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More Electric Aircraft Market worth 10.94 Billion USD by 2021
The report "More Electric Aircraft Market by Technology (Power Electronics, Thermal Management, Energy Storage & Others), Application (Power Generation, Passenger Comfort, Air Pressurization & Others) Platform (Fixed Wing, Rotary Wing), and Region - Global Forecast to 2021", The more electric aircraft market is projected to grow from USD 7.68 Billion in 2016 to USD 10.94 Billion by 2021, at a CAGR of 7.33% from 2016 to 2021.
Browse 72 market data tables and 60 figures spread through 142 pages and in-depth TOC on “More Electric Aircraft Market - Global Forecast to 2021”
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Decrease in aircraft operating and maintenance cost, reduction in carbon emission and airport noise, and the need for optimized aircraft performance are the major factors driving the more electric aircraft market. The use of electric power in airframe systems saves fuel and helps in cost reduction. The more electric aircraft architecture also helps in reducing maintenance costs as it requires fewer moving or non-moving parts, as compared to the conventional aircraft systems. These factors have led to the manufacturing of aircraft engines and architecture with improved electric components.
Power electronics segment projected to lead the more electric aircraft market during the forecast period
Based on technology, the power electronics segment is expected to account for the largest market share during the forecast period. The more electric aircraft uses electrical energy instead of hydraulic, pneumatic, and mechanical means to power virtually all its subsystems, including flight control actuation, environmental control system, and utility function. Power electronics help improve both the generator’s (mechanical to electric) and actuator’s (electric to mechanical) energy conversions and also enable better energy regeneration. Power electronics also helps in reducing weight, is easier to maintain, and provides more controllability and intelligence which includes fault detection and diagnosis.
Power generation management segment expected to grow at the fastest rate during the forecast period
Power generation and management plays an important role in the more electric aircraft architecture. With the growing aircraft electrical system power levels, the diversity of the power generation types is increasing as well. Upcoming advanced technologies and increasing application of more electric architecture for different functions by various OEMs in their aircraft are expected to propel the demand for power generation management systems during the forecast period.
North America estimated to be the largest market for more electric aircraft
North America is estimated to lead the more electric aircraft market, owing to technological advancements in more electric aircraft and presence of key players, such as General Electric Co. (U.S.) and United Technologies Corporation (U.S.) in the region. Economic growth, expansion of commercial & military aviation, and space missions by various space agencies are factors driving the North American more electric aircraft market. Growth of the North American more electric aircraft market in military aviation application can be attributed to the growing military modernization programs, which include increased procurement of spacecraft, manned & unmanned aircraft, and helicopters, among others.
General Electric Co. (U.S.), United Technologies Corporation (U.S.), Rolls-Royce Holdings plc. (U.K.), and Honeywell International, Inc. (U.S.), are the key players operating in the more electric aircraft market. A market share analysis has been carried out by tracking all products of key market players, their geographical presence, and recent developments.
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