SELBYVILLE , Delaware, June 4, 2019 /PRNewswire/ -- The more electric aircraft market is predicted to hike from USD 30 billion in 2018 to around USD 45 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing demand for fuel efficient airplanes offering multiple benefits including light weight, and low noise emission will drive the market share over the forecast timeframe. The airplanes provide superior reliability with the use of power electronics and require fewer engine components. Further, rising airplane production to meet previous backlog and accommodate air passengers will escalate the industry size.
Growing adoption of greener air carriers will propel the more electric aircraft market growth. The carriers offer reduced maintenance cost and improved reliability with elimination of maintenance intensive components such as bleed system. Absence of these system provide more efficient thrust in reduced lead time that enhances the overall performance. Moreover, the system contributes towards improving the overall power to weight ratio, thereby driving the product demand.
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Rising investments in R&D along with incorporation of advanced lean manufacturing technologies are providing a positive outlook for the more electric aircraft market size over the study timeframe. Moreover, airplane manufacturers along with component suppliers are focusing on expanding their R&D facilities for improving the technologies associated with more electric air carriers.
Fixed wing segment will account for the maximum more electric aircraft market volume share over the study timeframe owing to the increasing demand for more electric widebody aircrafts including B787 and A380 across the globe. The premium air travel experience along with the availability of a wide network of routes further accentuates the segment share. Increasing military spending along with increasing requirement for improving aircraft efficiency for combat operations are providing a positive outlook for the industry expansion.
Energy storage devices will showcase a considerable growth in the more electric aircraft market share with the presence of multiple electric components compared to the conventional airplanes. Moreover, the requirement for main and auxiliary power unit batteries for powering the aircraft and core components will enhance the segment penetration. Advancements in battery technologies are providing a positive outlook for the industry expansion.
Browse key industry insights spread across 200 pages with 323 market data tables & 10 figures & charts from the report, "More Electric Aircraft Market Size By Platform (Fixed Wing, Rotary Wing), By System (Power Electronics, Thermal Management System, Safety System & Advanced Material, Energy Storage Devices), By Application (Power Distribution, Passenger Comfort, Air Pressurization & Conditioning, Flight Control & Operations) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Netherlands, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa,), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Passenger comfort will showcase the highest growth in the more electric aircraft market size owing to the increasing focus of airplane manufacturers to improve air passenger travel experience. Multiple airliners are incorporating premium in-flight entertainment systems for attracting customers and improve their in-flight experience. Technological advancements including on-demand cabins are positively influencing the industry share.
North America will witness significant growth in the more electric aircraft market size owing to the increasing defense expenditure across the region. Moreover, the presence of multiple airplane manufacturers focusing on improving their product portfolio will further accelerate the regional share over the projected timeframe.
The prominent players in the more electric aircraft industry include Lockheed Martin, Raytheon, Boeing, Airbus and Thales Group. Industry players are engaged in joint ventures and partnerships for expanding their market share.
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