More Electric Aircraft Market Size, Share & Industry Analysis, By Type (Fixed Wing , Rotary wing , Hybrid), By Platform (Civil, Military), By System (Aircraft Configuration and Management System, Flight Control and Mission Management System, Air Pressurisation and Conditioning System, Power Generation and Management System) And Regional Forecast 2023-2030

The More Electric Aircraft (MEA) emphasis the utilization of electrical power to drive the non-propulsive aircraft systems. The use of the electrical system for applications like braking, control surface operations, and other actuation operations contributes to substantial aircraft efficiency improvement. More Electric Aircraft (MEA) market is growing significantly due to the adoption of flyby wire systems and technological advancements in aircraft power generation & conversion systems. Moreover, the potential customers on different platforms are looking forward to getting their fleet upgraded with advanced electrical systems. These systems increase dispatch reliability and reduce the maintenance cost of aircraft.

The adoption of electrical components in conjunction with various systems and sub-systems in aircraft has substantially increased the demand of More electric aircraft. However, these systems are costly and require high investments for initial installation and functioning. 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 More Electric Aircraft market during the forecast period.

Key Market Driver -

• Rise in adoption of electric components for auxiliary power and other crucial systems in aircraft • The use electrical systems have cut down emissions and noise pollution

Key Market Restraint -

• The high cost of device and components • Stringent government regulations

Market Segmentation:

The market is segmented by type, platform, systems, and region.

Based on the type, the more electric aircraft market is further classified as fixed-wing and rotary-wing aircraft. The development of more reliable and efficient auxiliary power supply systems to drive the demand for fixed-wing aircraft. On the other hand, recent technological advancements in the field of power electronics and flight control systems operations for rotary-wing aircraft are anticipated to fuel the segment's growth.

Based on platform,  the market is diversified into civil and military aircraft. The demand for civil more electric aircraft has exponentially increased in the commercial sector for carrying passenger and cargo loads. Moreover, increased use of the developed electrical system in military tactical airlifter for aerial refueling and medical evacuation is expected to propel the market growth.

Based on system, the market is divided into aircraft configuration and management systems, flight control & mission management system, air pressurization & conditioning system, power generation & management system, and others. The power generation & management system is anticipated to dominate the market as electric systems are majorly used for thrust reverser actuation and other auxiliary power generation operations.

Key Players Covered:

The key players in the global more electric aircraft market are Thales Group (France), BAE Systems PLC (The U.K.), Bombardier Inc.(Canada), Elbit Systems Ltd. (Israel), GE Aviation (The U.S.), Safran Sa (France), Lockheed Martin Corporation (The U.S.) Airbus (Netherlands), The Boeing Company (The U.S.), AMETEK, Inc. (The U.S.), Honeywell International Inc. (The U.S.), Raytheon Technologies Corporation (The U.S.) and Rolls-Royce Holdings PLC (The U.K.) among others.

Key Insights:

• Many airline operators and defence organisations are adopting More Electric aircraft to upgrade their fleets.


• Key players are now having wide range of product portfolio which has led to market growth.

Regional Analysis:

The More Electric aircraft market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America is expected to dominate the market owing to the presence of key players such as Honeywell International Inc. and Raytheon Technologies Corporation. Moreover, the growth of the market in the region is attributed to the rising usage of modern aircraft for military and commercial applications. The market in Europe is expected to grow moderately owing to the presence of prominent key players and OEMs such as Airbus, Thales Group, and Safran Sa. These companies are one of the top companies profiled in the region and hold some potential customers across the globe. The market in Asia-Pacific is projected to register significant growth during the forecast period. Countries such as China and Japan are likely to remain the major players in this region. In contrast, India, due to its rapid growth in the commercial aviation sector, this country is emerging as the fastest-growing market for More electric civil aircraft over the same period. The Middle East is expected to witness substantial growth in the market owing to the increasing fleet size in the military sector. The Middle East consists of some potential customers like Emirates, Qatar, Etihad, and many more emerging airlines are investing in the commercial sector of More electric aircraft. These countries will emerge as the fastest-growing market during the forecast period.

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Segmentation

More Electric Aircraft Market Industry Developments

• In March 2021, the Honeywell corporation Secured a New $476 Million Contract from U.S. Army for CH-47 engines and control units manufacturing. The engine and control system will ensure mission readiness for heavy-lift helicopters and Army war-fighters


• In June 2021, General Electric Co. and Safran SA stated that they are teaming up again to develop technologies for a new generation of jet engines, that would cut fuel consumption by more than 20% and potentially power single-aisle planes by the middle of next decade.