More Electric Aircraft Market Size, Share & COVID-19 Impact Analysis, By Platform (Commercial Aircraft (Narrow Body, Wide Body, and Regional Jet) and Military Aircraft (Multirole & Combat and Military Transport Aircraft)), By System (Aircraft Configuration and Management System, Flight Control and Mission Management System, Air Pressurization and Conditioning System, Power Generation and Management System, and Others), and Regional Forecast, 2023-2030

The global more electric aircraft market size was valued at USD 3.99 billion in 2022 and is expected to grow from USD 4.53 billion in 2023 to USD 8.49 billion by 2030, exhibiting a CAGR of 11.37% during the forecast period. North America dominated the more electric aircraft market with a market share of 33.08% in 2022.

The more electric aircraft (MEA) project focuses on using electrical power to control non-engine systems on aircraft. The use of electrical systems for applications, such as braking, surface control, and other propulsion operations contributes to significant improvements in aircraft performance. The market is experiencing significant growth due to the adoption of hover systems and technological advancements in aircraft power generation and conversion systems. In addition, potential customers from different backgrounds are also eagerly waiting for their fleets to be upgraded with advanced electrical systems.

These systems increase dispatch reliability and reduce aircraft maintenance costs. The adoption of electrical components in conjunction with various systems and subsystems on aircraft has significantly increased the demand for more electric aircraft. The future of modern-day aviation is in the hands of electrical power. These systems are more reliable and will provide increased growth rates and opportunities for market growth during the forecast period. However, these systems are expensive and require high investments for installation, functioning, and maintenance.

COVID-19 IMPACT

Increased Number of Planes Grounded During the Pandemic Hindered Market Growth

The COVID-19 pandemic substantially affected the aviation industry, further impeding market growth. After the initiation of the COVID-19 pandemic in the first quarter of 2020, numerous planes were grounded to avoid travel and contain the spread of the virus. A major effect of the COVID-19 pandemic was experienced due to various research and development activities and procurement of aviation components and aircraft, such as Boeing 787 and Airbus 380, being stopped as the workforce was under a total lockdown.  

• For instance, in October 2023, Collins Aerospace opened ‘The Grid,’ a long-planned facility in Illinois that will develop electric and hybrid-electric propulsion technologies for future aircraft. The Tier 1 supplier had previously planned to open a Rockford location in 2020, however Collins slowed some of its electric push during the pandemic.

As the COVID-19 cases were reduced, followed by the resumption of airport operations and restart of the aircraft production process, it led to an overall surge in procurement of these aircraft, considering how airlines wished to save costs and increase their fleet.

More Electric Aircraft Market Trends

Growing Advancements and Integration of Emerging Technology with More Electric Aircraft to Bolster Market Growth

With advancements in aviation technologies, more electric aircraft are expected to gain momentum during the forecast period. Numerous emerging technologies are being implemented to help in basic aircraft functions. Additionally, Technological advancements in power generation, electric propulsion systems, non-destructive testing, actuators, electric motors, flight control systems, electrohydrostatic actuators, and conversion systems have further promoted market expansion. There is rising interest in environmentally friendly aircraft, followed by the regulations implemented to reduce air travel's effects on the environment. With increasingly strict emissions regulations, manufacturers have turned to more electric aircraft, and airlines have started widening their fleet with these aircraft as well, considering the cost-effective benefits.

• For instance, in September 2023, Heart Aerospace, a Sweden-based aircraft manufacturer, unveiled the addition of fly-by-wire flight control systems produced by Honeywell Corporation on the company’s passenger ES-30.

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More Electric Aircraft Market Growth Factors

Replacement of Conventional Aircraft with Sustainable Aircraft to Boost Market Expansion

There is a constant need to update aircraft to adhere to the regulations, airworthiness, to save costs, and other factors. The maintenance and operations of an older aircraft cost a fortune as compared to an updated fleet. Therefore, there has been a constant need for the airlines to keep the fleet updated. However, with an ongoing scenario where a major part of the focus of regulatory authorities and aircraft operators is to implement sustainable aviation solutions, the replacement of conventional old aircraft with eco-friendly aircraft boosts the market and also ensures cost savings for the operator and ensures the sustainability of the operation.

