More Electric Aircraft Market to Reach $11.2 Billion, Globally, by 2033 at 9.6% CAGR: Allied Market Research

The more electric aircraft market is expected to expand due to growing focus on aircraft electrification, which fuels the expansion of the electric aircraft industry.

/EIN News/ -- Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "More Electric Aircraft Market by Aircraft Type (Fixed Wing and Rotary Wing), Platforn (Commercial Aircraft and Military Aircraft), and System (Aircraft Configuration and Management System, Flight Control and Mission Management System, Air Pressurization and conditioning system and Power Generation and Management System): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the more electric aircraft market was valued at $4.7 billion in 2023, and is estimated to reach $11.2 billion by 2033, growing at a CAGR of 9.6% from 2024 to 2033. 

Advancements in electrical systems and components are significantly enhancing aircraft efficiency and dependability, resulting in greater acceptance of electric aircraft. These aircraft are more fuel-efficient than regular aircraft, resulting in significant cost savings for operators. They rely on electric systems rather than traditional hydraulic and pneumatic ones, resulting in better fuel efficiency and lower carbon impact. Airlines and industries are investing more in research and development to tackle technological issues. Hybrid and all-electric propulsion systems are becoming increasingly popular due to their environmental benefits. Such factors are driving market expansion.  

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Prime determinants of growth   

Airlines and businesses are expanding their investments in electrification technology to cut carbon emissions and improve sustainability. Technological advancements, including the development of more electric aircraft, as well as the increasing popularity of commercial aircraft are expected to create lucrative growth opportunities for the market. However, security and certification restrain market growth.  

By Aircraft Type  

The rotary wing segment held the highest market share in 2023.  

By aircraft type, the rotary wing segment held the highest market share in 2023 due to the expanding applications in industries like construction, mining, and agriculture. This is due to the increased deployment of rotary wing air taxis to reduce the price and convenience of urban flights.   

By Platform  

The commercial aircraft segment held the highest market share in 2023.  

By platform, the commercial aircraft segment held the highest market share in the more electric aircraft (MEA) market in 2023 owing to its substantial investment in technological advancements and growing demand for fuel-efficient and environmentally friendly solutions. Commercial airlines are increasingly adopting MEA technologies to enhance operational efficiency, reduce fuel consumption, and lower emissions, driven by both regulatory pressures and consumer preferences for greener travel options. The extensive fleet size and the continuous need for modernization in the commercial aviation sector further contribute to its dominant position. Additionally, major commercial aircraft manufacturers are leading the development and integration of advanced electric systems, such as electric propulsion and power management technologies, to improve overall aircraft performance and reduce operating costs, reinforcing the commercial aircraft segment's significant share in the MEA market.   

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By System  

The flight control & mission management system segment dominated the market in 2023.  

By system, the flight control and mission management system segment dominated the more electric aircraft (MEA) market in 2023 due to its critical role in enhancing aircraft performance and operational efficiency. These systems are integral to the seamless integration of electric and hybrid propulsion technologies, providing precise control over aircraft operations and improving overall flight safety. Advances in flight control systems, including the adoption of fly-by-wire technology and advanced avionics, are driving this segment's growth by offering improved reliability, reduced weight, and enhanced automation capabilities. Additionally, mission management systems contribute to more efficient flight planning and execution, further supporting the increased adoption of MEA technologies. The growing emphasis on reducing operational costs and enhancing mission capabilities in both commercial and military aviation sectors is bolstering the demand for sophisticated flight control and mission management systems, solidifying their dominant position in the market.   

By Region  

North America to maintain its dominance by 2033.  

North America is expected to maintain its dominance in the more electric aircraft (MEA) market by 2033 owing to robust industrialization and significant advancements in aerospace technology. The region benefits from a well-established aerospace industry with major manufacturers and technology providers leading innovations in electric and hybrid aircraft systems. Strong investment in research and development, supported by both private and public sector funding, is accelerating the development of cutting-edge MEA technologies. Additionally, North America's stringent regulatory environment and commitment to reducing aviation emissions are driving the adoption of more electric solutions. The presence of key industry players, extensive infrastructure, and a favorable market environment for the commercialization of advanced aircraft technologies further reinforce North America's leading position in the global MEA market.   

Players:

• Honeywell International Inc.   
• RTX Corporation  
• Safran  
• General Electric Company   
• Eaton Corporation plc  
• Moog Inc.  
• Parker-Hannifin Corporation   
• Lockheed Martin Corporation   
• Thales Group  
• United Technologies Corporation   

The report provides a detailed analysis of these key players in the global more electric aircraft market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.   

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Report Review :  

The more electric aircraft (MEA) sector represents a transformative shift in aviation technology, characterized by significant advancements aimed at enhancing fuel efficiency, reducing emissions, and improving overall performance. The integration of electric and hybrid propulsion systems, along with advanced power management technologies, is redefining traditional aircraft designs and offering new levels of operational efficiency. The market has seen considerable growth driven by regulatory pressures to lower carbon footprints and the increasing demand for sustainable aviation solutions. Key players in the industry are focusing on innovations such as electric flight control systems, lightweight materials, and efficient energy storage solutions, which are crucial for reducing the environmental impact of aviation. Additionally, the development of advanced electric engines and battery technologies is paving the way for more viable and cost-effective MEA solutions. 

The progress in MEA technology is also supported by significant investments in research and development, which are accelerating the introduction of cutting-edge solutions such as high-efficiency electric motors and next-generation battery chemistries. Collaborative efforts between aerospace manufacturers, technology startups, and academic institutions are fostering breakthroughs that address current limitations. Enhanced simulation and testing capabilities are enabling more accurate predictions of system performance and reliability, which are essential for successful implementation. 

Despite the promising advancements, challenges such as high development costs, battery performance limitations, and integration complexities remain. These hurdles necessitate continued innovation and problem-solving to achieve commercial viability. The industry's future growth will hinge on overcoming these obstacles while capitalizing on technological breakthroughs and expanding infrastructure support. Strategic partnerships between aerospace companies and technology providers, along with supportive government policies and incentives, are expected to accelerate the adoption of MEA technologies. 

Overall, the MEA sector is poised for significant evolution, with ongoing research and development efforts playing a crucial role in shaping the next generation of aviation. As these advancements continue to unfold, the MEA sector will drive the aviation industry toward a more sustainable and efficient future, potentially setting new standards for performance and environmental stewardship in air travel 

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