More Electric Aircraft Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

More electric aircraft (MEA) is a concept that involves using electric power (as opposed to pneumatic and hydraulic sources of power) for all non-propulsive systems in an aircraft. Electric power helps reduce an aircraft's overall weight, fuel consumption, and greenhouse emissions. Electrical systems also help cut down aircraft assembly and maintenance costs and facilitate faster manufacturing. The more electric aircraft market is projected to grow from USD 4.1 Billion in 2022 and reach USD 7.3 Billion by 2027, at a CAGR of 12.6% during the forecast period. There has been a rapid rise in research activities for developing commercially viable, more electric aircraft. The main driver for these research activities and the introduction of technologically advanced aircraft (more electric aircraft, hybrid electric aircraft, and fully electric aircraft) is the advantages of aircraft electrification, such as reduced aircraft weight, fuel consumption, and carbon emission.

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Based on application, the more electric aircraft are segmented into power generation, power distribution, power conversion, and energy storage. The growth of the more electric aircraft market globally can be attributed to the increased focus on reducing operational costs, emissions, and aircraft noise. Leading companies such as Safran (France), Honeywell International, Inc. (US), Thales Group (France), Raytheon Technologies Corporation (US), and GE Aviation (US) are the major companies providing more electric aircraft systems across the globe. The power conversion segment is projected to grow at the highest CAGR during the forecast period. The growth of the power conversion segment can be attributed to the demand for efficient and cost-effective aircraft electrical systems.

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 2021 as compared to the military segment. Carbon and nitrogen oxide emissions, high fuel consumption, and high maintenance costs are some challenges in the civil aviation industry.

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The regions considered for the more electric aircraft market are North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Europe is estimated to account for the largest share of the market in 2021 and is projected to grow at the highest CAGR during the forecast period. Advancements in high-density battery solutions and the need for optimized aircraft performance drive the more electric aircraft market. The rise in the use of fuel cells, the development of advanced power electronics components, and the emergence of alternative power sources for electric power generation are anticipated to open several growth opportunities for more electric aircraft systems integrators and component manufacturers during the forecast period.

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This release was published on openPR.