Dublin, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The "More Electric Aircraft Market by Application (Power Generation, Power Distribution, Power Conversion, Energy Storage), Aircraft Type (Fixed Wing, Rotary Wing), Aircraft System, Component, End User and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The more electric aircraft market is projected to grow from USD 4.1 Billion in 2022 and reach USD 7.3 Billion by 2027, at a CAGR of 12.6% during the forecast period. Recent technological advancements in the field of power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have fueled the adoption of MEA. Advancements in high-density battery solutions and the need to optimize aircraft performance are other factors fueling the market's growth.
Based on application, more electric aircraft are segmented into power generation, distribution, conversion, and energy storage.
The growth of the more electric aircraft market globally can be attributed to the increased focus on reducing operational costs, emissions, and aircraft noise. Leading companies such as Safran (France), Honeywell International, Inc. (US), Thales Group (France), Raytheon Technologies Corporation (US), and GE Aviation (US) are the major companies providing more electric aircraft systems across the globe. The power conversion segment is projected to grow at the highest CAGR during the forecast period. The growth of the power conversion segment can be attributed to the demand for efficient and cost-effective aircraft electrical systems.
Based on aircraft type, the more electric aircraft market is segmented into fixed-wing and rotary-wing.
The increasing awareness of the development of emission-less air transport is a major factor driving the market. The fixed wing is projected to be dominating segment during the forecasted period.
Europe is expected to account for the largest share in 2021.
The European aviation industry is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals with improved mechanical properties in aircraft; these advanced engines help aircraft reduce fuel consumption, carbon emissions, and noise. Government bodies such as the European Union Aviation Safety Agency (EASA), the European Defence Agency (EDA), the UK Civil Aviation Authority (CAA), and the European Air Transport Command play a crucial role in ensuring transportation safety and addressing various issues related to air transport such as carbon emissions and noise pollution. Key manufacturers of electric aircraft in Europe include Rolls-Royce (UK), Safran Group (France), GKN Aerospace (UK), Airbus (Netherlands), Thales Group (France), and Turbomeca (France). These aircraft manufacturers are focusing on several programs for aircraft electrification, which are expected to drive the market in the region. Growing electric aircraft development programs, airline consolidation, and air traffic growth are expected to drive market growth in this region during the forecast period.
Market Dynamics
Drivers
- Advancement of High-Density Battery Solutions for More Electric Aircraft
- Optimized Aircraft Performance Using More Electric Technology
- Decrease in Operational and Maintenance Costs in More Electric Aircraft
- Reduced Emission and Aircraft Noise
Restraints
- Huge Amount of Investment and Longer Clearance Period
- High Voltage and Thermal Issues of Aircraft Electrical Systems
Opportunities
- Emergence of Alternative Power Sources for Electric Power Generation
- Development of Advanced Power Electronics Components
Challenges
- Thermal Management in Electrical Systems
- Reliability of Electrical Systems in Harsh Environments
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $4.1 Billion |
| Forecasted Market Value (USD) by 2027 | $7.3 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 More Electric Aircraft Market, by Aircraft System
8 More Electric Aircraft Market, by Component
9 More Electric Aircraft Market, by Application
10 More Electric Aircraft Market, by Aircraft Type
11 More Electric Aircraft Market, by End-User
12 More Electric Aircraft Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- Ametek, Inc.
- Amphenol Corporation
- Astronics Corporation
- Avionic Instruments, LLC
- Bae Systems plc
- Bombardier Inc.
- Eaglepicher Technologies LLC
- Eaton
- Elbit Systems Ltd.
- Embraer S.A
- General Electric
- Honeywell International, Inc.
- Liebherr
- Magnix
- Moog Inc.
- Nabtesco Corporation
- Parker Hannifin Corp.
- PBS Aerospace
- Pioneer Magnetics
- Radiant Power Corporation
- Raytheon Technologies Corporation
- Rolls Royce plc
- Safran S.A.
- Thales Group
- Wright Electric
For more information about this report visit https://www.researchandmarkets.com/r/75ldlo
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