USD 4.09 billion
More Electric Aircraft Market Size, Share, Growth Analysis, By Aircraft System(Propulsion System (Fuel Management System, Thrust Reverser System), Airframe System (Environmental Control System, Accessory Drive System), By Component(Distribution Devices, Engines, Batteries (Lithium-Sulfur and Lithium Titanate Batteries—Future of Aircraft Batteries, Nickel-Based Batteries), By Application(Power Generation, Power Distribution, Power Conversion, Energy Storage), By Aircraft Type(Fixed Wing (Narrow-Body Aircraft (NBA), Wide-Body Aircraft (WBA), Regional Aircraft, Fighter Jets)), By End-User(Civil, Military), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2087 |
Region:
Global |
Published Date: October, 2024
Pages:
202
|Tables:
59
|Figures:
77
More Electric Aircraft Market Insights
Global More Electric Aircraft Market size was valued at USD 4.2 billion in 2022 and is poised to grow from USD 4.74 billion in 2023 to USD 12.42 billion by 2031, growing at a CAGR of 12.80% during the forecast period (2024-2031).
The market for more electric aircraft (MEA) is expanding significantly as a result of flyby wire system adoption and technological developments in aircraft power production & conversion systems. Additionally, prospective clients on several platforms are eager to improve their fleet with cutting-edge electrical systems. These solutions lower the cost of aircraft maintenance while improving dispatch reliability. The demand for more electric aircraft has significantly expanded as a result of the use of electrical components in conjunction with several systems and subsystems in aircraft. These systems are pricey, though, and their initial setup and operation demand significant financial outlays. Power from electrical sources will determine the course of modern flight. The More Electric Aircraft market will have higher growth rates and prospects thanks to these more reliable technologies during the course of the projection. For instance, Airbus successfully substituted two electric systems for three hydraulic systems in its A380 and A350 models, demonstrating the safety of the technology for use in aeroplanes. On wide-body aircraft, Airbus wants to switch hydraulic power systems out for electrical generators. One of the first electric architectural systems was the Boeing 787. Systems that were previously hydraulically operated or bled air from engines are now replaced by electric systems in the aeroplane. There were 1,006 Boeing B787 Dreamliner deliveries, according to Boeing.
US More Electric Aircraft Market is poised to grow at a sustainable CAGR for the next forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Rotary Wing
Fastest Growth
Rotary Wing
Growth Rate
13.20% CAGR
Global More Electric Aircraft Market ($ Bn)
Country Share for North America Region (%)
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More Electric Aircraft Market Segmental Analysis
Global More Electric Aircraft Market is segmented by Aircraft System, Component, Application, End-User, and region. Based on Aircraft System, the market is segmented into Propulsion System, Airframe System. Based on Component, the market is segmented into Distribution Devices, Engines, Batteries, Fuel Cells, Solar Cells, Generators, Actuators, Electric Pumps, Power Electronics, Valves, and Landing Gear. Based on Application, the market is segmented into Power Generation, Power Distribution, Power Conversion, Energy Storage. Based on Aircraft Type, the market is segmented into Fixed Wing, Rotary Wing. Based on End-User, the market is segmented into Civil, Military. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
More Electric Aircraft Market Analysis by End User
With a CAGR of 15.7% throughout the projection period, the civil sector is anticipated to have the greatest market share increase. Commercial and private applications are included in the civil end-user segment. The use of aeroplanes for the transportation of people and goods is considered a civil end-use. Aircraft producers are increasing the quantity and quality of their output to support air travel as air traffic grows. The higher safety restrictions imposed by the aviation controlling organizations have led civil aerospace manufacturers to incorporate more electric technologies. New goods and strategies for environmentally friendly air travel are being developed by manufacturers in the civil aviation industry.
For both combat and non-combat missions, military organizations and defense organizations use fixed- and rotary-wing aircraft. There are many distinct kinds of military aircraft, including fighters, bombers, patrol, reconnaissance, transport, and multi role models. Aircraft electrification is being promoted by the aviation industry's military customers in an effort to simplify and lower the cost of maintenance and operation. To create multipurpose aircraft with cutting-edge capabilities, business organizations and military forces work together.
More Electric Aircraft Market Analysis by Type
With a CAGR of 16.4%, fixed-wing, more electric aircraft are most expected to hold the highest share during the predicted period. Fixed-wing aircraft have heavier-than-air fixed wings that provide the necessary thrust for takeoff. They are driven by a high-velocity jet or screw propeller. The cabins of fixed-wing aircraft are more spacious, the ride is smoother, and they can fly at very high altitudes. Fixed-wing aircraft are becoming more and more common because of their improved convenience and roomy cabins.
Short-range rotary-wing aircraft are propelled by rotating rotor blades. Rotating-wing aircraft can take off and land on a variety of surfaces thanks to the thrust created by the blades' revolution over a vertical mast. The market for rotary-wing aircraft is growing as a result of advancements in rotor design, aircraft propulsion technology, and safe onboard equipment.
Global More Electric Aircraft Market By Type
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More Electric Aircraft Market Regional Insights
At USD 1,812 million and a CAGR of 15.8% over the forecast period, North America will hold the greatest share. Demand for aerial intelligence, surveillance, and reconnaissance (ISR) solutions from both the military and non-military sectors has grown in North America, particularly in the United States, as a result of improved capabilities such as autonomous technology. Over the course of the projection period, the market for more electric aircraft will expand in the region due to the existence of important aviation companies there and the rise in demand for military and private aircraft.
According to estimates, Europe will account for the greatest portion of the regional market, growing at a CAGR of 15.5% over the forecast period. For the sake of the European aviation industry, European nations are concentrating their labor force on developing more electric aircraft technologies. Due to increased investments and R&D efforts in the civil, defense, and commercial aviation sectors for the creation of power electronics, high-density electric motors, electro-hydrostatic actuators, and other technological developments in the aviation industry, the market in Europe for more electric aircraft will grow during the forecast period.
