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Emerging Sub-Segments Transforming the More Electric Aircraft Market Landscape
More Electric Aircraft Market
Anticipated Valuation and Growth Trajectory of the More Electric Aircraft Market
The more electric aircraft market is projected to experience significant expansion, reaching a valuation of $6.54 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 12.2% during the forecast period. Several factors contribute to this rise, including increased investments in hybrid-electric and fully electric propulsion systems and a rising demand for lightweight, high-efficiency electrical components designed for next-generation aircraft. Additionally, the growth of unmanned aerial vehicles and urban air mobility platforms necessitates advanced electric architectures, while progress in high-density energy storage solutions broadens the adoption of electric systems. Regulatory pressures aimed at sustainable aviation also play a critical role in driving the embrace of more electric aircraft designs. Key market trends include the growing uptake of electric vertical takeoff and landing (eVTOL) aircraft and electric regional planes, wider integration of hybrid-electric propulsion, advancements in energy storage and power conversion technologies, development of sophisticated power distribution and generation systems, and a strong focus on eco-friendly, low-emission aircraft.
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Leading Corporations Driving Innovation in the More Electric Aircraft Sphere
Several prominent companies are at the forefront of this market's development. Industry leaders include 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, and AeroTEC.
In a notable recent development, BAE Systems plc, a UK-based aerospace and defense technology firm, acquired Ball Aerospace & Technologies Corp. in February 2024 for an undisclosed sum. This acquisition strengthens BAE Systems' technological capabilities in space, intelligence, and mission systems, while expanding its footprint in the US defense and civilian space markets. Ball Aerospace is recognized for its expertise in spacecraft, mission payloads, and optical and antenna systems tailored for defense, intelligence, and civil space applications.
Emerging Innovations and Technologies Shaping the More Electric Aircraft Market
Market leaders are focusing on cutting-edge innovations such as high-performance silicon carbide inverters, which are critical power electronics that help convert and control electrical energy efficiently. These inverters enable more electric aircraft to operate with reduced weight, enhanced reliability, and improved energy efficiency.
For example, in April 2024, ZeroAvia, a US aerospace company, introduced a new lineup of electric and hydrogen aviation components aligned with its manufacturing strategy. This move aims to leverage the multi-billion-dollar market for hydrogen-electric powertrains. ZeroAvia is advancing certification for its ZA600 engine designed for aircraft seating up to 20 passengers and is simultaneously developing the ZA2000 engine for aircraft with up to 90 seats. The company has identified market opportunities in sectors including advanced electric motors, high-performance silicon carbide inverters, customizable low-temperature and high-temperature proton exchange membrane (LT-PEM and HT-PEM) fuel cells, and specialized aviation fuel cell compressors. These innovations aim to meet strict aerospace standards, boost performance, and lower aviation's environmental footprint.
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Segment Analysis of the More Electric Aircraft Market
This market is segmented into various categories for a detailed understanding:
1) By Type: Fixed Wing, Rotary Wing, and Hybrid Wing aircraft.
2) By Aircraft System: Propulsion System and Airframe System.
3) By Application: Power Generation, Power Distribution, Power Conversion, and Energy Storage.
4) By End User: Civil and Military sectors.
Further breakdowns include:
- Fixed Wing: Electric Conventional Aircraft, eVTOL (Electric Vertical Takeoff and Landing), and Electric Regional Aircraft.
- Rotary Wing: Electric Helicopters and Electric Multicopters.
- Hybrid Wing: Hybrid Electric Conventional Aircraft and Hybrid Electric VTOL.
This segmentation provides a comprehensive view of the diverse technologies and market opportunities within the evolving more electric aircraft landscape.
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