actuator system into The global more electric aircraft market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing aircraft emissions.
The more electric aircraft emphasis on the use of electrical ability to drive the non-propulsive airplane frameworks. The utilization of the electrical framework for applications such as slowing down, control surface tasks, and other activation activities adds sustainability to aircraft operations. The adoption of flyby wire frameworks and innovative progressions in aircraft power generation and transformation systems is one of the key factors driving the market growth. Various airline companies are planning to overhaul their planes with cutting edge electrical frameworks. These systems iincrease the overall quality and decrease the support cost of aircraft.
During the more electric aircraft implementation, hydraulic and pneumatic power is replaced with electric power. As the replaced components require a high electric input, the electric energy required in more electric aircraft is much higher than in a conventional aircraft. The adoption of electrical parts related to different frameworks and sub-frameworks in aircraft has generously expanded the interest of more electric aircrafts. However, these frameworks are exorbitant and require high capital to run their operations.
Market Trends, Drivers, Restraints, and Opportunities
- Rising adoption of electric components for crucial systems is expected to drive the market growth.
- Growing use of electric systems to cut down noise pollution and emissions is estimated to contribute to the growth of the market during the forecast period.
- Electrification of propulsion and airframe systems is estimated to facilitate the market development in the coming years.
- The relaxations on the restrictions on air travel is expected to positively influence the market growth.
- High cost of components and devices can restrain the market development.
- Stringent government regulations can hinder the market development.
- Increasing focus on development of electrically powered aircrafts can create lucrative opportunities for the industry players in the projected timeline.
Scope of the Report
The report on the global more electric aircraft market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|More Electric Aircraft Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|Applications (Military, Commercial, and General Aviation)
|Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|Key Players Covered in the Report
|The Boeing Company; Airbus SE; Lockheed Martin Corporation; Honeywell International Inc.; and Safran SA
More Electric Aircraft Market Segment Insights
Commercial segment is expected to grow at a robust rate
Based on applications, the market is divided into military, commercial, and general aviation. The commercial segment is expected to grow at a rapid pace during the forecast period. An aircraft utilizes electric frameworks to bleed air from engines. New airplane models are being consolidated with more electric design. However, the military segment is anticipated to hold a key share of the market in the coming years due to increasing use of developed electrical systems in military air lifters for medical evacuation and aerial refueling. Moreover, growing investment of government agencies on the military is anticipated to propel the growth of the market segment.
North America is anticipated to constitute a key market share
In terms of regions, the more electric aircraft market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected timeline. Increasing environmental concerns and stringent regulations regarding aircraft emissions are majorly responsible for the domination of more electric aircraft market in the region. Original equipment manufacturers (OEMS) are funding research and development projects, even at university level to developed advanced technologies.
Segments Covered in the Report
The more electric aircraft market has been segmented on the basis of
- General Aviation
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- The Boeing Company
- Airbus SE
- Lockheed Martin Corporation
- Honeywell International Inc.
- Safran SA
Key players competing in the more electric aircraft market are The Boeing Company; Airbus SE; Lockheed Martin Corporation; Honeywell International Inc.; and Safran SA.
Organizations are focusing on research and development in order to make more advanced electric architecture platforms. Increasing focus on renewable sources allowed the industries to reduce propulsion thrust and to do so they are working on conversion of pneumatic/mechanical/hydraulic actuator system into power electronics.