Press release
More Electric Aircraft Market Key Trends, Insights, Analysis 2024-2033: A Comprehensive Report
More Electric Aircraft Market
The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, investment in electric propulsion research, global efforts to combat climate change, government incentives for electrification. Major trends in the forecast period include integrated modular avionics (ima), electrified flight control systems, increased use of electric brakes, innovations in power generation, integration of distributed electric propulsion, collaborations for research and development.
Market Overview -
A more electric aircraft is an aircraft that employs a greater proportion of electrical secondary power than a legacy or traditional aircraft. Electric motors generate electricity more efficiently than combustion of fossil fuels in an aviation engine.
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Rising Air Passenger Traffic Propelling More Electric Aircraft Market Growth
The increase air passenger traffic is expected to propel the growth of the more electric aircraft market going forward. Air passenger traffic refers to the number of passengers in an aircraft. More electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Therefore, the rise in air passenger traffic is driving the growth of the more electric aircraft market.
Competitive Landscape -
Major companies operating in the more electric aircraft market report are AMETEK Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran Group, Thales Group, Boeing, Airbus S.A.S, Lockheed Martin, Parker-Hannifin Corp., Eaton, Ampaire, Bye Aerospace, Dixion Motors Inc., Dufour Aerospace, Electric Aircraft Corporation, Embraer SA, Eviation Alice, Faradair, Joby Aviation, Longanair Ltd., Magnix, Pipistrel USA, Siemens, Wright Electric, Zunum Aero, AeroTEC
Innovation In More Electric Aircraft
Innovations in electric aircraft are a key trend gaining popularity in the more electric aircraft market. Major market players are concentrating their efforts on creating innovative technologies, such as the Spirit of Innovation Plane for more electric aircraft. For instance, in November 2021, Rolls-Royce, a UK-based company manufacturer of aircraft engines, marine propulsion systems, and power-generation systems launched its all-electric 'Spirit of Innovation' aircraft, the world's fastest all-electric aircraft, having established two new, independently verified world records. The aircraft broke the previous record by 213.04 km/h, reaching a high speed of 555.9 km/h (345.4 mph) over three kilometres (132 mph). In additional tests at the Boscombe Down experimental aircraft testing facility operated by the UK Ministry of Defence, the aircraft surpassed the previous record by 292.8 km/h (182 mph) and reached 532.1 km/h (330 mph) over 15 kilometers.
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Key Segments -
The more electric aircraft market covered in this report is segmented -
1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Aircraft System: Propulsion System, Airframe System
3) By Application: Power Generation, Power Distribution, Power Conversion, Energy Storage
4) By End User: Civil, Military
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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