning (ML) technologies to enhance aircraft performance, safety, and operational efficiency is offering a favorable market outlook. AI and ML are leveraged to optimize the management of electric power systems on board, ensuring maximum efficiency and reliability. These technologies enable predictive maintenance capabilities, whereby AI algorithms analyze data from the systems of aircrafts to predict potential failures before they occur, thereby reducing downtime and maintenance costs.
Furthermore, AI can enhance the energy management of electric aircraft, optimizing battery usage and energy distribution across various systems to extend the range and endurance of flights.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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