More Electric Aircraft Market to Generate $4.61 Billion by 2027, States the Report by Allied Market Research

A lead analyst at AMR highlighted the market across the European region is expected to dominate in terms of revenues throughout the forecast period.

Allied Market Research published a research report on the more electric aircraft market. The findings of the report state that the global market for more electric aircraft systems generated $1.80 billion in 2019, and is expected to reach $4.61 billion by 2027, manifesting a CAGR of 15.5% from 2021 to 2027. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenarios for market players, new entrants, investors, and shareholders.

“By aircraft system, the propulsion system segment dominated the global more electric aircraft market in 2019, in terms of revenue, and airframe systems is expected to lead the market throughout the forecast period. By application, the power distribution segment is anticipated to show lucrative growth during the forecast period. By aircraft type, the fixed-wing segment dominated the more electric aircraft market in 2019, in terms of revenue. By end-user, the civil segment dominated the more electric aircraft market in 2019, in terms of revenue. At present, Europe is the highest revenue contributor, followed by North America.” Said Mayank Halmare, the Lead Analyst, Aerospace and Defense at Allied Market Research.

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The report provides detailed information based on the key determinants of the market to help market players in devising growth strategies and capitalizing on opportunities. An increase in demand for high-performance fuel-efficient and less polluting aircraft and demand for aircraft with low operational and maintenance costs fuel the growth of the global more electric aircraft market. On the other hand, high capital requirements and reliability of aircraft electrical systems restrain the market growth. Moreover, advancements in battery solutions and electronic components and the development of alternative power sources present an array of opportunities in the coming years.

The report provides a detailed scenario of the impact of the Covid-19 pandemic on the more electric aircraft system market globally. The lockdown imposed by the governments, globally, led to suspend manufacturing facilities and disrupt the supply chain, thereby creating a shortage of raw materials. Furthermore, the air traffic decreased due to a ban on international travel and import and export activities. This in turn minimized the demand for more electric aircraft. Also, there were delays in new initiatives with concern to the development of innovative more electric aircraft solutions.

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The report offers detailed segmentation of the global more electric aircraft system market on the basis of the aircraft system, application, aircraft type, end-user, and region. These insights are helpful for the new entrants as well as current market players to capitalize on the fastest growing and highest revenue-generating segment to accomplish growth in the coming years.

Based on aircraft systems, the propulsion systems segment dominated with the highest market share in 2019, accounting for nearly three-fifths of the global more electric aircraft market, and is expected to maintain its leadership status throughout the forecast period. On the other hand, the airframe systems segment is anticipated to manifest the fastest CAGR of 16.8% from 2020 to 2027.

Based on application, the power distribution segment contributed to the highest share in 2019, holding nearly half of the global more electric aircraft market, and is expected to lead the trail during the forecast period. Furthermore, this segment is anticipated to exhibit the highest CAGR of 16.3% from 2020 to 2027.

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Based on region, the market is studied across regions including Asia-Pacific, North America, Europe, and LAMEA. The market across Europe dominated in 2019 with the highest market share in 2019 accounting for more than two-fifths of the total revenue share. However, the region across Asia-Pacific is expected to exhibit the highest CAGR of17.2% throughout the forecast period.

Leading market players of the global more electric aircraft system market analyzed in the report include AMETEK, Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, and Thales Group.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.