Global More Electric Aircraft Market By Region
- Largest
- Fastest
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More Electric Aircraft Market Dynamics
More Electric Aircraft Market Drivers
Increasing demand for Fuel-Efficient Aircraft to Bolster Market Growth
- More electric aircraft, which use electric systems to replace traditional hydraulic and pneumatic systems, are more fuel-efficient than conventional aircraft. This is because electric systems are more efficient at converting energy into motion, resulting in less wasted energy and lower fuel consumption. As airlines and other aircraft operators seek to reduce their fuel costs and improve their environmental footprint, the demand for more electric aircraft is expected to increase significantly.
- More electric aircraft use electric systems that are generally lighter than traditional hydraulic and pneumatic systems, resulting in a lighter overall aircraft. In the aircraft sector, where lowering weight is essential for increasing fuel economy and lowering emissions, this is especially significant. As a result, the demand for more electric aircraft is expected to increase as aircraft manufacturers seek to reduce the weight of their aircraft.
More Electric Aircraft Market Restraints
Limited Availability of Skilled Workforce to Hinder Market Growth
- Developing and implementing more electric aircraft technologies requires a highly skilled workforce, including engineers and technicians with specialized knowledge in electric systems. The limited availability of skilled workers in this area could limit the growth of the market.
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More Electric Aircraft Market Competitive Landscape
The market for More Electric Aircraft products will continue to grow as major industry players engage heavily in R&D to diversify their product offerings. Releases of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other organizations are all significant market changes. Several strategic steps are also taken by market participants to broaden their global reach. For the More Electric Aircraft sector to expand and survive in a more cutthroat and competitive market, it is necessary to provide products at fair rates.
More Electric Aircraft Market Top Player’s Company Profiles
- Safran S.A. (France)
- Honeywell International, Inc. (US)
- Raytheon Technologies Corporation (US)
- Thales Group (France)
- General Electric (US)
- Bae Systems Plc (UK)
- Bombardier Inc. (Canada)
- Embraer S.A. (Brazil)
- Liebherr (Switzerland)
- Ametek, Inc. (US)
- Nabtesco Corporation (Japan)
- Elbit Systems Ltd. (Israel)
- Moog Inc. (US)
- Astronics Corporation (US)
- Rolls Royce Plc (UK)
- Eaton (Ireland)
- Parker Hannifin Corp. (US)
- Amphenol Corporation (US)
- PBS Aerospace (Czech Republic)
- Avionic Instruments, Llc (US)
- Eaglepicher Technologies Llc (US)
- Pioneer Magnetics (US)
- Wright Electric (US)
- Magnix (US)
- Radiant Power Corporation (US)
More Electric Aircraft Market Recent Developments
- In January 2023, Aerus, a new regional airline in Mexico, contracted Aviation Aircraft to supply 30 of its commuter Alice aircraft. Aerus plans to use Alice for middle-mile travel between Nuevo León, Tamaulipas, Coahuila, and Veracruz so that traditionally underprivileged people in the country's northern regions can enjoy accessible, affordable, carbon-free air travel.
- In December 2022, Eva Air Mobility (Eve), a division of Embraer SA, and FlyBIS Aviation Limited (FlyBIS), an advanced air mobility start-up with headquarters in Caxias do Sul, Brazil, signed a Letter of Intent (LOI) in December 2022 to work together on the expansion of eVTOL operations in Brazil and South America. In accordance with the agreement, FlyBIS will also purchase up to 40 of Eve's eVTOL vehicles.
- In June 2022, The Boeing business helped Wisk, a well-known Advanced Air Mobility (AAM) business that developed the first all-electric, self-flying air taxi in the United States, secure USD 450 million in investment. It is anticipated that this sizable investment would support Wisk's ongoing initiatives to create cutting-edge AAM technology and transform the transportation sector.
- In January 2022, the electric short takeoff and landing (eSTOL) aircraft concept received a financial and credibility boost in January 2022 thanks to a sizable investment made in Electra Inc Through the venture capital division of Lockheed Martin Corporation. This decision is likely to hasten the development of Electra's ground-breaking eSTOL aircraft, which has the potential to revolutionize short-haul travel and make important advancements towards attaining sustainable aviation.
More Electric Aircraft Key Market Trends
- There is a growing demand for greener aviation, driven by concerns about climate change and the impact of aviation on the environment. More electric aircraft systems can help to reduce fuel consumption and emissions, making them an attractive option for airlines and other operators.
More Electric Aircraft Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global more electric aircraft market is expected to see significant growth in the coming years. The market is being driven by several factors, including increasing demand for fuel-efficient aircraft, growing need for lightweight systems, rising environmental concerns, adoption of new technologies, government initiatives and support, and reduced maintenance and operational costs. The trend toward more electric aircraft is part of a larger shift toward greener, more sustainable aviation. The use of electric systems to replace traditional hydraulic and pneumatic systems has the potential to significantly reduce fuel consumption and emissions, which is becoming increasingly important as governments around the world implement regulations aimed at reducing emissions from the aerospace industry. The global electric aircraft market is expected to see strong growth in the coming years as aircraft manufacturers and operators seek to reduce their fuel consumption and environmental footprint, and as governments around the world implement regulations aimed at reducing emissions from the aerospace industry are all expected to drive growth and innovation in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.2 billion |
| Market size value in 2031 | USD 12.42 billion |
| Growth Rate | 12.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on More Electric Aircraft Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on More Electric Aircraft Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the More Electric Aircraft Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the More Electric Aircraft Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the More Electric Aircraft Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the More Electric Aircraft Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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