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

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 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. '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, 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.

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.

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.