The global more electric aircraft market was valued at USD 3.99 billion in 2022 and is projected to increase from USD 4.53 billion in 2023 to USD 8.49 billion by 2030, reflecting a compound annual growth rate (CAGR) of 11.37% over the forecast period. In 2022, North America led the market, holding a 33.08% share.
The more electric aircraft use electrical power to control non-engine systems on aircraft. The use of electrical systems for applications, including surface control, braking, and other propulsion operations, contributed to the improvements in aircraft performance. The increasing adoption of hover systems and technological advancements in aircraft power generation and conversion systems propel market growth.
Fortune Business Insights™ mentioned this in a report titled, “More Electric Aircraft Market, 2023-2030.”
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/infographics/more-electric-aircraft-market-105553
List of Key Players Present in the More Electric Aircraft Market:
Thales Group (France)
BAE Systems PLC (U.K.)
Bombardier Inc.(Canada)
Elbit Systems Ltd. (Israel)
GE Aviation (U.S.)
Safran S.A. (France)
Lockheed Martin Corporation (U.S.)
Airbus (Netherlands)
The Boeing Company (U.S.)
AMETEK, Inc. (U.S.)
Honeywell International Inc. (U.S.)
Raytheon Technologies Corporation (U.S.)
Rolls-Royce Holdings PLC (U.K.)
COVID-19 Impact
Increased Number of Grounded Planes During Pandemic Hindered Market Growth
The COVID-19 pandemic negatively impacted the more electric aircraft market growth. The increased number of planes grounded to avoid travel and stop the spread of the COVID-19 virus hindered the market expansion. As Boeing 787 and Airbus 380 were stopped during the pandemic due to lockdown restrictions impeded market growth.
Segmentation
Increase in Air Travel to Drive Commercial Aircraft Segment Growth
Based on platform, the more electric aircraft market is bifurcated into commercial aircraft and military aircraft. The commercial aircraft segment held the largest more electric aircraft market share. The growth is attributed to the increase in aircraft deliveries and air travel.
Increased Adoption of Fly-By-Wire Boosted the Flight Control and Mission ManagementSegment
By system, the more electric aircraft market is segmented into aircraft configuration and management system, flight control and mission management system, air pressurization and conditioning system, power generation and management system, and others. The flight control and mission management system segment held the largest market share in 2022 with increased adoption of Fly-By-Wire system.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Implementation of More Electric Aircrafts by Militaries to Drive Market Growth
The growing implementation of more electric aircraft by militaries in their regular operations globally, drives the more electric aircraft market growth. Several nations are in efforts to upgrade their infrastructure competencies to fulfill aircraft needs. The increasing focus of regulatory authorities and aircraft operators to implement sustainable aviation solutions and the need for the replacement of conventional old aircraft with eco-friendly aircraft propel market expansion.
However, the strict regulations on the aircraft’s airworthiness and the high cost of electric components are expected to impede market expansion.
Regional Insights
Presence of Key Market Players to Boost Market Growth in North America
North America held the largest more electric aircraft market share in 2022 and is anticipated to grow at a significant CAGR. The growth is attributed to the presence of key market players in the region.
Asia Pacific held a significant market share in 2022 and is expected to grow at the highest CAGR. The growth is attributed to government initiatives and the entry of new players into the regional market.
Competitive Landscape
Growing Key Players Focus on New Product Launches to Propel Market Expansion
The more electric aircraft market consists of key players, such as Thales Group, BAE Systems, and others. The increasing focus of these major market players on partnerships and acquisitions and new product launches to strengthen their market position drives market growth.
Key Industry Development
July 2023: A global aircraft producer GE Aerospace, launched a new design for the Electric Powertrain Flight Demonstration Project (EPFD) aircraft test stand at the Oshkosh Air Show in Wisconsin, which is the largest air show globally.