New York, United States, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Aircraft are utilized to transport goods and individuals across the globe based on the requirements of businesses such as tourism, logistics, and defense. Due to the enormous prices of maintenance and operation, as well as the high acquisition costs, aircraft represent a considerable amount of an organization's investment. An electric aircraft is a type of aircraft propelled by electric motors. There are numerous methods for generating power, with batteries being the most prevalent. More electric aircraft (MEA) is a concept that tries to maximize the use of electrical power in the onboard systems of an aircraft. The research and trials on deploying more electric aircraft technology have led to the conclusion that more electric aircraft technology can give several benefits to an aircraft, including a reduction in weight and a decrease in environmental impact.
Aviation companies are adopting the partial or complete electrification of aircraft functions to address the environmental challenges posed by conventional jet-fuel-based aircraft and comply with the international limits and standards of aviation regulators. Electric power gradually replaces hydraulic and pneumatic power, reducing aircraft bulk, fuel consumption, greenhouse gas emissions, and assembly and maintenance costs. During the projected period, the global market for more electric aircraft is expected to be driven by enhanced aircraft performance and rising demand for ecologically friendly aircraft. However, high capital requirements and the dependability of aircraft electrical systems are anticipated to hinder the market growth for more electric aircraft throughout the forecast period. In the future, improvements in battery solutions and electronic components, as well as the emergence of alternative power sources, are predicted to generate lucrative opportunities for the market for electric aircraft.
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Market Dynamics
Increased Demand for High-Performance Fuel-Efficient and Less Polluting Aircraft to Drive the Global More Electric Aircraft Market
Non-electric power sources, including pneumatic, mechanical, and hydraulic power, are used to power numerous aircraft components, including the leading-edge wing heating and cabin environmental control, among others, in a conventional aircraft. These applications require traditional jet fuel, lowering the aircraft's fuel efficiency. Electric power sources are welcomed by aviation customers as secondary power systems to power various aircraft components and increase fuel efficiency. The More Electric Aircraft (MEA) technology dramatically improves aircraft performance by utilizing electric and hybrid-electric power sources. One of the aspects propelling the growth of the more electric aircraft market over the forecast period is the increased usage of more electric aircraft technology to improve aircraft performance and fuel efficiency.
Increased air and noise pollution worldwide has driven regulatory authorities and businesses to embrace sustainable practices and technologies. The increase in demand for sustainable technologies, such as more electric aircraft technology for pollution reduction, is attributable to global government activities. The European Commission, for instance, unveiled the Clean Aviation European Partnership initiative in February of 2021. Government aid and the advancement of technology enable enterprises in the aviation industry to use MEA technologies that reduce aircraft emissions of harmful gases. Implementing MEA technology for applications such as aircraft electrification reduces air and noise pollution caused by aircraft operations, which is a crucial driver for the growth of the market for more electric aircraft throughout the forecast period.
Regional Insights
Europe is estimated to hold the largest share in the more electric aircraft market, with a CAGR of 15.5% during the forecast period. European nations are concentrating on producing and developing more electric aircraft technology for the European aviation industry. During the forecast period, the European market for more electric aircraft will grow due to an increase in investments and research and development activities in the civil, defense, and commercial aviation industries for the development of power electronics, high-density electric motors, electro-hydrostatic actuators, and other technological advances in the aviation industry.
A rise in collaboration and collaborations across the European region to create fuel-efficient and high-performance jets for the enormous European aviation traffic is a significant factor driving the desire for more electric aircraft in the region. Private European aviation companies such as Airbus, Leonardo, and Safran, among others, are partnering with aerospace research universities on several research efforts to develop innovative aircraft technologies. In addition, the increase in demand for aircraft with low fuel consumption and high performance, as well as the increase in the number of aerospace research projects in the region, are among the drivers propelling the growth of the market for more electric aircraft throughout the forecast period.
North America will hold the second-largest share of USD 1,812 million with a CAGR of 15.8% during the forecast period. Enhanced requirement for military and non-military aerial intelligence, surveillance, and reconnaissance (ISR) solutions in North America, particularly the United States, due to increased capabilities such as autonomous technology of aerial systems. Over the forecast period, the presence of major aviation companies in the region and the rising need for military and private aircraft would fuel the expansion of the market for more electric aircraft in the region.
Due to a rise in demand for military and civilian aircraft in the United States, the market for more electric aircraft is expanding. The enormous defense spending of North American nations to develop advanced aircraft technologies, such as the unmanned aerial vehicle (UAV) to convey critical information and neutralize the threat, promotes the deployment of more electric aircraft technologies in the region. In addition, the rising demand for jets with low fuel consumption fuels the implementation of more electric aircraft solutions, hence speeding the deployment of more electric aircraft.
Asia-Pacific will advance the highest CAGR. Increasing aviation traffic in the Asia-Pacific region needs the rehabilitation and upgrade of the current aircraft infrastructure in the region. In addition, the increasing demand for air travel in the Asia-Pacific region would help grow the market for more electric aircraft over the forecast period. The government, public, and private aviation sectors develop innovative aircraft technologies through their coalition, partnership, and collaboration. Additionally, the development of alternative energy sources such as fuel cells in the region helps the growth of the electric aircraft industry.
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Top 5 Key Highlights
- Based on aircraft systems, the propulsion system aircraft is anticipated to hold the largest market share growing at a CAGR of 15.3% during the forecast period.
- Based on application, the power distribution segment is expected to have most of the market share during the forecast period, advancing a CAGR of 16.5%.
- Based on aircraft type, fixed-wing more electric aircraft is most likely to have the largest share during the forecast period advancing a CAGR of 16.4%.
- Based on end-user, the civil sector is expected to hold the most considerable market share growth with a CAGR of 15.7% during the forecast period.
- Based on regional analysis, Europe is estimated to hold the largest share in the regional market with a CAGR of 15.5% during the forecast period.
Competitive Players
- AMETEK, Inc.
- BAE Systems PLC
- Bombardier Inc.
- Elbit Systems Ltd.
- G.E. Aviation
- Honeywell International Inc.
- Raytheon Technologies Corporation
- Rolls-Royce Holdings PLC
- Safran
- Thales Group
Recent Developments
- In 2022, BAE Systems PLC's ARCHER 155mm mobile howitzer got shortlisted by the Swiss government for going into the final round of competition for its future artillery system.
- In 2022, BAE Systems PLC will develop software that autonomously configures tactical networks for mission-critical communications as part of the Mission-Integrated Network Control (MINC) program.
- In 2022, Bombardier Inc. introduced the Global 8000 aircraft, the world's fastest and longest-range purpose-built flagship jet for a new era of business aviation.
Segmentation
- By Aircraft System
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- Propulsion Systems
- Airframe Systems
- By Application
-
- Power Generation
- Power Distribution
- Power Conversion
- Energy Storage
- By Aircraft Type
-
- Fixed Wing
- Rotary Wing
- By End-User
- Civil
- Military
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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