The "More Electric Aircraft Market by End User (Civil, Military), Aircraft System, Component, Application (Power Generation, Power Distribution, Power Conversion, Energy Storage), Aircraft Type (Fixed Wing, Rotary Wing), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global more electric aircraft market is estimated to be USD 1,504 million in 2020 and is projected to reach USD 3,359 million by 2025, at a CAGR of 17.4% during the forecast period.
Recent technological advancements in the field of power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have fueled the adoption of MEA.
The COVID-19 outbreak has impacted the aviation industry adversely due to air travel restrictions on domestic as well as international flights across countries, resulting in the sudden decrease in the air traffic. This is expected to negatively impact the more electric aircraft market in the short term; slow recovery is expected in Q1 of 2021. The aviation industry could take 2-3 years to recover from the financial effects of COVID-19, leading to lower air travels and passenger traffic compared to previous estimates.
Based on aircraft system, propulsion segment projected to lead more electric aircraft market during the forecast period
Based on aircraft system, the more electric aircraft market is segmented into propulsion system and airframe system. Electrification of various propulsion and airframe systems enables aircraft to reduce carbon emissions and the overall operational cost. The rising focus of major OEMs such as Airbus on the development of electric propulsion systems is expected to drive the propulsion system segment during the forecast period.
Based on application, power distribution segment projected to lead more electric aircraft market during the forecast period
Based on application, the more electric aircraft is segmented into power generation, power distribution, power conversion, and energy storage. The power distribution system is highly flexible, fault-tolerant, and is controlled by a redundant microprocessor system. In this system, electrical power is supplied to the primary power distribution system, wherein the contactor control unit (CCU) and high-power contactor are located across generators, auxiliary power units (APU), batteries, and ground sources.
Based on end user, the civil segment accounts for the largest market size during the forecast period
Based on end user, the more electric aircraft market is segmented into civil and military. The civil segment is estimated to account for a larger share in 2020 as compared to the military segment. Carbon and nitrogen oxide emissions, high fuel consumption, and high maintenance costs are some of the challenges in the civil segment.
Europe is expected to account for the largest share in 2020
The more electric aircraft market has been studied for North America, Europe, Asia Pacific, Middle East & Africa and Africa. Europe is estimated to account for the largest share of the global market in 2020. The aviation industry in Europe is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties in aircraft; these advanced engines help aircraft reduce their fuel consumption, carbon emissions, and noise. Key manufacturers of more electric aircraft in Europe include Rolls-Royce (UK), Safran Group (France), Airbus (Netherlands), and Thales Group (France).
Market Dynamics
Drivers
- Optimized Aircraft Performance
- Reduction in Operational and Maintenance Costs
- Reduced Emissions and Noise Pollution
Restraints
- Heavy Investments and Longer Clearance Period
Opportunities
- Advancements in High-Density Battery Solutions
- Emergence of Alternative Power Sources for Electric Power Generation
- Development of Advanced Power Electronic Components
Challenges
- Thermal Management in Electrical Systems
- Reliability of Electrical Systems in Harsh Environments
- Economic Challenges Faced by the Aviation Industry due to COVID-19
Companies Mentioned
- Ametek.Inc
- Amphenol Corporation
- Astronics Corporation
- Avionic Instruments LLC
- Bae Systems
- Bombardier
- Eaglepicher Technologies, LLC
- Eaton
- Elbit Systems
- Embraer S.A
- GE Aviation
- Honeywell International Inc
- Liebherr
- Magnix
- Meggit
- Moog Inc
- Nabtesco Corporation
- Parker Hannifin Corp
- PBS Aerospace
- Pioneer Magnetics
- Raytheon Technologies Corporation
- Rolls-Royce plc
- Safran S.A.
- Thales Group
- Wright Electric
For more information about this report visit https://www.researchandmarkets.com/r/u39h7x
View source version on businesswire.com: https://www.businesswire.com/news/home/20201215005521/en/
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