More Electric Aircraft Market worth $3.3 billion by 2025 - Exclusive Report by MarketsandMarkets™
Dec 02, 2020, 06:30 ET
CHICAGO, Dec. 2, 2020 /PRNewswire/ -- According to the new market research report "More Electric Aircraft Market by End User (Civil, Military), Aircraft System, Component, Application (Power Generation, Power Distribution, Power Conversion, Energy Storage), Aircraft Type (Fixed Wing, Rotary Wing), Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is estimated to be USD 1.5 billion in 2020 and is projected to reach USD 3.3 billion by 2025, at a CAGR of 17.4% 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.
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The COVID-19 pandemic has impacted the more electric aircraft market significantly. Due to the closure of borders and air travel restrictions globally, many companies in the more electric aircraft market were compelled to halt manufacturing. This break in business operations is directly influencing the revenue of the more electric aircraft market. Even though some industries continued operations, delays in raw material supplies and the limited supply of produced goods capped production and reduced capacity utilization rates.
Based on aircraft system, propulsion segment projected to lead more electric aircraft market during the forecast period
Based on aircraft system, the more electric aircraft market is segmented into propulsion system and airframe system. Electrification of various propulsion and airframe systems enables aircraft to reduce carbon emissions and the overall operational cost. The rising focus of major OEMs such as Airbus on the development of electric propulsion systems is expected to drive the propulsion system segment during the forecast period.
Based on application, power distribution segment projected to lead more electric aircraft market during the forecast period
Based on application, the more electric aircraft is segmented into power generation, power distribution, power conversion, and energy storage. The power distribution system is highly flexible, fault-tolerant, and is controlled by a redundant microprocessor system. In this system, electrical power is supplied to the primary power distribution system, wherein the contactor control unit (CCU) and high-power contactor are located across generators, auxiliary power units (APU), batteries, and ground sources.
Based on end user, the civil segment accounts for the largest market size during the forecast period.
Based on end user, the more electric aircraft market is segmented into civil and military. The civil segment is estimated to account for a larger share in 2020 as compared to the military segment. Carbon and nitrogen oxide emissions, high fuel consumption, and high maintenance costs are some of the challenges in the civil segment.
Browse in-depth TOC on "More Electric Aircraft Market"
311 – Tables
63 – Figures
270 – Pages
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"Middle East and Africa are expected to be the fastest-growing region for more electric aircraft market during the forecast period"
Middle East & Africa are among the fastest-growing regions for more electric aircraft market. An increase in the delivery of fuel-efficient aircraft is expected to propel the demand for more electric aircraft in the region. Israel, Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa have been considered under this region for market analysis. According to Boeing, the Middle East region is expected to require 3,310 new aircraft worth USD 770 million over the next 20 years, which will impact the growth of more electric aircraft market. Additional factors expected to drive the growth of the market include border disputes and rising threats from terror outfits, which have forced Middle Eastern countries to increase their defense spending, thereby increasing the procurement of military unmanned aerial vehicles and aircraft. These factors have led to an increase in demand for more electric aircraft in the aviation industry.
Some of the players operating in the market include AMETEK (US), Safran (France), Astronics Corporation (US), Amphenol Corporation (US), Honeywell International, Inc. (US), Meggitt (UK), and Thales Group (France). These companies have well-equipped strong distribution networks across the North American, European, Asia Pacific, the Middle East & African and Latin American regions.
Aircraft Electrification Market by Technology (More Electric, Hybrid Electric, Fully Electric), Application, System, Component (Batteries, Fuel Cells, Actuators, Generators, Power Electronics, Distribution Devices), Platform, Region - Global Forecast to 2030
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