The More Electric Aircraft Market Size was valued at USD 2.76 billion in 2022 and is expected to reach USD 10.26 billion by 2030 with a growing CAGR of 17.8% over the forecast period 2023-2030.
Aircraft are used in the transportation of merchandise and travelers overall relying upon the necessity of different ventures like the travel industry, coordinated factors, and protection businesses. The airplane structure a colossal piece of the speculation of an association, attributable to gigantic upkeep costs and working expenses separated from the monstrous obtainment costs related with an airplane. Airplane likewise transmit commotion and air toxins like Carbon dioxide CO2, nitrogen oxides, sulfur oxides, and unburnt hydrocarbons, which unfavorably affect the climate. The flying organizations are embracing halfway or generally speaking jolt of airplane capacities to beat the natural difficulties presented by regular stream fuel-based airplane and to consent to the limitations and guidelines forced by the flight controllers internationally. More electric airplane innovation includes the continuous substitution of water driven and pneumatic power with electric power and helps in the decrease of airplane mass, fuel utilization, ozone harming substance discharges, collecting expenses, and upkeep costs.
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During the forecast period, the rise in innovations and development of new aircraft technologies is expected to fuel the expansion of the global more electric aircraft market. The electric aircraft industry is growing as aircraft OEMs see the design's potential benefits, such as increased eco-friendliness, lower support costs, and enhanced dependability through the use of modern power electronics and less water-driven pneumatic parts in engine installation. In the coming years, more electric aircraft with short ranges are likely to become practicable for local transportation. More electric aircraft may see military demand in the coming years, owing to the concealment capabilities provided by the quiet activities of these aircraft. The same holds true for military UAVs, which are being obtained for ISR activities.
MARKET DYNAMICS
KEY DRIVERS
Reduction in Aircraft Noise and Emissions.
RESTRAINTS
long clearance period
Heavy Investments
OPPORTUNITIES
Enhancement & developing power electronic component
Complex embedded digital systems
CHALLENGES
Thermal Control in Electrical Systems
Generate large amount of heat
IMPACT OF COVID-19
The Coronavirus pandemic has influenced the electric airplane market essentially. Because of the conclusion of lines and air travel limitations around the world, many organizations in the more electric airplane market were constrained to stop producing. This break in business tasks is straightforwardly affecting the income of the more electric airplane market. Despite the fact that a few ventures proceeded with tasks, postpones in natural substance supplies and the restricted stockpile of delivered merchandise covered creation and diminished limit usage rates.
The momentary viewpoint of the aeronautics business will eventually rely on how rapidly legislatures contain the flare-up and how fruitful their endeavors are. Postpones in airplane conveyances and undoing of existing requests have fundamentally affected airplane producers universally. Transitory ends underway exercises debilitated request because of promptly accessible stock, prompting a lopsidedness in the store network. On a more extensive scale, the delayed lockdown has likewise overwhelmed the tasks of different players. Airplane and motor makers probably won't work at the greatest limit present the lockdown due on new friendly removing standards, prompting more slow development of creation and, thusly, less interest for more electric airplane
Non-electric power sources such as pneumatic, mechanical, and hydraulic power are used in conventional aircraft for warming leading-edge wings, elevators for ice protection, compressor spinning for cabin environmental control, and fuel pumping into the engine combustion chamber, as well as hydraulic pump drive for primary flight control actuation. These applications use standard jet fuel, reducing the aircraft's fuel efficiency even further. Electric power sources are increasingly being used by aircraft customers as secondary power systems to power these aircraft components and boost the aircraft's fuel efficiency.
The global increase in air and noise pollution has prompted regulatory agencies and manufacturers all over the world to adopt environmentally friendly policies and technologies. The rise in demand for sustainable technologies, such as more electric aircraft technology for pollution reduction, can be ascribed to global government initiatives.
