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More Electric Aircraft Market Revenue Analysis By Major Players Honeywell International Inc., Safran, Bombardier, The Boeing Company, Airbus S.A.S, Raytheon Company, United technologies Corporation, Thales Group, Lockheed Martin Corporation., Augusta West

04-07-2020 01:04 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: DecResearch.com

/ PR Agency: More Electric Aircraft Market
More Electric Aircraft Market

More Electric Aircraft Market

Growing demand for lightweight, durable and fuel-efficient air carriers has advocated the importance of more electric aircraft market, along with the need for lower operating and maintenance costs. The substitution of conventional aircraft components including mechanical, hydraulic and pneumatic systems with electrical equipment offers optimized operational efficiency and invariably helps reduce carbon emissions. Increasing efforts to develop greener aircrafts will stimulate the aerospace sector to seek innovative ways for integrating additional electrical systems that enhance the airplane performance.

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Expanding tourism segment and subsequent increase in air traffic has encouraged major airplane manufacturers to not only grow their production capacity but also invest in novel technologies to boost performance. Global air passenger volume has surged across developed nations as well as emerging economies, coercing airlines to expand their fleets. In fact, in India the number of passengers opting for air transport in 2018 were about 12.5 million as against 11.5 million in the previous year. As worldwide commercial fleets witness a swift growth, more electric aircraft market will benefit from a booming customer base.

The Major Key Players in the Market are as follows:
Honeywell International Inc., Safran, Bombardier, The Boeing Company, Airbus S.A.S, Raytheon Company, United technologies Corporation, Thales Group, Lockheed Martin Corporation., Augusta Westland

Regulatory bodies including Federal Aviation Administration (FAA), International Civil Aviation Organization (ICAO), and International Air Transport Association (IATA) are providing several regulatory policies and standards aimed at minimizing carbon emissions. This has added to the urgency of aircraft makers to incorporate single electric systems into planes instead of complex and heavy mechanical systems comprised of numerous individual parts. Simpler and lighter planes will lead to better fuel efficiency and help comply with upcoming emission mandates, besides ensuring long-term sustainability of airlines. Undoubtedly, regulatory compliance will be a key factor in strengthening more electric aircraft market outlook.

Essentially, the remarkable weight reduction achieved by replacing a large number parts with smaller electrical systems has primarily reinforced more electric aircraft market. Air traffic is responsible for just around 2% of global CO2 emissions every year, but this number will only grow as the tourism sector and international trade expands. Since only modifying engine and the body of aircrafts will not be sufficient to mitigate the emission risks, electrification signifies a crucial opportunity to achieve sustainability targets.

It is believed that key technological changes taking place in large commercial aircrafts will pave the way for reliable all-electric planes, which would need to have considerably lower weights and minimum dependency on mechanical or pneumatic systems. In 2018, the U.K. government committed 255 million (US$323.5 million) towards developing greener aircraft technologies. Several airplane makers, including Airbus, would benefit from these funds and work to build hybrid-electric and electric propulsion systems, energy storages devices and other components.

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Increasing the power of electrical systems in aircrafts is the main driver boosting more electric aircraft market, indicating that tomorrow's planes will have a much lesser environmental footprint and would be simpler to maintain. The industry is poised to accrue significant revenues from manufacturers looking for advanced power generation and distributions systems as well as fuel-saving technologies for cabin pressurization and air conditioning. Reports estimate that more electric aircraft market would exceed a global valuation of over US$45 billion by 2025.

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DecResearch.com
Website: - https://www.decresearch.com/
Email: info@decresearch.com

About DecResearch.com:
DecResearch.com, powered by GMI, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed 'Table of Contents' for reports being regularly published by GMI. Via this platform, users not only get to answers to their questions about these reports, they also have an additional avenue to talk to the sales and research teams of GMI to learn more about the topics of their interest.

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