The more electric aircraft market size will witness a notable gain on the back of expanding applications of the electrical system in control surface operations and braking. With a surge in the adoption of flyby wire systems, end-users are poised to seek the aircraft. Industry players will continue to invest in electric components to reduce noise pollution and emissions. Fortune Business Insights™ has delved into these inputs in an upcoming research report, titled, “More Electric Aircraft Market, 2023-2030.”
The More Electric Aircraft (MEA) industry is a rapidly growing sector in aviation that aims to increase the use of electrical power in various aircraft systems, reducing reliance on traditional hydraulic and pneumatic systems. The main objective of this initiative is to increase fuel efficiency, reduce emissions, and improve aircraft performance. Here is some more information about the More Electric Aircraft industry
The MEA industry is witnessing significant technological advancements, with the development of advanced power electronics, high-voltage power distribution systems, and new-generation batteries. Furthermore, the increasing adoption of lightweight and high-performance materials, such as composites, is also contributing to the growth of this industry.
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Fixed-wing Aircraft to Gain Impetus with Investments in Auxiliary Power Supply Systems
In terms of type, the market is segmented into rotary wing, fixed wing, and hybrid. On the basis of platform, the industry is segregated into military and civil. With respect to system, the market is classified into air pressurization and conditioning system, flight control and mission management system, power generation and management system, aircraft configuration and management system and others. From the regional perspective, the market includes Europe, North America, Asia Pacific and the Rest of the World.
The fixed-wing segment will account for a considerable share of the global market on account of investments in auxiliary power supply systems.
Drivers and Restraints-
Bullish Demand for Civil More Electric Aircraft to Usher in Innovations
Stakeholders project more electric aircraft market share to gain traction from the expanding footfall of the civil aircraft. The growth is primarily attributed to the rising footprint of the commercial sector for carrying cargo loads and passengers. Industry participants are likely to bank on the increased use of the advanced electrical system in civil aircraft. Aircraft manufacturers are likely to explore opportunities from the developments in electric and electronic aircraft technologies. Some of the technological advancements in fault-tolerant architecture and flight control systems will muster up the confidence of leading component manufacturers. However, increased cost of components and devices, along with rigorous government regulations, could dent the growth prospect.
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Major Players Emphasize North America Market to Expand Footprint
Stakeholders envisage the U.S. and Canada as favorable investment hubs, largely due to the presence of leading companies. Furthermore, bullish investments in modern aircraft for commercial and military applications have fostered regional growth. Moreover, investments in research and development activities to minimize carbon footprint will encourage component manufacturers to expand their footfall.
Asia Pacific more electric aircraft market growth will be noticeable during the assessment period, partly due to the expansion of the commercial aviation sector. A surge in air passenger traffic across India and China will add fillip to the regional growth. Besides, the construction of new airports and investments in the modernization of airports will augur well for the industry outlook.
Stakeholders Prioritize Securing Contracts to Tap into Markets
Leading companies are likely to invest in technological advancements, product rollouts and R&D activities to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
- March 2023: Honeywell announced it won a USD 476 million Indefinite-Delivery, Indefinite-Quantity (IDIQ) contract for US Army’s Chinook CH-47F fleet.
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Some of the Leading Companies Profiled in the Market:
- BAE Systems PLC (U.K.)
- Airbus (Netherlands)
- Raytheon Technologies Corporation (U.S.)
- AMETEK, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Elbit Systems Ltd. (Israel)
- Safran Sa (France)
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