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 (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.