Dublin, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The "More Electric Aircraft Market by System (Propulsion, Airframe), Component (Power Source, Actuators, Electric Pump, Power Electronics, Generator, Valves), Platform (Narrow Body, Wide Body, Regional Jet, Fighter Jet), Application, End Use - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The more electric aircraft market is projected to grow from USD 5.56 Billion in 2024 and reach USD 8.01 Billion by 2029, at a CAGR of 7.6% during the forecast period.
In recent years, innovations in battery technology has been a critical factor driving the development of More Electric Aircraft (MEA), as these systems enable more sustainable and efficient power solutions. Among such innovation parts of solid-state batteries and higher energy densities, such batteries are safer and better at a long-lasting lifetime than conventional lithium-ion. The solid-state battery makes use of the solid material instead of the liquid electrolyte while trying to achieve lower energy levels. This actually reduces the risks associated with the thermal runaway and encourages their use in safety for high energy applications of aviation. 
Based on application, Power conversion is expected to grow at the highest rate during the forecast period. Highly demanding aircraft systems including, flight control, landing gears, environmental controls have huge demands and require a system of conversion of electrical powers in airplanes that move on from hydraulics to pneumatics to the alternative electric version. Power conversion technology allows these systems to function on various levels of voltage, stepping the power up or down, ensuring stable and efficient operation across multiple functions.
Based on End User, Civil segment is expected to lead the market. The civil aviation sector is expected to lead the More Electric Aircraft (MEA) market due to the high demand for sustainable, fuel-efficient technologies among commercial airlines and operators. Environmental regulations and pressure from the industry to reduce greenhouse gas emissions have expedited the implementation of electric systems in civil aviation, making the sector lead the More Electric Aircraft (MEA) market. ICAO and other governments around the world are implementing more stringent emission requirements, and this forces airlines to pursue MEA technology in order to meet the new standards and reduce their carbon footprint. Many commercial aircraft manufacturers, therefore, highlight electric-driven systems for parts such as flight controls, landing gear, environmental controls, and power distribution.
Research Coverage:
The report segments the more electric aircraft market based on component, application, system, platform, end-user, and Region. The more electric aircraft market is segmented into power sources, generators, actuators, electric pumps, power electronics, distribution devices, valves, based on components. Based on the application, the market is segmented into power generation, distribution, conversion, and energy storage. Based on the solution, the market is segmented into propulsion and airframe systems. Based on the platform, the market is segmented into fixed-wing and rotary-wing. Based on the end user, the market is segmented into civil and military.
The report provides insights on the following:
- The report also helps stakeholders understand the market pulse and provides information on key market drivers - (Development of high-density battery solutions for more electric aircraft, Increasing use of electric technology to optimize aircraft performance, Lowering of operational and maintenance costs, Reduction in emissions and aircraft noise, Technological advancements in electric systems), Restraints (High capital requirements and longer clearance periods, Potential for overheating of electrical systems), Opportunities (Introduction of alternative power sources for electric power generation, Development of advanced power electronics component, Adoption of Urban Air Mobility (UAM) technologies), and Challenges (Requirement for reliable cable systems, Significant increase in maximum take-off weight).
- Market Penetration: The market's leading companies provide comprehensive information about more electric aircraft.
- Product Development/Innovation: In-depth information on future technologies, R&D efforts, and new product and service launches in the more electric aircraft market.
- Market Development: In-depth information on profitable markets - the study examines the more electric aircraft market in several areas.
- Market Diversification: Comprehensive data on new goods and services, new geographies, current advancements, and investments in the more electric aircraft market.
