Market Research Report
More Electric Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945278|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|More Electric Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 110 Pages||
The global more electric aircraft market grew at a CAGR of 6.5% during 2014-2019. More electric aircraft (MEA) involves the utilization of advanced electrical systems to replace the commonly used pneumatic equipment. In these aircraft, non-propulsive functions, such as pressurization, de-icing, engine starting, flight controls and actuation of the landing gear, are electrified, thereby making them highly energy efficient. They also utilize power electronics, energy storage devices, and thermal management, safety, battery and fuel cell systems. In comparison to the traditionally used aircraft, MEA are safer, environment-friendly and cause minimal noise pollution and generate lower carbon emissions.
Significant growth in the aviation industry, along with a growing need to optimize aircraft performance, is among the key factors driving the growth of the market. In line with this, widespread adoption of MEA, owing to associated benefits such as reduced operating and maintenance costs and increased reliability, is contributing to the market growth. This has further enabled the utilization of technologically advanced power electronics, fault-tolerant equipment, electro-hydrostatic actuators and flight control systems. Apart from this, various high-density electric motors, power conversion and generation systems are also used in the MEA. Additionally, the growing adoption of these aircraft in the commercial sector is also providing a boost to the market growth. New aircraft are now increasingly being integrated with more electric architecture that has potential advantages, such as improved fuel efficiency, aircraft reliability and minimal dependency on fossil fuels. Other factors, including the growing adoption of unmanned aerial vehicles (UAV) in the defense sector, along with the implementation of favorable government policies to ensure the continual research and development (R&D) and launch of effective and advanced product variants, are projected to drive the market further Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.