The aviation industry has evolved, enabling cost-effective and safe transportation worldwide. One of the major factors attributed to the growth of the aviation industry is the rising number of aircraft deliveries and the growth in air passenger traffic. The evolution of the aviation industry has also led to the technological advancements of various system components, such as generators, rectifiers, actuators, linkages, and raw materials. The market for more electric aircraft is growing as more aircraft subsystems are electrically powered to enhance the overall efficiency of aircraft and reduce emissions. Moreover, market growth may lead to more electric technology advancement, becoming an important driver for more electric aircraft architecture. The more electric aircraft market is projected to grow from USD 4.1 Billion in 2022 and reach USD 7.3 Billion by 2027, at a CAGR of 12.6% during the forecast period.
Though the aviation industry is growing, the sector still faces challenges related to carbon emissions and noise pollution. Hence, aerospace companies and various industry stakeholders invest heavily in research and development to mitigate these challenges. The development of electrical power is paving new opportunities for aircraft optimization in terms of reducing environmental impact, increasing power system efficiency, weight and volume reduction, and additional functionality of subsystems. Furthermore, with aircraft systems being electrically powered, aircraft architecture can be optimized with benefits leading to improved overall reliability, cost of maintenance, and safety.
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Some of the major manufacturers of aircraft electrical systems include Honeywell International Inc. (Us), General Electric (US), Raytheon Technologies Corporation (US), Safran S.A. (France), and Thales Group (France). These market players focus on new product developments to increase their product offerings and market share. They have also made significant investments in research and development to enhance the operational efficiency of more electric aircraft. These key players offer more electric aircraft electric components and systems. They have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East, and Rest of the World regions.
Safran S.A. is the global leader in more electric aircraft. The companys well-established distribution network and brand value are critical to its success. Safran engages in three business segments: aircraft propulsion, aircraft equipment/defense/aerosystems, and aircraft interiors. The corporation is a prominent participant in the electric aircraft market, with operations in Europe, the Middle East, Asia & Oceania, North America, and Africa. Boeing and Safran announced a collaborative venture in Electric Power Systems (EPS) in September 2019. EFS will deliver a portfolio of safe, certifiable, lightweight energy storage systems for aerospace and other applications. The collaborative investment will assist EPS in developing a highly automated industrial base capable of producing aviation-grade energy storage devices on a previously unheard-of scale. The funding will also help to promote technology that will lower the cost of battery systems for electric airplanes.
Honeywell International, Inc. is another key competitor in the market for more electric aircraft. To boost its global footprint, the firm formed a partnership. Honeywell operates in the Americas, Europe, the Middle East, Africa, and Asia Pacific. Honeywell was awarded a USD 1,036.0 million contract by the US Air Force in November 2018 to provide logistical support for secondary power systems and ground-based auxiliary power systems for various aircraft models.
Raytheon Technologies Corporation is a key player in the growing electric aircraft market. Raytheon Technologies was established due to the combination of Raytheon Company and United Technologies Corporation. The corporation prioritizes inorganic strategies. For example, Raytheon Technologies Corporation declared in April 2020 that the all-stock merger of equals deal between Raytheon Company and United Technologies Corporation had been completed successfully.
Thales Group is ranked fourth in the more electric aircraft market. Thales focuses on securing contracts from various OEMs to enhance its global customer base. For example, in April 2015, Thales received a contract from Airbus to supply the electrical power conversion system for the A350 XWB aircraft. The system was expected to deliver different voltages adapted to the energy-consuming equipments standards on the aircraft. The company is in Asia, the Middle East, Africa, and Latin America.
More Electric Aircraft Market by Application (Power Generation, Power Distribution, Power Conversion, Energy Storage), Aircraft Type (Fixed Wing, Rotary Wing), Aircraft System, Component, End User and Region - Global Forecast to 2027
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