LONDON, Nov. 30, 2016 /PRNewswire/ -- The more electric aircraft market is projected to grow from USD 7.68 billion in 2016 to USD 10.94 billion by 2021, at a CAGR of 7.33% during the forecast period.
The market is primarily driven by factors such as rise in the number of aircraft deliveries, reduction in operating and maintenance cost, and need for fuel-efficient aircraft with less carbon emission, among others. Whereas, high amount of investment and lengthy clearance process for upgradation of components act as some of the major restraints for the more electric aircraft market. The manufactured components need approval from various authorities, such the U.S.
Federal Aviation Administration (FAA) and International Civil Aviation Organization (ICAO), before they are installed on board an aircraft. It is also difficult to obtain approval for the replacement of conventional systems with electric systems in an aircraft.
"The thermal management systems segment of the market is projected to grow at the highest CAGR during the forecast period"
Based on technology, the thermal management systems segment of the more electric aircraft market is expected to grow at the highest CAGR during the forecast period. As aircraft use electrical systems to optimize performances, efficient thermal management solutions are required to prevent the systems from damage due to heating. This factor is anticipated to drive the thermal management systems segment.
"The power generation management segment is estimated to account for the largest market share during the forecast period"
Based on application, the power generation management segment is projected to account for the largest share of the more electric aircraft market during the forecast period. With the growing aircraft electrical system power levels, the diversity of the power generation types is increasing as well. This is one of the key factors propelling growth of the power generation management application segment.
"North America estimated to account for the largest share of the market, whereas Europe projected to grow at the fastest rate during the forecast period"
North America is expected to lead the more electric aircraft market during the forecast period. Countries in this region include the U.S. and Canada. The more electric aircraft market in North America is driven by the large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs), major technological upgradation of existing equipment by key players, and the presence of key market players, such as General Electric Co. (U.S.), The Boeing Company (U.S.), and United Technologies Corporation (U.S.). Whereas, the European region is projected to grow at the highest CAGR during the forecast period. Increases civil aviation spending by Russia and Germany as well as the presence of big revenue pocket component manufacturer, such as Safran SA (France) and Airbus Group (Netherlands), are expected to boost the region's more electric aircraft market.
Break-up of profile of primary participants for this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45% , Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America - 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
Key players in the more electric aircraft market include General Electric Co. (U.S.), United Technologies Corporation (U.S.), Airbus Group (Netherlands), Boeing Company (U.S.), Safran SA (France), and Honeywell International, Inc. (U.S.), among others.
The report analyzes the more electric aircraft market based on technology (power electronics, thermal management systems, safety systems & advanced materials, and energy storage devices), application (power generation management, passenger comfort, air pressurization & conditioning, configuration management, and flight control & operations), platform (fixed wing and rotary wing). It also maps these segments and subsegments across major regions, namely, North America, Europe, Asia-pacific, and the rest of the world.
Reasons to Buy the Report:
From an insight perspective, the more electric aircraft market report focuses on various levels of analysis — industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on competitive landscape, high-growth regions, and countries, and their respective regulatory policies, drivers, restraints, and opportunities.
The more electric aircraft market report provides insights on the following pointers:
- Market Penetration: Comprehensive mapping of competitive landscape and participants' behavior in the more electric aircraft market
- Market Sizing: Market size in both, financial year 2014-2015, and between 2016 and 2021
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the more electric aircraft market
- Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities prevailing in the more electric aircraft market
- Market Development: Comprehensive information about lucrative markets by analyzing markets for more electric aircraft across various regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the more electric aircraft market
- Regional Analysis: Factors influencing the market shares of North America, Europe, Asia-Pacific, and rest of the world
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players
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