The global increase in air and noise pollution has prompted regulatory agencies and manufacturers all over the world to adopt environmentally friendly policies and technologies. The rise in demand for sustainable technologies, such as more electric aircraft technology for pollution reduction, can be ascribed to global government initiatives.
The more electric aircraft market is divided into civil and military segments based on end user. The civil segment is expected to account for a greater share in 2022 than the military section. Some of the issues in the civil aviation market are carbon and nitrogen oxide emissions, excessive fuel consumption, and high maintenance expenses.
The more electric aircraft market is divided into two parts- propulsion system and airframe system. The electrification of various propulsion and airframe systems allows aircraft to cut carbon emissions as well as overall operating costs. During the projection period, the propulsion system segment is likely to be driven by the increasing attention of key OEMs such as Airbus on the development of electric propulsion systems.
The more electric aircraft market is further subdivided into fixed-wing and rotary-wing aircraft. The development of more dependable and efficient auxiliary power supply systems to drive fixed-wing aircraft needs. Recent technological improvements in the realm of power electronics and flight control system operations for rotary-wing aircraft, on the other hand, are expected to fuel the segment's expansion.
By Aircraft Type
Fixed Wing
Rotary Wing
By Application
Power Generation
Power Distribution
Power Conversion
Energy Storage
By End User
Civil
Military
By Aircraft System
Airframe System
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REGIONAL ANALYSIS
The market for more electric Aeroplan’s has been researched in North America, Europe, Asia Pacific, the Middle East and Africa, and Africa. Europe is expected to have the greatest share of the global market. The market in Europe is expanding at a rapid pace, mostly due to increased air passenger travel. The Asia Pacific market is expected to rising fastest due to significant investments in airport modernization and the construction of new regional airports.
REGIONAL COVEREGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major Players are GE Aviation, Honeywell International Inc, Thales Group, AMETEK Inc, BAE Systems plc, Bombardier Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, Elbit system Ltd, and Other players
GE Aviation-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 2.76 Billion |
| Market Size by 2030 | US$ 10.26 Billion |
| CAGR | CAGR of 17.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Aircraft Type (Fixed Wing, Rotary Wing) • By Application (Power Generation, Power Distribution, Power Conversion, Energy Storage) • By End User (Civil, Military) • By Aircraft System (Propulsion System and Airframe System) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | GE Aviation, Honeywell International Inc, Thales Group, AMETEK Inc, BAE Systems plc, Bombardier Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, Elbit system Ltd, and Other players. |
| DRIVERS | • Reduction in Aircraft Noise and Emissions. |
| RESTRAINTS | • long clearance period • Heavy Investments |
The market size of the More Electric Aircraft Market is expected to reach USD 10.26 billion by 2030.
More Electric Aircraft Market is segmented into 4 categories: By Aircraft Type, By Aircraft System, By End-user, and By Application.
GE Aviation, Honeywell International Inc, Thales Group, AMETEK Inc, BAE Systems plc, Bombardier Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, and Elbit system Ltd are leading players in the More Electric Aircraft Market.
The growth rate of the More Electric Aircraft Market is 17.8% during the forecast period.
Europe region dominated the More Electric Aircraft Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. More Electric Aircraft Market Segmentation, By Aircraft Type
8.1 Fixed Wing
8.2 Rotary Wing
9. More Electric Aircraft Market Segmentation, By Application
9.1 Power Generation
9.2 Power Distribution
9.3 Power Conversion
9.4 Energy Storage
10. More Electric Aircraft Market Segmentation, By End User
10.1 Civil
10.2 Military
11. More Electric Aircraft Market Segmentation, By Aircraft System
11.1 Propulsion System
11.2 Airframe System
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Elbit Systems Ltd.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 GE Aviation
13.3 Honeywell International Inc.
13.4 Thales Group
13.5 AMETEK, Inc.
13.6 BAE Systems plc
13.7 Bombardier Inc.
13.8 Raytheon Technologies Corporation
13.9 Rolls-Royce Holdings plc
13.10 Safran
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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