What are the Growth Drivers of More Electric Aircraft Market? Boeing, Airbus, Honeywell International, United Technologies, Safran, Zodiac aerospace, Bombardier, and Raytheon
North America will account for the significant revenue share in more electric aircrafts owing to increasing defense and military investment by the regional governments. Furthermore, the continuous development of aircrafts and modification for the air pressurization & conditioning, thermal management systems such as power and thermal management systems (PTMS).
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Rising importance of higher weight to fuel ratio in aircraft along with development of advanced flight control systems will support the more electric aircraft market growth. The usage of electric system in flight control operation such as braking, enhances the braking safety, comfort, and efficiency. Additionally, electric systems minimize overall ownership costs owing to replacement of hydraulic lines and pistons with electromechanical actuators.
Innovations in area of the power electronic equipment such as high temperature electronics along with stringent on-board electrical hardware safety regulations proliferate more electric aircraft market growth. For instance, American Society For Testing Materials (ASTM) international committee regulates the design, alteration and certification for airplane electrical systems. These regulatory reforms mandates manufacturers to strengthen manufacturing or production processes.
Additionally, companies are investing in R&D to enhance the heat dissipation of the electrical systems with developing heat sinks and using special resins over a large surface area.
Increasing air transportation service along with benefits offered by more electric aircrafts including less noise, enhancing operating efficiency, reliability, are resulting in increasing market share over the forecast time period. According to the International Air Transport Association (IATA), in October 2018, the passenger air transport will account for 8.2 billion by the year 2037. In addition, the replacement of conventional aircraft components including hydraulic, pneumatic, and mechanical with electrical systems results in less maintenance cost, thereby driving the industry growth.
Industry players are forming partnerships with aircraft service provider and suppliers to provide advanced technologically products that results in safe and environmentally friendly services to passengers. For instance, in October 2017, Safran and Thales group have signed a Memorandum of Understanding for the integration of the power supply unit. This technology enabled airlines to significantly reduce fuel consumption owing to installation of electrical motors in the wheels of main landing gear and enhances the more electric aircraft market revenue share.
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Fixed wing more electric aircraft segment accounted for a substantial growth over the forecast timeframe. This can be attributed to increasing aircraft deliveries across the globe. The adoption of several electrical components such as Electrical Thrust Reverser Actuation System (ETRAS) enhances the fuel efficiency of aircrafts. The system optimizes overall energy consumption and minimizes the loses. Incorporation of these systems reduces fuel consumption and thereby offer cost effective operation.
Prominent players in the more electric aircraft market includes Boeing, Airbus, Honeywell International, United Technologies, Safran, Zodiac aerospace, Bombardier, and Raytheon. The industry participants are engaged in strategic mergers and acquisition to enhance their portfolio and market share. For instance, in November 2018, United Technologies completed acquisition of Rockwell Collins. This strategy enable company to enhance their product portfolio for digital product offerings such as flight controls and avionics.
The power electronics segment will account for a considerable growth owing to increase in the sales of military aircrafts. The various benefits offered by such systems includes easier maintenance, light weight, more controllability and easier fault detection and diagnosis, thus increasing product penetration. These systems further enhance the generator and actuator operation and enable energy regeneration that increase the more electric aircraft market demand.
Power generation will register significant growth in more electric aircraft market owing to incorporation of secondary electric power systems in aircrafts. The secondary power system in conventional aircrafts are utilizing hydraulic and mechanical power that consumes around 5% of the fuel burnt during flight. The usage of new power generation units reduces the operational cost and thereby increases product penetration.
Table of content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. More Electric Aircraft Industry Insights
Chapter 4. More Electric Aircraft Market, By Platform
Chapter 5. More Electric Aircraft Market, By System
Chapter 6. More Electric Aircraft Market, By Application
Chapter 7. More Electric Aircraft Market, By Region
Chapter 8. Company Profiles
Global More Electric Aircraft Market Insights, Forecast to 2025
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.
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