More Electric Aircraft Market worth $8.01 billion by 2029 - Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Nov. 19, 2024 /PRNewswire/ -- The more electric aircraft market is projected to grow from USD 5.56 billion in 2024 and reach USD 8.01 billion by 2029, at a CAGR of 7.6% during the forecast period according to a new report by MarketsandMarkets™. The More Electric Aircraft (MEA) market is revolutionizing aviation by integrating electric systems across various aircraft functions, significantly enhancing efficiency and reducing environmental impact. Its applications range from highly accurate and low-maintenance electric flight control systems, to the increased safety and reliability offered by electric-driven landing gear, to optimal energy usage in heating and cooling provided by electric power for environmental control systems. Through Electric Taxiing Systems (ETS), aircraft can taxi without engines, hence cutting fuel usage and emissions associated with ground operations. High-voltage power distribution systems enable efficient power delivery to subsystems and improve operational reliability. In addition, further developments in battery technology, such as solid-state and lithium-sulfur batteries, are required for energy storage in electric systems. Electric propulsion is still in its development stage, but it can significantly reduce emissions for short- to medium-haul flights.
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Browse in-depth TOC on "More Electric Aircraft Market"
338 – Tables
73 – Figures
288 – Pages
More Electric Aircraft Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 5.56 billion |
Estimated Value by 2029 | $ 8.01 billion |
Growth Rate | Poised to grow at a CAGR of 7.6% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By System, Component, Platform, Application, End Use and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Significant increase in maximum take-off weight |
Key Market Opportunities | Development of advanced power electronic components |
Key Market Drivers | Increasing use of electric technology to optimize aircraft performance |
Based on platform, Fixed-wing segment is estimated to account for the largest market share in More Electric Aircraft market from 2024 to 2029.
The more electric aircraft market is further segmented into fixed-wing and rotary-wing aircraft based on platform. Fixed-wing aircraft will form the majority share of More Electric Aircraft as they will be used highly in all commercial, regional, and cargo aviation sectors. Fixed wing aircraft serve assorted routes and distances, hence are a much more ideal candidate for innovations related to MEA as such can facilitate fuel efficiency, and further reduce the emission.
Based on End User, Military segment is estimated to grow at the fastest rate in More Electric Aircraft market from 2024 to 2029.
The market is classified into civil and military, based on end-user. The military segment is anticipated to grow at the fastest rate in the More Electric Aircraft (MEA) market due to the major benefits that is acquired from replacing pneumatic systems by electric in aircraft. Electrical systems increase reliability and lower maintenance frequency, which could prove very critical in the military environment where aircraft might get exposed to extreme climatic conditions. For example, the U.S. Flight controls surfaces of the F-35 Lightning II from Air Force are electrically operated and not hydraulic systems for such applications, hence the aircraft is very light, responsive, and efficient in operations.
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The European market is projected to contribute the most significant share from 2024 to 2029 in the More Electric Aircraft industry
The more electric aircraft regional analysis has been studied over North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The growth in aircraft deliveries is expected to propel the MEA market in Europe, with demand for new, fuel-efficient, and environmentally friendly aircraft on the rise. European airlines are expanding and updating their fleets to meet rising passenger travel demand and to align with stringent EU emissions regulations. This requirement necessitates more advanced MEA technologies in aircraft wherein electric systems replace the hydraulic and pneumatic systems that otherwise would be in place. This, therefore, makes the system lighter, efficient, and has lower operating costs. For the companies such as Airbus that are headquartered in Europe, the thrust has now been to design and manufacture new aircraft equipped with the MEA innovations, which include electric actuation systems, electric environmental control, and power-by-wire technology. These have made tremendous differences in more fuel-efficient solutions for airlines, lowering their maintenance needs and generally improving performance. In the event of net-zero emission aspirations across Europe being put into place by 2050, airlines would embrace these new aircraft because they meet their sustainable standards.
The key market players in the more electric aircraft companies are S.A ( France), Honeywell International Inc. (US), RTX (US), General Electric (US), Parker Hannifin Corporation (US), Bae Systems plc (UK),Bomardier Inc. (Canada), Embraer S.A (Brazil), Liebherr (Switzerland), Ametek Inc. (US), Astronics Corporation (US), Moog inc. (US), Rolls-Royce Plc (UK), Amphenol Corporation (US), Eaton (Ireland).
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