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More Electric Aircraft Market Size

Report ID: GMI3357
Published Date: Sep 2023
Report Format: PDF

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More Electric Aircraft Market Size

More Electric Aircraft Market size was valued at over USD 4.2 billion in 2022 and is anticipated to grow at a CAGR of over 13.1% between 2023 & 2032. The rising focus on aircraft electrification is a significant factor driving the more electric aircraft industry growth. Airlines and manufacturers are increasingly investing in electrification technologies to reduce carbon emissions & enhance sustainability. Electrification allows for the replacement of heavy, fuel-dependent systems with lighter, more energy-efficient electric components. As the aviation sector increasingly prioritizes sustainability, the adoption of more electric aircraft powered by advanced electrical systems becomes pivotal in achieving these goals, driving market growth & innovation.

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More Electric Aircraft (MEA) refers to an aircraft that relies extensively on electrical systems for various onboard functions traditionally powered by hydraulic or pneumatic systems. These aircraft use advanced electrical components & technologies for tasks such as flight control, landing gear operation, environmental control, and more. The shift to electric systems aims to improve aircraft efficiency, reduce maintenance costs, and enhance environmental sustainability by minimizing the reliance on fossil fuels & optimizing power management.

More Electric Aircraft Market Report Attributes
Report Attribute	Details
Base Year:	2022
More Electric Aircraft Market Size in 2022:	USD 4.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	13.1 %
2032 Value Projection:	USD 10 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	380
Segments covered:	Aircraft Type, System, and Application
Growth Drivers:	Rising air travel demand Increasing demand for quieter & cleaner aircraft Growing trend for regional & urban air mobility Rising focus on aircraft electrification Technological advancements in battery technology & electric motors
Pitfalls & Challenges:	Limited range of electric aircraft Technology integration complexity

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While electric propulsion is environmental-friendly and cost-effective, these aircraft often lack the range required for long-haul flights. This limitation restricts these aircraft to shorter routes and regional operations, limiting their market potential. Overcoming this range limitation through advancements in battery technology and infrastructure development is essential for the MEA market to expand its market share and competitiveness in the aviation industry.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for more electric aircraft exceeded USD 4.2 billion in 2022 and is anticipated to witness over 13.1% CAGR between 2023 and 2032 due to the rising focus on aircraft electrification worldwide.

The power electronics system segment garnered 40% share of the more electric aircraft market in 2022 driven by its prominence in the transition to electric & hybrid-electric propulsion systems.

Passenger comfort application segment may record over 10% CAGR from 2023-2032 due to the surging need to provide quieter and smoother rides with reduced noise & vibrations.

North America held over 30% share of the more electric aircraft industry in 2022 owing to the presence of well-established aerospace sector with several leading aircraft manufacturers & suppliers.