More Electric Aircraft Market

Safran A.S (France), Honeywell International, Inc. (US) and Raytheon Technologies(US) are Leading Players in the More Electric Aircraft Market

The more electric aircraft market is estimated to be USD 1.5 billion in 2020 and is projected to reach USD 3.3 billion by 2025, at a CAGR of 17.4% during the forecast period. Recent technological advancements in the field of power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have fueled the adoption of MEA. Advancements in high-density battery solutions and the need for the optimization of aircraft performance are other factors fueling the growth of the market. The more electric aircraft (MEA) is a concept that involves the utilization of electric power for all non-propulsive systems in an aircraft instead of pneumatic and hydraulic sources of power. With increased environmental concerns, the aviation industry is moving toward all electric and more electric aircraft (MEA) from pneumatic and hydraulic systems to reduce fuel consumption, emissions, and noise

Contracts are among some of the key strategies adopted by the leading market players to strengthen and sustain their position in the more electric aircraft market. In September 2020, BAE Systems received a contract from Aerion Supersonic to supply the flight control system for its new AS2 supersonic business jet. BAE Systems will design, develop, and integrate a fly-by-wire flight control system, including active inceptors, for the new aircraft.

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Key Players in the more electric aircraft market Safran A.S (France), Thales Group(France), Raytheon Technologies(US), Inc., Honeywell International, Inc (US) and GE Aviation (US) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the more electric aircraft market. This is also confirmed by their growth rates, which have been very similar to that of the market. These companies offer their products, solutions, and services to various aircraft manufacturers. The products & services provided by these leading players play a vital role in civil and military.

Safran A.S is the leading player in the more electric aircraft market. The company’s well-established distribution network and brand value serve as an essential factor for its growth. Safran operates through the aircraft propulsion, aircraft equipment/ defense/aerosystems, and aircraft interior segments. The company is a major player in the more electric aircraft and has its presence in regions such as Europe, the Middle East, Asia & Oceania, North America, and Africa. In September 2019, Boeing and Safran announced a joint investment in Electric Power Systems (EPS); EFS will be offering a suite of safe, certifiable, and lightweight energy storage products that provide high-quality power for aerospace and other markets. The joint investment will help EPS develop a highly-automated industrial base capable of producing aviation-grade energy storage systems at an unprecedented scale. The investment will also support the advancement of technologies to further reduce the costs of battery systems for electric airplanes.

Honeywell International, Inc. is another leading player in the more electric aircraft market. The company has undergone a partnership to strengthen its global presence. Honeywell has a presence in the Americas, Europe, the Middle East & Africa, and Asia Pacific. In November 2018, Honeywell received a contract worth USD 1,036.0 million from the US Air Force to provide logistics support for secondary power systems and ground-based auxiliary power systems for multiple aircraft types.

Raytheon Technologies Corporation plays a vital role in the more electric aircraft market. Raytheon Technologies was formed after the merger of Raytheon Company and the United Technologies Corporation. The company focuses on inorganic strategies. For example, in April 2020, Raytheon Technologies Corporation announced the successful completion of the all-stock ‘merger of equals’ transaction between Raytheon Company and United Technologies Corporation

Related Reports:

More Electric Aircraft Market by End User (Civil, Military), Aircraft System, Component, Application (Power Generation, Power Distribution, Power Conversion, Energy Storage), Aircraft Type (Fixed Wing, Rotary Wing), Region - Global Forecast to 2025

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Report Code
AS 2769
RI Published ON
12/2/2020
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