This report provides the Market analysis of the more Electric Aircraft Market for the next five years. It discusses industry and technology trends that are currently prevailing in the market, along with analyzing drivers, restraints, challenges, and threats to the market. 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% during the forecast period. Demand for environment-friendly, highly efficient, low maintenance, and reliable aircrafts is driving the more electric aircraft market globally. Growth of air passenger traffic in developing countries, such as China and India, has also increased the demand for fuel efficient low cost carriers (LCCs). This has encouraged manufacturers of more electric aircraft and electrical components to invest in developing countries.
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The concept of more electric aircraft has led to the introduction of innovative technologies that are cost effective and environmentally friendly. For instance, the E-taxiing systems help move an aircraft on ground before take-off or after landing with electric motors without the support of engines. It saves considerable amount of fuel that is burnt by aircraft as they taxi to and from the runway, and also reduces emissions from taxiing aircraft. The more electric aircraft architecture consists of an electric cabin pressurization system in which the compressors are driven by electric energy to provide the cabin pressurization function, with fresh air carried on board via dedicated cabin air inlets. This method is more efficient than the traditional bleed system, as it avoids excessive energy extraction from engines.
Based on technology, the power electronics segment of the more electric aircraft market is estimated to grow at a high rate during the forecast period, due to increase in the number of aircraft deliveries. Demand for better power electronics has been driving the more electric aircraft market. For instance, Boeing is expected to deliver 5,930 new aircraft by 2035. They include B737 Max, 747-8, and 787 Dreamliner, which are fitted with more electric architecture. These aircraft use various kinds of power electronics, which will lead to growth of the power electronics segment. On the basis of application, the power generation management segment of the market is projected to grow at a rapid pace during the forecast period.
The more electric aircraft market in Europe is expected to grow at the highest rate during the forecast period. This growth can be attributed to the presence of large OEMs (original equipment manufacturers) and OCMs (original component manufacturers), such as Safran SA (France) and Airbus Group (Netherlands) in the region.
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