More Electric Aircraft Industry Growth Outlook: 12.7% CAGR and $5.89 Billion by 2029

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What Is the Long-Term Growth Forecast for the More Electric Aircraft Market Size 2025?
The market size of more electric aircraft has seen substantial growth in the past few years. The market which stood at $3.21 billion in 2024, is expected to reach $3.65 billion in 2025, with a compound annual growth rate (CAGR) of 13.6%. This notable increase during the historic phase can be attributed to factors such as demand for fuel efficiency, environmental regulations, advancements in power electronics, reduction of maintenance cost, improved aircraft performance, and heightened reliability and redundancy.

What CAGR is Forecasted for the More Electric Aircraft Market Through 2029?
The market for more electric aircraft is projected to undergo swift expansion in the forthcoming years, with an anticipated growth to $5.89 billion by 2029. This growth reflects a compound annual growth rate (CAGR) of 12.7%. Factors propelling this growth include the increasing adoption of distributed electric propulsion, innovation in energy storage systems, the integration of sustainable aviation fuels, investments targeted at electric propulsion research, international efforts to fight climate change, and government incentives pushing towards electrification. A forecast of key trends within this period includes the implementation of integrated modular avionics (IMA), the utilization of electrified flight control systems, escalated usage of electric brakes, technological advancements in power generation, coupled with an increased focus on distributed electric propulsion and partnerships fostering research and development.

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What Are the Critical Factors Driving More Electric Aircraft Market Development?
The growth of the more electric aircraft market is anticipated to be driven by the surge in air passenger traffic. Air passenger traffic signifies the volume of passengers onboard an aircraft. More electric aircraft, with advanced features like computer-controlled, electrically driven propellers, are utilized for transporting commercial and business passengers. As per the International Air Transport Association (IATA), a trade association for the world's airlines based in Canada, it is projected that the total number of air travelers will hit 4.0 billion by 2024, surpassing the numbers before the COVID-19 pandemic by 103%. Consequently, the escalating air passenger traffic is fueling the expansion of the more electric aircraft market.

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How Does the More Electric Aircraft Market Break Down Across Major 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

Subsegments:
1) By Fixed Wing: Electric Conventional Aircraft, Electric Vertical Takeoff And Landing (eVTOL), Electric Regional Aircraft
2) By Rotary Wing: Electric Helicopters, Electric Multicopters
3) By Hybrid Wing: Hybrid Electric Conventional Aircraft, Hybrid Electric VTOL

What Are the Major Trends Transforming the More Electric Aircraft Industry?
The trend of innovating electric aircraft is increasingly becoming common in the more electric aircraft market. Dominant market actors are honing their focus on the development of groundbreaking technologies like high-performance silicon carbide inverters for this market. For example, in April 2024, ZeroAvia, an Aerospace firm from the US, introduced their electric and hydrogen aviation parts as part of their manufacturing intentions. They aim to exploit their hydrogen-electric powertrains in a market worth billions of dollars. The company is also in the stages of getting its ZA600 engine certified for aircraft with up to 20 seats and advancing the ZA2000 engine for aircraft accommodating up to 90 seats. ZeroAvia discovered potentials in areas like advanced electric motors, high-functioning silicon carbide inverters, adjustable LT-PEM fuel cells, HT-PEM fuel cell stacks, and a specialized aviation fuel cell compressor, all aimed at complying with aerospace standards, boosting performance, and minimizing aviation's environmental footprint.

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Which Players Are Driving Innovation in the More Electric Aircraft Market?
Major companies operating in the more electric aircraft market 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

Which Regions Are Driving Global More Electric Aircraft Market Expansion?
Europe was the largest region in the more electric aircraft market in 2024. The regions covered in the more electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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