Market Snapshot
| Study Period: | 2018 - 2026 |
| Base Year: | 2020 |
| 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.
| Application | |
| Commercial | |
| Military | |
| General Aviation |
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Key Market Trends
Commercial Segment Held the Highest Market Share in 2019
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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.
Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Market Drivers
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4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers/Consumers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Commercial
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5.1.2 Military
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5.1.3 General Aviation
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5.2 Geography
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5.2.1 North America
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5.2.1.1 United States
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5.2.1.2 Canada
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5.2.2 Europe
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5.2.2.1 France
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5.2.2.2 United Kingdom
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5.2.2.3 Rest of Europe
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5.2.3 Asia-Pacific
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5.2.3.1 China
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5.2.3.2 India
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5.2.3.3 Japan
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5.2.3.4 Rest of Asia-Pacific
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5.2.4 Latin America
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5.2.4.1 Brazil
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5.2.4.2 Rest of Latin America
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5.2.5 Middle-East and Africa
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5.2.5.1 Qatar
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5.2.5.2 United Arab Emirates
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5.2.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 The Boeing Company
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6.2.2 Airbus SE
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6.2.3 Lockheed Martin Corporation
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6.2.4 Safran SA
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6.2.5 Honeywell International Inc.
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6.2.6 Raytheon Company
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6.2.7 Collins Aerospace (United Technologies Corporation)
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6.2.8 General Electric Company
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6.2.9 Moog Inc.
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6.2.10 Parker-Hannifin Corp.
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6.2.11 Eaton
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The More Electric Aircraft Market market is studied from 2018 - 2026.
What is the growth rate of More Electric Aircraft Market?
The More Electric Aircraft Market is growing at a CAGR of >6% over the next 5 years.
Which region has highest growth rate in More Electric Aircraft Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in More Electric Aircraft Market?
North America holds highest share in 2020.
Who are the key players in More Electric Aircraft Market?
The Boeing Company, Airbus SE, Lockheed Martin Corporation, Honeywell International Inc., Safran SA are the major companies operating in More Electric Aircraft Market.
