As per a detailed analysis by Market Research Future (MRFR), the more electric aircraft market is estimated to garner a CAGR of 4% during the forecast period (2017-2023). More electric aircraft (MEA) can be defined as the future-generation aircraft which are equipped with electrical systems to reduce non-propulsive power systems like pneumatic, mechanical, and hydraulic systems. The rising fuel prices have become a growing concern for the aviation companies which impels them to seek for alternatives over conventional fuel sources. The growing focus on electrical energy as an eco-friendly and effective alternative to conventional fuel is pushing the market growth uphill.
Market Potential and Pitfalls
The more electric aircraft market has faced drastic growth across the globe due to the plummeting demand for new aircraft and increasing air traffic. The advancing technology in the field of power electronics, flight control systems, high-density electric motors, fault-tolerant architecture, power generation, and conversion systems have assisted in the growth of more electric aircraft market. With the adoption of MEA, the aircraft sector can unlock significant developments like less consumption of oil, aircraft reliability, and others. With the extensive use of electrical appliances in the aircraft, the operational cost has been lowered, and the performance level has been elevated. The market’s growth is also directed by factors such as the reduction in weight of the aircraft, enhanced reliability, and reduced loss in propulsion. More electric aircraft is extensively adopted in the defense sector, which is predicted to elevate scope for MEA market across the globe. The extensive adoption of MEA in military operations is due to the silent electric engine operation, which helps them to fly at a low level without being detected. Governments are taking initiatives to reduce carbon emissions, which have further introduced development in the performance of MEA worldwide.
On the contrary, the need for a colossal amount of electrical power for systems, the more electric aircraft market is considered to face challenges. With the present technologies in power electronics, it is not easy to obtain full efficiency, which curbs the growth of the market. Additionally, the technical issues with electrical generators in the aircraft, which requires rectification can hamper the growth of the market. The thermal management system is also considered one of the major challenges, as electric systems generate a huge amount of heat which needs to be rejected into the heat sink or utilized effectively for the safe operation of the aircraft.
Global More Electric Aircraft Market: Segmental Analysis
The more electric aircraft market is segmented on the basis of application and platform.
By mode of application, the more electric aircraft market is segmented into military and commercial.
Based on platform, the more electric aircraft market is segmented into rotary wing aircraft, fixed-wing aircraft, and UAV. Among these, the fixed wing aircraft is considered to gain prominence and is anticipated to retain its growth in the coming years.
Geographically, the more electric aircraft market span across Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
North America and South America had around 8,030 aircraft in service in 2013. Out of the total number of aircrafts, 6,650 belonged to North America, and the remaining 1380 belonged to South America. The demand for aircrafts in these regions is anticipated to cross 10,500 in the coming years, thereby providing the aviation industry an impetus. With the booming aviation industry, the demand for more electric aircraft is presumed to trigger in these regions. Moreover, the existence of industry bigshots and advancing technology will push the regional market growth uphill. The surging military upgrades like the purchase of unmanned aerial vehicles along with the advanced military jets are considered to trigger the demand for more electric aircraft in North America.
The Asia Pacific region is considered to gain prominence in the long run due to the acceleration in air traffic coupled with the plummeting demand for more electric aircraft from the defense segment. The region is also likely to restore its technology platform due to the increasing military spending by the governments to boost economic growth. This is considered to promote the growth of the regional market.
May 28, 2019: An online charter broker with visions to become the Uber for the skies, BlackBird has recently placed an order with the Bye Aerospace for more than 100 electric airplanes that will fly someday and will be more affordable than driving for trips up to 300 miles.
The top players dominating the global more electric aircraft market comprises Raytheon Company (U.S.), Rolls Royce (U.S.), Thales Group (France), United Technologies Corporation (U.S.), Airbus (France), Honeywell International, Inc. (U.S.), Boeing (U.S.), Safran SA (France), Zodiac Aerospace SA (France), Lockheed Martin (U.S.), and Bombardier Inc. (Canada)
Global More Electric Aircraft Market Report Information by Application (Commercial and Military), by Platform (Fixed Wing Aircraft, Rotary Wing Aircraft, and UAV), and by Region - Forecast To 2023 @ https://www.marketresearchfuture.com/reports/more-electric-aircraft-market-1245