Additionally, militaries have started implementing more electric aircraft in their regular operations globally. Many countries are making efforts to upgrade their infrastructure competencies to adapt to aircraft needs.

• For instance, in October 2022, United Airlines unveiled its proposition to initiate regional aircraft on regional routes by the end of the decade. The initiation is done as a part of the company’s goal to reduce their carbon footprints.  

Increased Efficiency in Aircraft Operations to Boost Procurement of More Electric Aircraft Components in the Market 

It has been observed that the usage of more electric components in an aircraft has led to overall operational efficiency in the aircraft. This is why numerous OEMs have started to opt out of conventional aircraft manufacturing and have initiated partnerships with electric aircraft components manufacturers. More electric aircraft also lead to a reduction in maintenance and operational costs. The components are made to last till the age of the aircraft. Additionally, they lead to an overall reduction in emissions, fuel saving and reduction in aircraft noise, therefore optimizing performance and reducing costs. 

RESTRAINING FACTORS

Stringent Regulations and High Costs Restrain Market Growth

Despite high growth, the more electric aircraft market growth is expected to impede due to stringent regulations on the airworthiness of the aircraft and the high cost of electric components, involving research and development for the same. Additionally, the composition of the components and the hydraulic mechatronics involved constitute the majority of the cost, therefore making it expensive. Recently, there has been an increase in restrictions and checks regarding the airworthiness of electric components in an aircraft, thereby causing major hindrances in the market.

For instance, in June 2023, Joby Aviation, a global aircraft manufacturer, received FAA approval for flight testing for their new air taxi. The company plans to start air taxi operations in 2025.

More Electric Aircraft Market Segmentation Analysis

By Platform Analysis

Increase in Aircraft Travel and Aircraft Deliveries to Boost Commercial Aircraft Segment Growth

Based on platform, the market is divided into commercial aircraft and military aircraft.

The commercial aircraft segment is further divided into narrow body, wide body, and regional jet. The commercial segment dominated the market and thereby accounted for the largest market share. It is also predicted to grow at the highest CAGR in the forecast period. The growth is attributed to a subsequent rise in air travel and aircraft deliveries. Additionally, new generation engines in commercial aircraft are equipped with electric hybrid generators, motors, and integrated driving generators, which is further driving the segment growth.

The military aircraft segment is further classified into multirole & combat and military transport aircraft. The military aircraft segment is expected to grow at a significant CAGR owing to growing cross-border tensions and a boost in the defense budget of nations globally.

• For instance, in April 2023, The Boeing Company, a global aircraft manufacturer unveiled flight testing for the first EcoDemonstrator Explorer, a 787-10 Dreamliner. In June 2023, the company conducted test flights from Seattle to Tokyo, Singapore, and Bangkok to demonstrate how coordinated navigation between global airspace jurisdictions can be used to improve operational efficiency and reduce aircraft fuel consumption and emissions by up to 10%.

By System Analysis

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Increased Demand for Fly-By-Wire Flight Controls to Bolster Flight Control and Mission Management System Segment Growth

By system, the 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 accounted for the largest market share in 2022.  The segment’s growth is attributed due to increased adoption of Fly-By-Wire system, and the growing demand of narrow body aircrafts such as airbus 320 equipped with these Fly-By-Wire are the major factors responsible for segment growth.

• For instance, in June 2023, the Aeronautics department at MIT launched a megawatt motor for electric aircraft. The initiative was taken as a part of the electrification of regional jets within striking distance.

The flight control and mission management system segment is expected to grow at the highest CAGR owing to technological developments and recent implementations of fly-by-wire flight controls in aircraft. Fly-by-wire is being used in modern aircrafts and therefore is expected to grow at a significant rate in the forecast period.

