According to the latest report by IMARC Group, titled "More Electric Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global more electric aircraft market size reached moderate growth during 2015-2020. More electric aircraft (MEA)involves the gradual replacementof traditional hydraulic and pneumatic power withadvanced electrical systems. This aids in the reduction of fuel consumption, aircraft mass, assembling costs, maintenance costs and greenhouse gas emissions. The engines of these systems also provide power to shaft-driven generators to power the requirements of an airplane system. Numerous functions, including de-icing, engine starting, pressurization, flight controls and actuation of the landing gear, are widely electrified to make them energy efficient. These systems are extensively utilized by end users as they are not only sustainable in nature but also result in minimal noise pollution and carbon emissions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global More Electric Aircraft Market Trends:
The global market is primarily driven by considerable growth in the aviation sector. There has been a rising need for optimization to improve aircraft performance that has led to the increasing adoption of MEA across the globe. Its utilization aids in improving the reliability of the systems while minimizing operating and maintenance costs. Additionally, there has been a significant rise in the employment of technologically advanced power electronics, including fault-tolerant equipment, electro-hydrostatic actuators and flight control systems in MEAs, which is expected to provide an impetus to the market growth. The market is further driven by the rising integration of MEA with advanced technologies to enhance fuel efficiency and aircraft reliability while ensuring minimal dependency on fossil fuels. Some of the other factors contributing to the market growth include the growing demand for these aircraft from the commercial sector, increasing adoption of unmanned aerial vehicles (UAV) in the defense sector, and continual research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is expected to grow at a CAGR of 8.5% during (2021-2026).
- On the basis of the application, the market has been divided into air pressurization and conditioning, configuration management, flight control operations management, power generation management, power distribution management, and others.
- Based on the technology, the market has been classified into safety systems and advanced materials, power electronics, energy storage devices, thermal management systems, and others.
- On the basis of the aircraft type, the market has been segmented into fixed wing (narrow body/wide body/very large body) aircraft, rotary wing aircraft, unmanned aerial vehicles, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Airbus SE, Bombardier Inc., Honeywell International Inc., Lockheed Martin, Raytheon Company, Rolls-Royce Holdings Plc., Safran S.A., Thales Group, The Boeing Company, TTTechComputertechnik AG, and United Technologies Corporation.
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