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More Electric Aircraft Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2033
More Electric Aircraft Market
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According to The Business Research Company's, The more electric aircraft market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to fuel efficiency demands, environmental regulations, advancements in power electronics, reduction in maintenance costs, enhanced aircraft performance, increased reliability and redundancy.
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.
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Market Drivers and Trends:
The increased demand for commercial aircraft is expected to propel the growth of the more electric aircraft market going forward. A commercial aircraft is an aircraft used for transporting passengers and/or cargo for payment or other consideration, including money or services rendered. More Electric Aircraft (MEA) are future-generation aircraft that can be used as commercial aircraft for carrying passenger and cargo loads. The adoption of electrical components in conjunction with various systems and sub-systems in aircraft has substantially increased the demand for More Electric Aircraft in the commercial sector. For instance, in February 2023, according to Airbus SE, a Netherlands-based aerospace corporation, there were 1,078 gross orders for commercial aircraft in 2022, up from 771 in 2021, and 820 net orders (after cancellations), up from 507 in 2021. With the consolidated order book valued at $449 billion at the end of 2022, the consolidated order intake by value increased to $90.8 billion. Therefore, the increased demand for commercial aircraft is driving the growth of the more electric aircraft market.
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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Major Key Players of the Market:
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
More Electric Aircraft Market 2024 Key Insights:
• 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%.
• Rising Air Passenger Traffic Propelling More Electric Aircraft Market Growth
• Innovation In More Electric Aircraft
• Europe was the largest region in the more electric aircraft market in 2023
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