More Electric Aircraft Market - By Aircraft Type (Fixed Wing, Rotary Wing), By System (Power Electronics, Thermal Management System, Safety Systems & Advanced Material, Energy Storage Devices), By Application & Forecast, 2022 - 2032

More Electric Aircraft Market Size

More Electric Aircraft Market size was valued at over USD 4.2 billion in 2022 and is anticipated to grow at a CAGR of over 13.1% between 2023 & 2032.

The rising focus on aircraft electrification is a significant factor driving the more electric aircraft industry growth. Airlines and manufacturers are increasingly investing in electrification technologies to reduce carbon emissions & enhance sustainability. Electrification allows for the replacement of heavy, fuel-dependent systems with lighter, more energy-efficient electric components. As the aviation sector increasingly prioritizes sustainability, the adoption of more electric aircraft powered by advanced electrical systems becomes pivotal in achieving these goals, driving market growth & innovation.

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More Electric Aircraft (MEA) refers to an aircraft that relies extensively on electrical systems for various onboard functions traditionally powered by hydraulic or pneumatic systems. These aircraft use advanced electrical components & technologies for tasks such as flight control, landing gear operation, environmental control, and more. The shift to electric systems aims to improve aircraft efficiency, reduce maintenance costs, and enhance environmental sustainability by minimizing the reliance on fossil fuels & optimizing power management.
 

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While electric propulsion is environmental-friendly and cost-effective, these aircraft often lack the range required for long-haul flights. This limitation restricts these aircraft to shorter routes and regional operations, limiting their market potential. Overcoming this range limitation through advancements in battery technology and infrastructure development is essential for the MEA market to expand its market share and competitiveness in the aviation industry.

COVID-19 Impact

The COVID-19 pandemic had significant impacts on the more electric aircraft market. It caused a severe downturn in the aviation industry, leading to decreased passenger demand and financial crises for airlines. These challenges resulted in airlines deferring or canceling MEA orders to conserve capital. Additionally, supply chain disruptions disrupted the production of critical MEA components, causing delays in manufacturing and delivery. Travel restrictions and lockdowns also hindered testing & certification processes for MEA technologies. The economic strain on airlines further limited their ability to invest in innovative MEA solutions, slowing down market growth and adoption during the pandemic.

More Electric Aircraft Market Trends

Advancements in electrical systems and components are improving aircraft efficiency & reliability, driving the adoption of more electric aircraft. These aircraft are more fuel-efficient than traditional aircraft, which can lead to significant cost savings for operators. They rely on electric systems over traditional hydraulic & pneumatic ones and offer increased fuel efficiency and reduced carbon footprints. Airlines and manufacturers are increasingly investing in research & development to address technological challenges. Additionally, there is a rising interest in hybrid-electric & all-electric propulsion systems that reduce the environmental impact. However, regulatory & certification hurdles remain significant challenges influencing market growth and development.

More Electric Aircraft Market Analysis

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Based on system, the more electric aircraft market is segmented into power electronics, thermal management system, safety systems & advanced material, and energy storage devices. The power electronics segment held the largest market share of 40% in 2022. Power electronics play a pivotal role in enabling the transition to electric & hybrid-electric propulsion systems. These systems are becoming more efficient and reliable, making them better suited for use in MEA. New semiconductor technologies are enabling the development of power electronics systems that are smaller, lighter, and more efficient than previous generations. There is a growing emphasis on reducing fuel consumption & emissions, improving energy efficiency, and ensuring the reliability of critical aircraft functions. As the MEA market develops, power electronics technology continues to evolve, driving innovation & growth in the sector.

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Based on application, the more electric aircraft market is segmented into power distribution, passenger comfort, air pressurization & conditioning, and flight control & operations. The passenger comfort segment will experience a CAGR of over 10% till 2032. Passenger comfort is a key growth driver as it directly influences customer satisfaction and airline competitiveness. MEAs offer quieter and smoother rides due to their electric systems, reducing noise & vibrations. Moreover, the advanced environmental control systems in MEAs can maintain a more comfortable cabin temperature & air quality. These aircraft allow for improved cabin amenities, lighting, and entertainment options, making air travel more pleasant.

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North America held a more electric aircraft market share of over 30% in 2022 owing to a strong aerospace industry with several leading aircraft manufacturers & suppliers. This gives MEAs a strong foothold in the region. North America is a major hub for air travel with a high demand for both domestic & international flights. The U.S. government supports MEA development through research grants and initiatives, fostering innovation. For example, in 2022 the U.S. Air Force is funding the development of an electric fighter jet. Similarly, the U.S. Department of Energy awarded USD 253 million to support the development of more electric aircraft technologies.

More Electric Aircraft Market Share

Major players operating in the more electric aircraft market are;

• Airbus S.A.S
•  Astronics Corporation
•  Augusta Westland
•  BAE Systems Plc
•  Boeing Company
•  Bombardier
•  General Electric
•  Honeywell International Inc.
•  Liebherr-Elektronik GmbH,
• Lockheed Martin Corporation
•  Raytheon Technologies Corporation
•  Rolls-Royce Holdings plc,
• Safran S.A
• Thales Group
•  United technologies Corporation

These players heavily invest in research to introduce innovative services & products and garner maximum revenue in the market.

More Electric Aircraft Industry News

• In September 2023, Safran and Cuberg partnered to develop battery systems for advanced electric aviation. Future generations of aircraft will benefit from a high-performance propulsive energy storage system developed by Safran Electrical & Power and Cuberg using their complementary technologies and skills. This collaboration will help both companies provide certifiable integrated battery systems to aviation customers around the world.

The more electric aircraft market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million and Units) from 2018 to 2032, for the following segments

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By Aircraft Type

• Fixed Wing
• Rotary Wing

By System

• Power Electronics
• Thermal Management System
• Safety Systems & Advanced Material
• Energy Storage Devices

By Application

• Power Distribution
• Passenger Comfort
• Air Pressurization & Conditioning
• Flight Control & Operations

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA