More Electric Aircraft Market To Reach USD 4,612.69 Million In 2027 at a CAGR of 15.5% - Valuates Reports
This report is published on Valuates Reports in the Autos & Vehicles Category.\nThe global More Electric Aircraft Market valued USD 1,809.20 million in 2019 and is projected to reach USD 4,612.69 million in 2027, registering a CAGR of 15.5%.\nMajor factors driving the growth of more electric aircraft market are:\nRecent technological advancements in the field of power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have fuelled the adoption of MEA.\nAn increase in demand for fewer polluting aircraft is expected to drive the growth of the more electric aircraft market.
BANGALORE, India, May 7, 2021 /PRNewswire/ -- More Electric Aircraft Market by Aircraft System (Propulsion System and Airframe System), Application (Power Generation, Power Distribution, Power Conversion, and Energy Storage), and Aircraft Type (Fixed-wing and Rotary-wing), and End User (Civil and Military). This report is published on Valuates Reports in the Autos & Vehicles Category.
The global More Electric Aircraft Market valued USD 1,809.20 million in 2019 and is projected to reach USD 4,612.69 million in 2027, registering a CAGR of 15.5%.
Major factors driving the growth of more electric aircraft market are:
- Growing demand for high-performance fuel-efficient aircraft and an increase in demand for less polluting aircraft
- Recent technological advancements in the field of power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have fuelled the adoption of MEA.
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TRENDS INFLUENCING THE GROWTH OF MORE ELECTRIC AIRCRAFT MARKET
An increase in demand for fewer polluting aircraft is expected to drive the growth of the more electric aircraft market. Globally, the increase in air and noise pollution has prompted regulatory bodies and manufacturers to introduce environmentally friendly policies and technologies. Government policies around the world are credited with increasing demand for sustainable technologies such as more electric aircraft technology for pollution reduction. MEA technology adoption for applications such as aircraft electrification helps in the reduction of air and noise pollution produced by aircraft operations, which is a key driver for the growth of the more electric aircraft market during the forecast period.
In traditional architecture, the engines provide the majority of secondary aircraft systems power needs in pneumatic form. However, in the MEA architecture, the engines (no-bleed) provide the majority of aircraft systems power needs in the electrical form via shaft-driven generators. The conventional aircraft pneumatic bleed system design results in engine performance that is less than ideal. Since the total aircraft level power requirements are reduced when the pneumatic bleed is removed, the engine operates more efficiently and burns less fuel. Thus, the fuel-efficient feature of MEA is expected to increase the growth of the more electric aircraft market.
Reduced maintenance costs and improved reliability because the MEA architecture uses fewer parts than previous systems is expected to increase the growth of the electric aircraft market.
In the MEA, the convergence of all secondary power sources into one minimizes the number of hydraulic pipes and gas ducts in the aircraft, thereby simplifying the aircraft's internal structure and engine build-up.
More Electric Aircraft (MEA) technology allows for gradual improvements in aircraft efficiency through the use of electric and hybrid-electric power sources. The use of high-performance electric drives (HPED) in the MEA architecture can control an aircraft's high electric loads and improve its performance. These innovations encourage the aviation industry to use MEA technology to meet the changing needs and demands of its customers.
However, during the forecast period, the need for significant capital investment to develop more electric aircraft manufacturing and support infrastructure will limit the market's growth.
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MORE ELECTRIC AIRCRAFT MARKET SHARE ANALYSIS
In terms of sales, Europe leads the MEA market, followed by North America, Asia-Pacific, and LAMEA. Because of the country's strong manufacturing and production infrastructure for more electric aircraft systems, the United States dominated the global more electric aircraft market share in 2019 and is projected to rise at a significant pace during the forecast period.
By aircraft systems, airframe systems are expected to lead the market over the forecast period. The demand for less polluting, fuel-efficient, and high-performance propulsion systems for aircraft will be the primary driver of segment development.
By application, the power distribution segment is anticipated to show lucrative growth during the forecast period.
Based on end-user, the civil segment dominated the more electric aircraft industry in 2019. The civil aviation industry's progress toward the more electric aircraft (MEA) initiative is attributed to the increasing load demands of multiple aircraft subsystems.
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KEY MARKET SEGMENTS
By Aircraft System
- Propulsion System
- Airframe System
By Application
- Power Generation
- Power Distribution
- Power Conversion
- Energy Storage
By Aircraft Type
- Fixed-Wing
- Rotary-Wing
By End-User
- Civil
- Military
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Norway
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY PLAYERS
- AMETEK, Inc.
- BAE Systems plc
- Bombardier Inc.
- Elbit Systems Ltd.
- GE Aviation
- Honeywell International Inc.
- Raytheon Technologies Corporation
- Rolls-Royce Holdings plc
- Safran
- Thales Group
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