REGIONAL INSIGHTS

By region, the global more electric aircraft market is studied across North America, Europe, Asia Pacific, and the rest of the world.

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North America accounted for the largest more electric aircraft market share of USD 1.32 billion in 2022 and is expected to grow at a significant CAGR owing to the presence of major market players in the region. Additionally, major technological advancements in the region are expected to drive market growth.

Asia Pacific accounted for a significant market share in 2022 and is predicted to grow at the highest CAGR due to rapid growth of the budding aerospace industry in the region during the forecast period. Numerous new players’ entry into the regional market and government initiatives boosted market growth in 2022 and is expected to exponentially grow in the forecast period.

• For instance, in June 2023, General Electric's aerospace division announced that it had signed an agreement with India's state-owned Hindustan Aeronautics to jointly produce engines in India to power airplanes for combat for the Indian Air Force.

Europe accounted for a significant market share in 2022. The region's large market share is due to the growing purchasing power of nations and emerging key players. The growing war conditions in the region drive the regional market growth since war conditions raise the procurement of government defense and equipment.

Rest of the world comprises Latin America and the Middle East & Africa regions. The regions are expected to grow during the forecast period due to the growing economies and globalization. The market is also expected to flourish due to the entrance of global market players.

Key Industry Players

Key Market Players’ Focus on Partnerships to Drive Market Growth

The more electric aircraft market analysis is consolidated with several global and regional players operating in this industry. Key market players are competitive to co-exist with emerging and domestic service providers. The top players in the industry are Thales Group and BAE Systems, among other listed companies in the ranking analysis. The Boeing Company is expected to lead the market owing to its global presence. Other prominent players involved in the market include Elbit System and Safran SA along with others that are highly involved in new product launches, frequent partnerships and acquisitions to sustain their market position.

List of Top More Electric Aircraft Companies:

• Thales Group (France)


• BAE Systems PLC (U.K.)


• Bombardier Inc.(Canada)


• Elbit Systems Ltd. (Israel)


• GE Aviation (U.S.)


• Safran Sa (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.)

KEY INDUSTRY DEVELOPMENTS:

• October 2023: GE Aerospace researchers plan to build and demonstrate a small engine prototype powered by fuel cells and sustainable aviation fuel (SAF) to help promote more sustainable flight. Secured USD 4.5 million in Phase 2 funding under the ARPA-E REEACH program to build and demonstrate a 25 kW small-scale power generation subsystem combining a solid oxide fuel cell and turbofan engine Gas tanks use SAF.


• September 2023: A consortium led by Honeywell International recently launched a European Clean Aviation project that will develop a new generation of hydrogen fuel cells for the aviation industry. The Project involves multidisciplinary collaboration between 18 partners from 10 European countries to develop an aerospace-qualified megawatt-class fuel cell propulsion system powered by hydrogen.


• June 2023: A team of MIT engineers have unveiled the creation of a 1-megawatt motor that could be an important step toward electrifying larger airplanes. The team designed and tested the main components of the engine and presented, through detailed calculations, that the combined components could operate as a whole to produce one megawatt of power at this weight and size, compared with the competitive size of today's small-engine aircraft.


• June 2023: The Pentagon awarded a contract worth over USD 2 billion for the upcoming batch of F-35 engines to Pratt & Whitney. The deal for Lot 17 F135 engines, totaling USD 2.02 billion, is predicted to be completed by December 2025.


• May 2023: Alaska Airlines demonstrated a Bombardier Q400 regional turbojet that is equipped with a hydrogen-electric propulsion system at ZeroAvia to expand the reach and applicability of its zero-emissions flight technology. ZeroAvia, a U.S. leader in the design and manufacture of zero-emission hydrogen-electric aircraft propulsion systems, will develop the 76-seat Q400 aircraft.