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
Published Date: February - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Aerospace | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMore 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 - 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.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| More Electric Aircraft Market Size in 2022 | USD 4.2 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 13.1 % |
| 2032 Value Projection | USD 10 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 380 |
| Segments covered | Aircraft Type, System, and Application |
| Growth Drivers |
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| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
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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
Hey there! Exciting things are happening in the world of airplanes! We're getting smarter about how we power them, making them more fuel-efficient and reliable. It all boils down to using more electricity instead of old-fashioned hydraulics and pneumatics. These electric planes not only sip fuel, saving airlines a bundle of cash but also keep our air cleaner by reducing carbon emissions. No wonder airlines and airplane makers are pumping money into research to make electric planes even better. Some folks are even dreaming up hybrid or all-electric planes that would be even greener. But there are still some kinks to iron out before they become a reality. Governments need to give the green light for these newfangled ideas, which can sometimes take a while. All in all, the future of flying is looking pretty bright, thanks to these electric-powered wonders.
More Electric Aircraft Market Analysis
Learn more about the key segments shaping this market
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In the electric aircraft market, different parts are divided into categories like power electronics, ways to manage heat, safety systems, advanced materials, and devices to store energy. In 2022, power electronics was the most popular part of the market, with 40% of it. Power electronics is very important for electric and hybrid-electric airplanes. It makes them better suited for use in aircraft because they are more efficient and reliable. New ways of making semiconductors are used to create power electronics that are smaller, lighter, and more efficient than earlier ones. There is a growing focus on reducing fuel use and emissions, improving energy efficiency, and making sure important airplane functions are reliable. As the electric aircraft market grows, power electronics technology keeps getting better, which makes the industry more innovative and successful.
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Imagine you're about to board a plane. What do you want the experience to be? Comfortable, right? That's why the passenger comfort part of the electric aircraft market is expected to grow faster than any other part over the next ten years. Why? Because electric planes are quieter and smoother than traditional planes. The electric systems reduce noise and vibrations, giving you a peaceful journey. Plus, electric planes have better temperature and air quality controls, so you'll always be comfortable, no matter how long your flight is. And it's not just about comfort. Electric planes also have better lighting and entertainment options, making your flight more enjoyable. So, if you're looking for a more comfortable and pleasant flying experience, electric aircraft are the future.
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Electric aircraft have taken off in North America! In 2022, the region had a huge market share of over 30%. Why? Because North America is home to many top aircraft companies that are leading the charge in this exciting technology. Plus, there's a ton of air travel happening here, both within the U.S. and to other countries. The U.S. government is also investing heavily in electric aircraft. They're giving out money for research and development, so even more innovation can happen. For instance, the U.S. Air Force is working on an electric fighter jet! And the U.S. Department of Energy has awarded a lot of money to companies that are making more electric aircraft technologies. So, North America is definitely poised to be a leader in the future of electric aviation.
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
Table of Content
Report Content
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 More electric aircraft market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total addressable market (TAM), 2023-2032
2.3 Regional trends
2.4 Aircraft type trends
2.5 System trends
2.6 Application trends
Chapter 3 More electric aircraft Market Industry Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising Air Travel Demand
3.10.1.2 Increasing demand for quiter and cleaner aircraft
3.10.1.3 Growing trend for regional and urban air mobility
3.10.1.4 Rising focus on Aircraft Electrification
3.10.1.5 Technological advancements in battery technology and electric motors
3.10.2 Industry pitfalls & challenges
3.10.2.1 Limited Range for Electric Aircraft
3.10.2.2 Technology Integration Complexity
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Airbus SE
4.3.2 Boeing Company
4.3.3 Safran S.A.
4.3.4 Honeywell International Inc.
4.3.5 General Electric
4.3.6 Raytheon Technologies Corporation
4.3.7 Rolls-Royce Holdings plc
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
Chapter 5 More Electric Aircraft Market Estimates & Forecast, By Aircraft Type (Revenue & Units)
5.1 Key trends, by aircraft type
5.2 Fixed Wing
5.3 Rotary Wing
Chapter 6 More Electric Aircraft Market Estimates & Forecast, By System (Revenue)
6.1 Key trends, by system
6.2 Power Electronics
6.3 Thermal Management System
6.4 Safety Systems & Advanced Material
6.5 Energy Storage Devices
Chapter 7 More Electric Aircraft Estimates & Forecast, By Application (Revenue)
7.1 Key trends, by application
7.2 Power Distribution
7.3 Passenger Comfort
7.4 Air Pressurization & Conditioning
7.5 Flight Control & Operations
Chapter 8 More Electric Aircraft Market Estimates & Forecast, By Region (Revenue)
8.1 Key trends, by region
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 UK
8.3.2 Germany
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.3.6 Russia
8.3.7 Netherland
8.3.8 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Australia
8.4.5 South Korea
8.4.6 Rest of Asia Pacific
8.5 Latin America
8.5.1 Brazil
8.5.2 Mexico
8.5.3 Argentina
8.5.4 Rest of Latin America
8.6 MEA
8.6.1 UAE
8.6.2 Saudi Arabia
8.6.3 South Africa
8.6.4 Rest of MEA
Chapter 9 Company Profiles
9.1 Airbus S.A.S
9.2 Astronics Corporation
9.3 Augusta Westland
9.4 BAE Systems Plc.
9.5 Boeing Company
9.6 Bombardier Inc
9.7 General Electric
9.8 Honeywell International Inc.
9.9 Liebherr-Elektronik GmbH
9.10 Lockheed Martin Corporation.
9.11 Raytheon Technologies Corporation
9.12 Rolls-Royce Holdings plc
9.13 Safran S.A.
9.14 Thales Group
9.15 United technologies Corporation
- 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
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