More Electric Aircraft Market Size to exceed $45 Bn by 2025
Published Date: May 30, 2019 Authors: Preeti Wadhwani
More Electric Aircraft Market size is set to surpass USD 45 billion by 2025; according to a new research report by Global Market Insights, Inc.
Increasing demand for fuel efficient airplanes offering multiple benefits including light weight, and low noise emission will drive the more electric aircraft market share over the forecast timeframe. The airplanes provide superior reliability with the use of power electronics and require fewer engine components. Further, rising airplane production to meet previous backlog and accommodate air passengers will escalate the industry size.
Growing adoption of greener air carriers will propel the more electric aircraft market growth. The carriers offer reduced maintenance cost and improved reliability with elimination of maintenance intensive components such as bleed system. Absence of these system provide more efficient thrust in reduced lead time that enhances the overall performance. Moreover, the system contributes towards improving the overall power to weight ratio, thereby driving the product demand.
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Rising investments in R&D along with incorporation of advanced lean manufacturing technologies are providing a positive outlook for the more electric aircraft market size over the study timeframe. Moreover, airplane manufacturers along with component suppliers are focusing on expanding their R&D facilities for improving the technologies associated with more electric air carriers. For instance, in October 2016, Safran announced the opening of its R&D facility in France dedicated towards developing greener air carriers.
Regulatory bodies including International Civil Aviation Origination (ICAO) along with the Federal Aviation Administration (FAA) are continuously mandating stringent carbon emission norms, encouraging industry players to significantly invest in more electric technologies, thereby positively influencing the market share. For instance, in March 2017, the ICAO Council announced the adoption of new airplane CO2 emissions, that are applicable to new aircraft designs from 2020. This will further encourage airplane manufacturers to adopt innovative technologies, thereby expanding the business size.
Browse key industry insights spread across 200 pages with 323 market data tables & 10 figures & charts from the report, “More Electric Aircraft Market Size By Platform (Fixed Wing, Rotary Wing), By System (Power Electronics, Thermal Management System, Safety System & Advanced Material, Energy Storage Devices), By Application (Power Distribution, Passenger Comfort, Air Pressurization & Conditioning, Flight Control & Operations) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Fixed wing segment will account for the maximum volume share over the study timeframe owing to the increasing demand for more electric widebody aircrafts including B787 and A380 across the globe. The premium air travel experience along with the availability of a wide network of routes further accentuates the segment share. Increasing military spending along with increasing requirement for improving aircraft efficiency for combat operations are providing a positive outlook for the industry expansion.
Energy storage devices will showcase a considerable growth in the more electric aircraft market share with the presence of multiple electric components compared to the conventional airplanes. Moreover, the requirement for main and auxiliary power unit batteries for powering the aircraft and core components will enhance the segment penetration. Advancements in battery technologies are providing a positive outlook for the industry expansion. For instance, in 2018, researchers from MIT developed an innovative battery manufacturing technology, based on the application of magnetic forces to straighten lithium ions, thereby reducing the discharging time significantly.
Passenger comfort will showcase the highest growth in the more electric aircraft market size owing to the increasing focus of airplane manufacturers to improve air passenger travel experience. Multiple airliners are incorporating premium in-flight entertainment systems for attracting customers and improve their in-flight experience. Technological advancements including on-demand cabins are positively influencing the industry share. For instance, United Airlines offers a wide range of movies, television shows, and music on-demand for customers through their in-flight entertainment systems.
North America will witness significant growth in the more electric aircraft market size owing to the increasing defense expenditure across the region. Moreover, the presence of multiple airplane manufacturers focusing on improving their product portfolio will further accelerate the regional share over the projected timeframe. For instance, Lockheed Martin is continuously developing its F 35 fighter jet and offering multiple variants of the air carriers with facilities including vertical take-off and landing capabilities along with the ability to customize based on the end user requirements.
The prominent players in the more electric aircraft industry include Lockheed Martin, Raytheon, Boeing, Airbus and Thales Group. Industry players are engaged in joint ventures and partnerships for expanding their market share. For instance, in November 2018, Boeing and Safran announced the formation of a joint venture to collaboratively designing, developing, and servicing Auxiliary Power Units (APU) for powering more electric aircrafts.
More electric aircraft market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2025, for the following segments:
By Platform (Units and USD million)
- Fixed Wing
- Rotary Wing
By Technology (USD million)
- Power Electronics
- Thermal Management Systems
- Safety Systems & Advanced Materials
- Energy Storage Device
By Application (USD million)
- Power Distribution
- Passenger Comfort
- Air Pressurization & Conditioning
- Flight Control & Operation
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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