The more electric aircraft market is estimated to be USD 1.5 billion in 2020 and is projected to reach USD 3.3 billion by 2025, at a CAGR of 17.4% during the forecast period. 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 fueled the adoption of MEA. The COVID-19 outbreak has impacted the aviation industry adversely due to air travel restrictions on domestic as well as international flights across countries, resulting in the sudden decrease in the air traffic.This is expected to negatively impact the more electric aircraft market in the short term; slow recovery is expected in Q1 of 2021.
The aviation industry could take 2-3 years to recover from the financial effects of COVID-19, leading to lower air travels and passenger traffic compared to previous estimates.
Based on aircraft system, propulsion segment projected to lead more electric aircraft market during the forecast period Based on aircraft system, the more electric aircraft market is segmented into propulsion system and airframe system. Electrification of various propulsion and airframe systems enables aircraft to reduce carbon emissions and the overall operational cost. The rising focus of major OEMs such as Airbus on the development of electric propulsion systems is expected to drive the propulsion system segment during the forecast period
Based on application, power distribution segment projected to lead more electric aircraft market during the forecast period Based on application, the more electric aircraft is segmented into power generation, power distribution, power conversion, and energy storage.The power distribution system is highly flexible, fault-tolerant, and is controlled by a redundant microprocessor system.
In this system, electrical power is supplied to the primary power distribution system, wherein the contactor control unit (CCU) and high-power contactor are located across generators, auxiliary power units (APU), batteries, and ground sources.
Based on end user, the civil segment accounts for the largest market size during the forecast period Based on end user, the more electric aircraft market is segmented into civil and military.The civil segment is estimated to account for a larger share in 2020 as compared to the military segment.
Carbon and nitrogen oxide emissions, high fuel consumption, and high maintenance costs are some of the challenges in the civil segment.
Europe is expected to account for the largest share in 2020 The more electric aircraft market has been studied for North America, Europe, Asia Pacific, Middle East & Africa and Africa.Europe is estimated to account for the largest share of the global market in 2020.
The aviation industry in Europe is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties in aircraft; these advanced engines help aircraft reduce their fuel consumption, carbon emissions, and noise. Key manufacturers of more electric aircraft in Europe include Rolls-Royce (UK), Safran Group (France), Airbus (Netherlands), and Thales Group (France).
Break-up of profile of primary participants in the More Electric Aircraft Market: • By Company Type: Tier 1 – 77%, Tier 2 – 15%, and Tier 3 – 8% • By Designation: Others – 79%, C Level – 16%, and Director Level – 5% • By Region: North America – 51%, Europe – 16%, Asia Pacific – 15%, North America – 9%, Middle East – 9%
Key Players in the more electric aircraft market Safran A.S (France), Thales Group(France), Raytheon Technologies(US), Inc., Honeywell International, Inc. (US) and GE Aviation (US) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the more electric aircraft market.
Research Coverage: The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the more electric aircraft market.A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; mergers; and partnerships, agreements, and collaborations; and recent developments associated with the more electric aircraft market.
Competitive analysis of upcoming startups in more electric aircraft market ecosystem is covered in this report.
Reasons to buy this report: The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall more electric aircraft market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on more electric aircraft offered by top players in the market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the more electric aircraft • Market Development: Comprehensive information about lucrative markets – the report analyzes the more electric aircraft market across varied regions • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the more electric aircraft market • Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in more electric aircraft market
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