The report “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″, is estimated to be USD 1.5 billion in 2020 and is projected to reach USD 3.3 billion 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 pandemic has impacted the more electric aircraft market significantly. Due to the closure of borders and air travel restrictions globally, many companies in the more electric aircraft market were compelled to halt manufacturing. This break in business operations is directly influencing the revenue of the more electric aircraft market. Even though some industries continued operations, delays in raw material supplies and the limited supply of produced goods capped production and reduced capacity utilization rates.
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The propulsion system is projected to grow at the highest CAGR 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.
The power distribution is projected to grow at the highest CAGR 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.
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 aviation 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 market is growing at a significant pace in the Europe region, majorly driven by the increasing air passenger traffic. The market in Asia Pacific is projected to grow significantly owing to high investments in the modernization of airport and construction of new regional airports.
Key Market Players
Some of the players operating in the market include AMETEK (US), Safran (France), Astronics Corporation (US), Amphenol Corporation (US), Honeywell International, Inc. (US), Meggitt (UK), and Thales Group (France). These companies have well-equipped strong distribution networks across the North American, European, Asia Pacific, the Middle East & African and Latin American regions.
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