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More Electric Aircraft Market - Growth, Trends, and Forecasts (2020 - 2025)
The More Electric Aircraft Market is segmented by Application (Commercial, Military, and General Aviation), and Geography.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2017-2025
Base Year:
2019
Fastest Growing Market:
North America
Largest Market:
North America
CAGR:
6 %
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Market Overview
The more electric aircraft market is projected to witness a CAGR of more than 6% during the forecast period (2020 - 2025).
- With the increasing concentration on eco-friendly aircraft, many regulations have been imposed on the emissions of aircraft. Such increasing stringency on the emission regulations has made manufacturers shift toward more electric aircraft.
- The more electric aircraft market is growing, as the aircraft OEMs realize the potential advantages that the architecture offers, like improved fuel efficiency, reduced maintenance costs, and enhanced reliability by use of modern power electronics and fewer hydraulic and pneumatic components in engine installation. More electric aircraft with short ranges are expected to become viable for regional transportation in the years to come.
- More electric aircraft may witness demand from the armed forces in the years to come, owing to the stealth capabilities that these aircraft offer by virtue of their silent operation. The same applies to the UAVs in the military, which are being procured for ISR operations.
Scope of the Report
In more electric aircraft (MEA), electrical systems replace most of the pneumatic systems found on traditional commercial airplanes. In traditional aircraft, the engines cater to the power requirements of a majority of secondary airplane systems using the bleed air, whereas, in the no-bleed architecture found in MEA, the engines provide the power to shaft-driven generators, which cater to the power needs of a majority of airplane systems. In MEA, hydraulic systems are driven by engines, and electric-motor-driven hydraulic pumps and electrical systems are driven by engines and auxiliary-power-unit (APU)-driven generators.
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Key Market Trends
Commercial Segment Held the Highest Market Share in 2019
As of 2019, the commercial segment held the highest market share in the more electric aircraft market. Currently, there are only a few more electric aircraft in this segment; notable among them are Boeing 787 and Airbus A380. Major aircraft manufacturing companies, such as Airbus SE and The Boeing Company, have introduced more electric architecture on their commercial aircraft. Airbus, for its A380 and A350 models, replaced three hydraulic systems with two electric systems successfully, proving the technology to be safe for aircraft. Airbus further plans to replace hydraulic power systems with electric generators on wide-body aircraft. Boeing recorded 145 deliveries of its Boeing 787 Dreamliner aircraft in 2018. Boeing 787 is one of the pioneers of more-electric architecture systems. The aircraft uses electric systems to replace those previously powered by hydraulics or bleed air from engines. New aircraft models are being incorporated with more electric architecture. For instance, in February 2019, Safran Electrical & Power signed a contract with AVIC XAC Commercial Aircraft Co. Ltd (XCAC) to provide the main and auxiliary electrical generation systems for the next MA700, a civil regional turboprop aircraft. Thus, such ongoing developments are expected to further help the growth of the segment in the years to come.
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North America to Dominate the Market During the Forecast Period
Currently, North America is a large market for more electric aircraft, due to a large number of aircraft deliveries, incorporating more electric architecture, to the United States. Lockheed Martin Corporation, in 2018, delivered 91 F-35 fighter jets to the United States and its allies. The increasing environmental concerns and implementation of stringent regulations for aircraft emissions are the major factors responsible for the dominance of the MEA market in the region. Aircraft OEMs are funding R&D projects, even at the university level, for developing technologies for the more electric aircraft industry. In February 2018, researchers at the University of Maryland received a new round of funding from Boeing to develop an innovative GaN (gallium nitride) semiconductor-based modular power electronic solution for more electric aircraft.
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Competitive Landscape
The Boeing Company, Airbus SE, Lockheed Martin Corporation, Textron Inc., and Elbit Systems Ltd are some of the prominent players in the market. Research is being carried out to develop advanced more electric architecture platforms. For instance, in April 2019, Collins Aerospace (United Technologies Corporation) unveiled its lab, 'The Grid', which is the industry’s most advanced electric power systems laboratory. Systems, like high-power generators, may be designed and tested in the lab for the next generation of more electric aircraft, including the commercial, military, business aviation, UAV, and urban air mobility platforms. The more electric approach has allowed the aircraft industry to reduce the loss in propulsion thrust by around 60%, just by converting pneumatic/hydraulic/mechanical actuator systems into power electronics. Thus, the ongoing developments, in terms of electric actuation systems, are expected to bring additional opportunities for the existing players to increase the percentage of electric architecture in their aircraft, thereby, attracting further customers in the years to come.
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Table Of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Commercial
5.1.2 Military
5.1.3 General Aviation
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 France
5.2.2.2 United Kingdom
5.2.2.3 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.2 Rest of Latin America
5.2.5 Middle-East and Africa
5.2.5.1 Qatar
5.2.5.2 United Arab Emirates
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The Boeing Company
6.2.2 Airbus SE
6.2.3 Lockheed Martin Corporation
6.2.4 Safran SA
6.2.5 Honeywell International Inc.
6.2.6 Raytheon Company
6.2.7 Collins Aerospace (United Technologies Corporation)
6.2.8 General Electric Company
6.2.9 Moog Inc.
6.2.10 Parker-Hannifin Corp.
6.2.11 Eaton
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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