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Contracts and New Product Launches are the Key Strategies Adopted by Players to Achieve Growth in the More Electric Aircraft Market
More electric aircraft (MEA) refers to an aircraft in which the pneumatic and hydraulic power is being replaced by electric power. More electric aircraft will revolutionize the energy systems on board aircraft, with conventional power sources being gradually replaced by electric power. MEA provides numerous benefits, such as optimized aircraft performance and decreased maintenance and operating costs.
The more electric aircraft market is expected to grow from USD 7.68 Billion in 2016 to USD 10.94 Billion by 2021, at a CAGR of 7.33% during the forecast period. Demand for environment-friendly aircraft and low cost carriers (LLCs) across the world is fueling growth of the more electric aircraft market. Key players operating in the more electric aircraft market are the Boeing Company (U.S.), Airbus Group (Netherlands), Honeywell International, Inc. (U.S.), United Technologies Corporation (U.S.), and Safran SA (France).
Contracts and new product launches are the key strategies adopted by players to achieve growth in the more electric aircraft market. Market players focus on entering new markets by launching technologically advanced & cost-effective products and acquiring new businesses. Their core competencies include widespread geographical presence and high R&D expenditure.
The Boeing Company holds 27% share of the more electric aircraft market. The company focuses on new contracts as well as carrying out innovations for each of its products that are launched in the market. For instance, in July 2016, Boeing received a contract worth USD 2.75 billion from Malaysia Airlines Berhad for the supply of 25 737 Max 8 aircraft. Earlier, in 2014, Boeing and GE Aviation signed a contract under which GE Aviation will provide electrical load management system, backup converter, and backup generator for Boeing’s 777X aircraft.
Airbus Group (Netherlands), with a wide portfolio in commercial and defense aviation, is another leading manufacturer in the more electric aircraft market. The company’s more electric aircraft includes A320 NEO, A350 XWB, and A380. In 2013, Airbus signed an MoU with EGTS International, which is a joint venture company between Honeywell Aerospace (U.S.) and Safran SA (France), to develop an electric taxiing solution called Electric Green Taxiing System (EGTS) for the Airbus A320 family.
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
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