Global More Electric Aircraft Market to record substantial gains over 2019-2025

February 18, 2020

According to the latest study report titled ‘More Electric Aircraft Market Size By Platform (Fixed Wing, Rotary Wing), By System (Power Electronics, Thermal Management System, Safety System & Advanced Material, Energy Storage Device), By Application (Power Distribution, Passenger Comfort, Air Pressurization & Conditioning, Flight Control & Operations), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Netherlands, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, global more electric aircraft market is projected to accumulate substantial growth by 2025.

Increasing purchasing power is driving developments in the aerospace industry. People, in both developed and developing nations, are increasingly spending on air travel for work, medical purposes, education, and leisure owing to comfort and cheap flying deals. As per the International Air Transport Association (IATA), the total number of air passengers by the end of 2037 will be 8.2 billion.  

Technological advancements in power electronic equipment like high-temperature electronics coupled with strict regulations with regards to on-board electrical hardware safety will foster market growth over the period of study.

The American Society for Testing Material (ASTM) standardizes the alteration, design plan, and certification for airplane electrical systems. With surging demand for advanced aircraft, companies are increasingly investing in R&D to improve the heat dissipation of the electrical systems along with improving the heat sinks and adopting special resins.    

With respect to the types of platforms, the market is segmented into fixed-wing and rotary-wing. Fixed-wing more electric aircraft will witness substantial gains in the coming years owing to the rise in aircraft deliveries. The use of electric components like Electrical Thrust Reverser Actuation System aims at improving the fuel efficiency of the aircrafts.

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Leading industry players are entering into partnerships with aircraft service providers and suppliers with an aim to develop innovative products and maximize profits. In the year 2017, French aerospace company- Safran signed an MOU with the Thales group in order to combine the power supply unit. This technology helped airline companies to reduce the consumption of fuel thereby contributing towards more electric aircraft market size.

Frequently Asked Questions (FAQ) :

The evident boom in the aerospace industry owing to the rise in air passenger traffic due to increased disposable income globally is a vital factor magnifying the market statistics. Moreover, substituting traditional or obsolete aircraft parts such as pneumatic, hydraulic, and mechanic electrical systems with advanced components in order to reduce the total cost of maintenance will bolster the industry outlook.
Key players operating in more electric aircraft market profiled in the report include Honeywell International, Airbus, United Technologies, Boeing, and Zodiac Aerospace among several others. The industry players are constantly aiming at developing novel products to maximize their profits and sustain the market competition.
Mounting deployment of secondary electric power systems in airplanes is a major factor boosting the demand for power generation applications. Secondary power devices in conventional aircraft utilize mechanical and hydraulic power that uses close to 5% of the fuel burnt during the flight. The adoption of new power generation units lowers the overall cost of operation and enhances product penetration.
Heavy defense and military spending in the region has led to investment in advanced aircraft mechanisms. Burgeoning demand for innovative and technologically advanced aircraft is driving constant developments and modification for thermal management systems and air pressurizing and conditioning like power and thermal management systems (PTMS).
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