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More Electric Aircraft Market Trends 2022 | Growth, Share, Size, Demand and Future Scope 2027

According to the latest report by IMARC Group, titled “More Electric Aircraft Market Size: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027”, The global reached US$ 1.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2027, exhibiting a growth rate (CAGR) of 16.3% during 2022-2027.
Report Metric
Historical: 2016-2021 Base Year: 2020 Forecast Year: 2022-2027
More Electric Aircraft Industry Definition and Application:
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.
Note: 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.
More Electric Aircraft Market Trends and Drivers:
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 which 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.
More Electric Aircraft Market Segmentation:
The report has segmented on the basis on application, technology, aircraft type and region.
Breakup by Application:
Air Pressurization and Conditioning
Configuration Management
Flight Control Operations Management
Power Generation Management
Power Distribution Management
Others
Breakup by Technology:
Safety Systems and Advanced Materials
Power Electronics
Energy Storage Devices
Thermal Management Systems Others
Breakup by Aircraft Type:
Fixed Wing (Narrow Body/Wide Body/Very Large Body) Aircraft
Rotary Wing Aircraft
Unmanned Aerial Vehicles
Others
Breakup by Region:
North America: (United States, Canada) Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others) Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others) Latin America: (Brazil, Mexico, Others) Middle East and Africa
Who are the Major More Electric Aircraft Market Key players?
Airbus SE, Bombardier Inc., Honeywell International Inc., Lockheed Martin, Raytheon Company, Rolls-Royce Holdings Plc., Safran S.A., Thales Group, The Boeing Company, TTTech Computertechnik AG, United Technologies Corporation, etc.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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