- Competitive Assessment: An in-depth examination of the more electric aircraft industry's major companies' market shares, growth strategies, and service offerings is provided.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 289 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $5.56 Billion |
| Forecasted Market Value (USD) by 2029 | $8.01 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in More Electric Aircraft Market
- More Electric Aircraft Market, by Application
- More Electric Aircraft Market, by Key Countries
Market Dynamics
Drivers
- Development of High-Density Battery Solutions for More Electric Aircraft
- Increasing Use of Electric Technology to Optimize Aircraft Performance
- Lowering of Operational and Maintenance Costs
- Reduction in Emissions and Aircraft Noise
- Technological Advancements in Electric Systems
Restraints
- High Capital Requirements and Longer Clearance Periods
- Potential for Overheating of Electrical Systems
Opportunities
- Introduction of Alternative Power Sources for Electric Power Generation
- Advancements in Power Electronic Components
- Adoption of Urban Air Mobility Technologies
Challenges
- Requirement for Reliable Cable Systems
- Significant Increase in Maximum Take-Off Weight
Trends/Disruptions Impacting Customer Business
- Revenue Shifts and New Revenue Pockets for More Electric Aircraft Market
Case Study Analysis
- Honeywell Optimizes More Electric Architecture
- Honeywell Successfully Designs Auxiliary Power Unit for Boeing
- Electric Taxi Systems
Technology Trends
- Shift from Hydraulic to Electric Landing Gear
- Use of Electrical and Electronics Technologies in More Electric Aircraft
- Advanced Batteries
- Electric Motor-Driven Smart Pumps
- High-Voltage Power Distribution
- Electric Actuation Systems (Fly-By-Wire)
- 3D Printing
More Electric Aircraft Market, by End-user
- Civil - Focus on Reducing Emissions to Propel Market
- Military -Increased Defense Spending to Drive Market
More Electric Aircraft Market, by Application
- Power Generation - Increasing Demand for More Electric Architecture to Fuel Market
- Power Distribution -Ability to Detect Voltage and Provide Prompt Load Shut-Off to Drive Demand
- Power Conversion -Need to Increase Operational Efficiency to Generate Demand
- Energy Storage -Increased Use of Advanced Battery and Fuel Cell Systems to Boost Market
More Electric Aircraft Market, by Platform
- Fixed-Wing - Improved Fuel Consumption and Reliability to Drive Demand
- Narrow-Body Aircraft (NBA) - Reduction in Weight Factor to Drive Market
- Wide-Body Aircraft (WBA) -Need to Lower Carbon Footprint to Fuel Market
- Regional Aircraft -Increase in Air Passenger Traffic to Fuel Demand
- Fighter Jets -Increasing Military Budgets to Boost Market
- Rotary-Wing -Need for Increased Operational Efficiency to Drive Market
More Electric Aircraft Market, by System
- Propulsion Systems
- Fuel Management Systems - Help Reduce Fuel Usage
- Thrust Reverser Systems - Facilitate Reduced Brake Wear
- Airframe Systems
- Environmental Control Systems - Ensure Comfortable Cabin Environment
- Accessory Drive Systems - Help Increase Power Transmission Capabilities
- Power Management Systems - Increase Energy Efficiency in Aircraft
- Cabin Interior Systems - Used to Enhance Customer Experience
- Flight Control Systems - Employed to Control Aircraft Direction
- Landing Gear Systems - Facilitate Take-Off and Landing
More Electric Aircraft Market, by Component
- Batteries
- Nickel-based Batteries - High Capacity and Quick-Charging Capabilities
- Lead-Acid Batteries - Increasing Use due to Low Cost and Limited Maintenance
- Lithium-based Batteries - Wide Adoption in Futuristic Applications Requiring High Energy Density and Low Weight
- Fuel Cells - Increase Efficiency and Help to Reduce Fuel Load
- Solar Cells - Eliminate Requirement for Liquid Fuel
- Actuators
- Electric
- Hybrid Electric
- Electric Pumps - Suited to Next-Generation Aircraft
- Power Electronics
- Rectifiers
- Inverters
- Converters
- Distribution Devices
- Wires & Cables - Increasing Demand due to Shift Toward More Electric Aircraft
- Connectors & Connector Accessories - Rising Need for Well-Connected Wiring Systems to Boost Demand
- Busbars - Easy Installation to Increase Adoption
- Generators
- Starter Generators
- Auxiliary Power Units
- Variable Speed Constant Frequency Generators
- Valves - Regulate Gas Levels in MEA Engines
Company Profiles
Key Players
- Safran
- Honeywell International
- RTX
- General Electric
- Parker Hannifin Corporation
- Bae Systems
- Bombardier
- Embraer
- Liebherr
- Ametek
- Nabtesco
- Moog
- Astronics Corporation
- Rolls-Royce
- Eaton
Other Players
- PBS Aerospace
- Avionic Instruments
- Eaglepicher Technologies
- Pioneer Magnetics
- Wright Electric
- Magnix
- Radiant Power Corporation
- Ampaire
- Woodward
For more information about this report visit https://www.researchandmarkets.com/r/dd2a6j
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