More Electric Aircraft Market Size Worth US$ 3.92 Billion by 2027 | CAGR 16.30%

PRESS RELEASE

Published April 3, 2023

According to the latest report by IMARC Group, titled “More Electric Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global more electric aircraft market size reached US$ 1.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.92 Billion by 2027, exhibiting a growth rate (CAGR) of 16.30% during 2022-2027.This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

More Electric Aircraft Industry Definition and Application:

More electric aircraft (MEA) refers to an efficient airplane system that utilizes advanced electrical units to operate an airliner by replacing generic pneumatic and hydraulic equipment. It comprises an efficient electric propulsion system integrated with controllers, hardware and software, motors, gearboxes, and cooling instruments. MEA also consists of large lithium-ion batteries, which discharge electrons that power the propellers of the aircraft. It provides more comfortable, safer, and pollution-free operation. MEA also reduces the fuel dependency of the airplane and enables sustainable aviation. It offers adequate functioning and reduced vulnerability, complexity, and redundancy compared to conventional aircraft. In addition, MEA produces little or no noise, which benefits the passengers inside the airplane and employees and residents around the airport.

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More Electric Aircraft Market Trends and Drivers:

The escalating product demand, owing to its energy-efficient properties, is primarily driving the more electric aircraft market. In line with this, the rising number of airports and scheduled flights to accommodate passengers daily is further augmenting the market growth. Moreover, the integration of electrical systems in aircraft to reduce the incorporation of movable parts that are susceptible to wear and tear and the extensive utilization of no-bleed architecture to improve power efficiency in airplanes are also catalyzing the global market. Apart from this, the implementation of stringent regulations by the government bodies on aviation companies to reduce noise pollution caused by airplanes is acting as another significant growth-inducing factor. Additionally, the increasing product usage by flying units to operate near cities and dwellings throughout the day without disturbing communities is also stimulating the market growth. Furthermore, the leading players are manufacturing airliners incorporated with fault-tolerant machines, electro-hydrostatic actuators, electromechanical actuators, and electrical power systems to improve their functionalities, which is expected to bolster the more electric aircraft market in the coming years.

More Electric Aircraft Market Segmentation:

The report has segmented on the basis on application, technology, aircraft type and region.

Breakup by Application:

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

Breakup by Technology:

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

Breakup by Aircraft Type:

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

Breakup by Region:

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

Competitive Landscape:

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

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