More Electric Aircraft Market

More Electric Aircraft Market Statistics - 2027

The global more electric aircraft market valued $1,809.20 million in 2019, and is projected to reach $4,612.69 million in 2027, registering a CAGR of 15.5%.    

Aircraft are utilized in the transportation of goods and passengers worldwide depending on the requirement of various industries such as tourism, logistics, and defense industries. The aircraft form a tremendous part of the investment of an organization, owing to huge maintenance costs and operating costs apart from the immense procurement costs associated with an aircraft. Aircraft also emit noise and air pollutants such as Carbon dioxide CO2, nitrogen oxides (NOX), sulphur oxides (SOX), and unburnt hydrocarbons (HC), which have adverse effects on the environment. The aviation companies are adopting partial or overall electrification of aircraft functions to overcome the environmental challenges posed by conventional jet-fuel-based aircraft and to comply with the restrictions and regulations imposed by the aviation regulators globally. The more electric aircraft technology involves the gradual replacement of hydraulic and pneumatic power with electric power and aids in the reduction of aircraft mass, fuel consumption, greenhouse gas emissions, assembling costs, and maintenance costs.

Rise in innovations and development of new aircraft technologies is anticipated to fuel the growth of the global more electric aircraft market during the forecast period. For instance, in June 2019, Honeywell International Inc. launched a compact fly-by-wire system. The compact system will eliminate the need for heavy pushrods, control cables, or hydraulics in the aircraft and will enhance the stability of the aircraft. Moreover, market leaders of the aviation industry have installed more electric systems to overcome the shortcomings of hydraulic, pneumatic, and mechanical systems. For instance, a unique no-bleed system architecture was introduced in the Boeing 787 Dreamliner to replace the existing conventional power source for bleed air functions with electrical power. The addition of no-bleed systems architecture further increases the efficiency of the aircraft by decreasing the power consumption from the 787 engine by 35% compared to the pneumatic power systems.

The more electric aircraft market is segmented on the basis of aircraft system, application, aircraft type, end user, and region. Based on aircraft system, the market is divided into propulsion system and airframe system. Depending on application, it is fragmented into power generation, power distribution, power conversion, and energy storage. Based on aircraft type, the market is classified into fixed-wing and rotary-wing. Based on end user, the market is distributed into civil and military. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global more electric aircraft market include AMETEK, Inc., BAE Systems PLC, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings PLC, Safran, and Thales Group.

Growth in demand for high-performance fuel-efficient aircrafts

In a conventional aircraft non-electric power sources such as pneumatic, mechanical, and hydraulic power are used for warming leading-edge wings, elevators for ice protection, compressor spinning for cabin environmental control, and fuel pumping into the engine combustion chamber, hydraulic pump drive for primary flight control actuation. These applications consume conventional jet fuel and further reduces the fuel efficiency of the aircraft. Electric power sources are increasingly adopted by aircraft customers as the secondary power systems to provide power for these aircraft components and further increase the fuel efficiency of the aircraft. For instance, the integration of electric motors in an aircraft can reduce the dependence on a conventional fuel-based power source for multiple aircraft components namely landing gears, propeller fans, and cabin air-conditioning systems. Implementation of More Electric Aircraft (MEA) technology also provides an incremental increase in the performance of the aircraft by use of electric and hybrid-electric power sources. For instance, the use of high-performance electric drives (HPED) in the MEA architecture can power the high electric loads of an aircraft and enhance the performance of an aircraft. These technologies promote the usage of MEA technology by the aviation industry to cater to the changing needs and demands of its consumers.

Increase in the adoption of more electric aircraft technology to enhance the performance and increase the fuel-efficiency of an aircraft are the factors propelling the growth of the more electric aircraft market during the forecast period.  

