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More Electric Aircraft Market worth $8.01 billion by 2029 - Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

19 Nov, 2024, 11:55 GMT

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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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Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138024896

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.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=138024896

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).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=138024896

Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting

Related Reports: 

Aircraft Wire and Cable Market Size, Share & Industry Growth Analysis Report by Type (Wire, Harness, Cable), Application (Power Transfer, Data Transfer, Flight Control System, Avionics, Lighting), Aircraft Type, Conductor Material, Insulation Type, End User, and Geography- Global Growth Driver and Industry Forecast to 2026

Commercial Electric Aircraft Market by Platform (Regional Transport Aircraft, Business Jets), Range (<200 Km, 200-500 Km, >500 Km), Power (100-500 kW, >500 kW) and Region - Global Forecast to 2035

eVTOL Aircraft Market by Lift Technology (Vectored Thrust, Multirotor, Lift Plus Cruise), Propulsion Type (Fully Electric, Hybrid Electric, Hydrogen Electric), System, Mode of Operation, Application, MTOW, Range and Region - Global Forecast to 2030

Electric Aircraft Market by Type (Fixed Wing, Rotary Wing, Hybrid Wing), Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), System, Technology, Application and Region - Global Forecast to 2030

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar

MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/more-electric-aircraft-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/more-electric-aircraft.asp

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