Electric Aircraft Market Scenario
According to MRFR, The More Electric Aircraft Market was valued at USD 4.5 billion in 2023. It is projected to grow from USD 5.08 billion in 2024 to USD 10.61 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 13.04%.
With the growing emphasis of environmentally friendly aircraft, several restrictions have been placed of aircraft pollution. Such growing stringency in the legislation on emissions has forced manufacturers to move towards more electric aircraft. Growing demand for MEA has led to the advent of new aerospace technology, such as the replacement of auxiliary power units with more powerful fuel cells to provide energy on board. Another trend is the production of more Rolls-Royce driven electric motors that will help MEA more effectively. A further development in industry is the growing use of electrical components in aircraft. Using an electrical system has lowered the overall cost, resulting in better operation. This helps also in controlling emissions. The market-related challenges are issues with the electrical power system; issues related to the civilian and commercial use of more electric aircraft in electrical generators. The More Electric Aircraft industry has expanded its demand growth in recent years, according to a recent report released by More Electric Aircraft Market Research Future globally and is projected to expand steadily over the forecast period.
The shift to the use of fuel cells is one of the major market trends in the electric aviation market worldwide. Aspects such as an increase in the number of aircraft deliveries, a decline in operational and repair costs, and the need for fuel-efficient aircraft with lower carbon emissions, among others, are identified as key driving factors for demand development. In addition, trends such as a decline in airport noise and the need for improved aircraft efficiency have fuelled MEA’s growth in the sector. On the other hand, high investment level and lengthy clearance phase for system upgrades pose as some of the key restrictions for the more hybrid aircraft industry.
Market Segmentation
The Global MEA Market is segmented into 3 key dynamics for the convenience of the report and enhanced understanding.
Segmentation By Application comprises military, commercial, and UAV.
segmentation by platform comprises UAV, commercial aircraft, and military aircraft.
In 2015, commercial application has 70% of the market share and will dominate the market in the forecast period, followed by military and UAV platform.
Regional Analysis
In 2015, Americas led the industry with a share of about 35 per cent , followed by Europe, MEA and APAC with a significant CAGR.
The Americas is leading the global market for more electric aircraft; however, demand from developing nations such as EMEA and Asia Pacific has risen in relation to increasing demand for more electric aircraft in both civil and military aircrafts. The Americas More Electric Aircraft demand is expected, according to the MRFR report, to hit unprecedented levels of multi trillion in 2021, to expand at a significant CAGR over the forecast period. During the forecast era EMEA and Asia Pacific will rise at a significant CAGR.
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Factors such as an increase in the number of aircraft deliveries, a decrease in operational and repair costs, and the need for fuel-efficient aircraft with lower carbon emissions, among others, are identified as key driving factors for demand development. In addition , factors such as lowering airport noise and the need for improved aircraft efficiency have fuelled MEA’s market development. On the other hand, high expenditure and lengthy clearance phase for system upgrades pose as some of the main restrictions for the more hybrid aircraft industry.
Competitive Dashboard
The key players in this market are Lockheed Martin (U.S.), Airbus (France), Raytheon Company (U.S.), United Technologies Corporation (U.S.), Thales Group (France), Honeywell International, Inc. (U.S.), Safran SA (France), Boeing (U.S.), Zodiac Aerospace SA (France), Rolls Royce (U.S.), and Bombardier Inc. (Canada).