Increase in demand for less polluting aircrafts 

The global rise in air and noise pollution has directed the focus of the regulatory bodies and manufacturers around the world to adopt environment-friendly policies and technologies. Rise in demand for sustainable technologies such as more electric aircraft technology for pollution reduction is attributed to initiatives taken by governments around the world. For instance, European Commission announced the proposal for Clean Aviation European Partnership in February 2021. The primary goal of the proposal is to utilize the work of Clean Sky and Clean Sky 2 Joint Undertakings and develop solutions to minimize the environmental impact of the aviation sector. The aid from the government and technological advancement further helps the manufacturers of the aviation industry to adopt MEA technologies for lowering the harmful gases emitted by aircraft. For instance, in March 2021, under the LiBAT project a lightweight, compact and tuneable AC battery system was developed. This system will further lower the nitrogen dioxide (NO2), carbon dioxide (CO2), and greenhouse gas emissions during flight operations. Moreover, the implementation of electric components in the aerospace industry such as electric motors, electric generators, electric or hybrid-electric engines also brings down the noise pollution created by the aircraft.

Adoption of MEA technology for applications such as electrification of the aircraft aids in the reduction of air and noise pollution generated from aircraft operations, which acts as a key driver for the growth of the more electric aircraft market during the forecast period.    

High capital requirement

The Original Equipment Manufacturers (OEM) of the more electric aircraft have to spend huge amounts of initial capital investments for establishing manufacturing capabilities, procuring state-of-the-art integration platforms and technical equipment, training workforce, and setting up of machinery. These high initial costs act as a barrier for the entry of start-ups and new businesses and act as a restraint for the growth of the market. For instance, in January 2020, Toyota Motor Corporation invested $394 million in aerospace company Joby Aviation which is developing an all-electric aircraft with vertical take-off and landing capabilities. Joby Aviation received a total of $720 million of funding from multiple partners. The high capital requirement of the MEA technology creates a challenge for the new market entrants of the aviation sector as securing funding of huge amounts for establishing supplier networks and getting certifications is very difficult for various MEA companies. The high capital requirement in the more electric aircraft technology is signified by the $50 million investment for designing and testing of electric propulsion motor by Collins Aerospace in April 2019.

The need for high capital investment for the establishment of more electric aircraft manufacturing and support infrastructure restrain the growth of the more electric aircraft market during the forecast period.

Reliability of aircraft electrical system 

More electric aircraft requires a high level of integration and reliability of electrical systems and power electronics for safe operations. Proliferation in the usage of on-board electrical distribution systems in place of conventional hydraulic, pneumatic, and mechanical systems for increasing efficiency and reducing the weight of the aircraft has led to safety and reliability concerns. The reliability of performance of electrical systems in harsh environments with fluctuation in temperature and pressure requires a large scale of complex simulation tests. These tests further increase the challenges for the OEMs. For instance, to increase the resilience of the Electrical Power Distribution System (EPDS) the OEMs have to install large-scale redundancy. Besides, multiple redundant systems have to be installed in a more electric aircraft to avoid fatal power loss in the aircraft, the addition of a redundant system increases the requirement of the power which further acts as a challenge for the OEMs. These challenges associated with more electric aircraft technology raise concerns regarding the reliability of the electrical systems.

The challenges in the integration of a reliable electrical system act as the restraint for the growth of more electric aircraft market. 

Covid-19 Impact Analysis 

• The COVID impact on the more electric aircraft market is unpredictable and it is expected to remain in force till the second quarter of 2021. 
• The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. This led to a sudden downfall in air traffic, which further reduced the demand for more electric aircraft across the world. 
• Moreover, the nationwide lockdown forced the aircraft manufacturing facilities to partially or completely shut their operations.
• The adverse impacts of the COVID-19 pandemic have resulted in delays in the activities and initiatives regarding the development of innovative more electric aircraft solutions.

Key Benefits For Stakeholders

• This study presents the analytical depiction of the global more electric aircraft market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall more electric aircraft market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global more electric aircraft market with a detailed impact analysis.
• The current more electric aircraft market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Aircraft System

• Propulsion System
• Airframe System 

By Application

• Power Generation
• Power Distribution
• Power Conversion
• Energy Storage

By Aircraft Type

• Fixed-Wing 
• Rotary-Wing 

By End-User

• Civil 
• Military

By Region

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Norway 
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

KEY PLAYERS

• AMETEK, Inc.
• BAE Systems plc
• Bombardier Inc.
• Elbit Systems Ltd. 
• GE Aviation
• Honeywell International Inc. 
• Raytheon Technologies Corporation 
• Rolls-Royce Holdings plc 
• Safran
• Thales Group

 More Electric Aircraft Market Report Highlights