Taking Flight Towards Sustainability : Soaring More Electric Aircraft Market, Projected to Reach $4.61 Billion by 2027

Allied Market Research published a report, titled, "More Electric Aircraft Market by Aircraft System (Propulsion System and Airframe System), Application (Power Generation, Power Distribution, Power Conversion, and Energy Storage), and Aircraft Type (Fixed-wing and Rotary-wing), and End User (Civil and Military): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global more electric aircraft industry generated $1.80 billion in 2019, and is expected to reach $4.61 billion by 2027, witnessing a CAGR of 15.5% from 2020 to 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/6593

Rise in demand for high-performance fuel-efficient and less polluting aircraft and demand for aircraft with low operational and maintenance costs drive the growth of the global more electric aircraft market. However, high capital requirements and reliability of aircraft electrical systems hinder the market growth. On the other hand, advancements in battery solutions and electronic components and development of alternative power sources create new opportunities in the coming years.

Europe dominates the market in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. U.S. dominated the global more electric aircraft market share in 2019, and is expected to grow at a significant rate during the forecast period, owing to the presence of robust manufacturing and development infrastructure for more electric aircraft systems in the country. The advent of technological innovations and development of more efficient aircraft is anticipated to fuel the growth of the global more electric aircraft market during the forecast period.

For instance, in June 2019, Honeywell International Inc. launched a compact fly-by-wire system. The compact system will eliminate the need for heavy pushrods, control cables, or hydraulics in the aircraft and will enhance the stability of the aircraft. The more electric aircraft are energy-efficient substitutes to the conventional mechanical, pneumatic, and hydraulic counterparts. It merges power electronics and drives of an aircraft further reducing the engine autonomy.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 - https://www.alliedmarketresearch.com/more-electric-aircraft-market/purchase-options

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬
AMETEK, Inc.
BAE Systems PLC
Bombardier Inc.
Elbit Systems Ltd.
GE Aviation
Honeywell International Inc.
Raytheon Technologies Corporation
Rolls-Royce Holdings PLC
Safran
Thales Group

𝐓𝐡𝐞 𝐩𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on aircraft system, the propulsion systems segment contributed to the highest market share in 2019, holding nearly three-fifths of the global more electric aircraft market, and is projected to maintain its leadership status during the forecast period. This is due to increase in demand for low fuel emission aircraft. However, the airframe systems segment is projected to register the fastest CAGR of 16.8% from 2020 to 2027, owing to the trend of modification and modernization of the airframe system to enhance the performance of the aircraft.

𝐓𝐡𝐞 𝐩𝐨𝐰𝐞𝐫 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on application, the power distribution segment accounted for the highest share in 2019, contributing to nearly half of the global more electric aircraft market, and will maintain its lead position during the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 16.3% from 2020 to 2027. This is attributed to rise in the adoption of more electric aircraft technology that led to movement toward electrical components from the conventional mechanical systems to lower down heavy wiring and raise the optimization of the aircraft performance. The research also analyzes the segments including power generation, power conversion, and energy storage.

𝐄𝐮𝐫𝐨𝐩𝐞, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐢𝐧 𝐭𝐞𝐫𝐦𝐬 𝐨𝐟 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐛𝐲 𝟐𝟎𝟐𝟕

Based on region, Europe, followed by North America, held the highest share in terms of revenue in 2019, accounting for more than two-fifths of the global more electric aircraft market, and will maintain its dominance in terms of revenue by 2027. This is attributed to aligning of the workforce by many European countries to design and create more electric aircraft technologies for the European aviation industry. However, Asia-Pacific is expected to manifest the highest CAGR of 17.2% during the forecast period, owing to rapidly growing air traffic in the region.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/6593

Factors such as growing demand for high-performance fuel-efficient aircraft and increase in demand for less polluting aircraft are expected to drive the growth of the more electric aircraft market. However, the factors such as high capital requirement and reliability of aircraft electrical systems are expected to restrain the growth of the market during the forecast period. Furthermore, advancement in battery solutions and electronic components is expected to offer potential opportunities for the global more electric aircraft market size during the forecast period.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
https://www.alliedmarketresearch.com/electric-aircraft-market - Electric Aircraft Market : Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/hydrogen-aircraft-market-A08743 - Hydrogen Aircraft Market : Global Opportunity Analysis and Industry Forecast, 2030-2040
https://www.alliedmarketresearch.com/ultralight-aircraft-market - Ultralight Aircraft Market : Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/autonomous-aircraft-market-A07121 - Autonomous Aircraft Market : Global Opportunity Analysis and Industry Forecast, 2021-2031

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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