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More Electric Aircraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Published: | Mordor Intelligence Pvt Ltd | 82 Pages | Delivery time: 2-3 business days

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More Electric Aircraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 82 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents

The more electric aircraft market is projected to witness a CAGR of more than 6% during the forecast period (2021 - 2026).

The COVID-19 pandemic has affected air passenger traffic globally in 2020 and in the first half of 2021 in several parts of the world, thereby reducing flight activity, and impacting airline cash flows. As a result, most airlines have decided to either cancel or defer their aircraft orders. On the other hand, the commercial aircraft OEMs have trimmed their production rates as the pandemic decreased demand for new jets. With the passenger traffic estimated to take 3-4 years to recover fully, the orders for new commercial aircraft in the next three years are projected to be lesser than the pre-COVID-19 era, which is projected to impact the market prospects in the years to come.

With the increasing concentration on eco-friendly aircraft, many regulations have been imposed on the emissions of aircraft. Such increasing stringency on the emission regulations has made manufacturers shift toward more electric aircraft.

The more electric aircraft market is growing, as the aircraft OEMs realize the potential advantages that the architecture offers, like improved fuel efficiency, reduced maintenance costs, and enhanced reliability by use of modern power electronics and fewer hydraulic and pneumatic components in engine installation. More electric aircraft with short ranges are expected to become viable for regional transportation in the years to come.

Key Market Trends

Commercial Segment Held the Largest Market Share in 2020

As of 2020, the commercial segment held the highest market share in the more electric aircraft market. Currently, there are only a few more electric aircraft in this segment; notable among them are Boeing 787 and Airbus A380. Major aircraft manufacturing companies, such as Airbus SE and The Boeing Company, have introduced more electric architecture on their commercial aircraft. Airbus, for its A380 and A350 models, replaced three hydraulic systems with two electric systems successfully, proving the technology to be safe for aircraft. Airbus further plans to replace hydraulic power systems with electric generators on wide-body aircraft. Boeing recorded a total of 1,006 deliveries of its Boeing 787 Dreamliner aircraft as of August 2021. Boeing 787 is one of the pioneers of more electric architecture systems. The aircraft uses electric systems to replace those previously powered by hydraulics or bleed air from engines. New aircraft models are being incorporated with more electric architecture. Commercial aircraft engine manufacturers are also working on incorporating a higher level of more electric architecture on their engines to support future aircraft models. Pratt & Whitney, which is working on a technology insertion effort for the geared turbofan (GTF) aimed at entry into service around the mid-2020s, has acknowledged that the near-term GTF derivatives could incorporate embedded starter/generators for future more-electric aircraft needs. Similarly, Rolls-Royce is also studying follow-on more electric versions of its new UltraFan engine for the 2030s and beyond. Such developments are expected to drive the growth of the market in the years to come.

North America to Dominate the Market During the Forecast Period

Currently, North America is a large market for more electric aircraft, due to a large number of aircraft deliveries, incorporating more electric architecture, to the United States. Lockheed Martin Corporation, in 2020, delivered 120 F-35 fighter jets to the United States and its allies. The power-by-wire system of the F-35 represents a key advancement in the more electric aircraft technology. It integrates self-contained electro-hydrostatic actuators (EHAs) to control the primary flight surfaces. On the other hand, the increasing environmental concerns and implementation of stringent regulations for aircraft emissions are the major factors responsible for the dominance of the more electric aircraft market in the region. Though the deliveries of wide-body aircraft like Boeing 787 Dreamliner and Airbus A350 XWB have slowed down in the region, airlines still have aircraft on order due for delivery. For instance, as of September 2021, Delta Air Lines which was the first North American airline to fly the A350 XWB, operates 17 Airbus A350-900s. From the 25 A350-900s that were on order, eight are yet to be delivered to the airline. Such a demand for newer more electric aircraft from the commercial and military segments are expected to drive the market in the North American region during the forecast period.

Competitive Landscape

The Boeing Company, Airbus SE, Lockheed Martin Corporation, Honeywell International Inc., and Safran SA are some of the prominent players in the market. Research is being carried out to develop advanced more electric architecture platforms. With the growing focus on the development of more electric components, players are currently facing challenges in validating these systems and components due to the nature of aerospace testing as well as the high level of sophistication of the systems. Hence, players are investing in the infrastructure dedicated to the development of more electric architecture systems. For instance, Collins Aerospace (United Technologies Corporation) has been building a specialized lab, 'The Grid', which will be the industry's most advanced electric power systems laboratory. Systems like high-power generators may be designed and tested in the lab for the next generation of more electric aircraft, including the commercial, military, business aviation, UAV, and urban air mobility platforms. The ongoing developments, in terms of electric actuation systems, are expected to bring additional opportunities for the existing players to increase the percentage of electric architecture in their aircraft, thereby, attracting further customers in the years to come.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Product Code: 48955

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.4.1 Threat of New Entrants
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Bargaining Power of Suppliers
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size by Value - USD billion)

  • 5.1 Application
    • 5.1.1 Commercial
    • 5.1.2 Military
    • 5.1.3 General Aviation
  • 5.2 Geography
    • 5.2.1 North America
      • 5.2.1.1 United States
      • 5.2.1.2 Canada
    • 5.2.2 Europe
      • 5.2.2.1 France
      • 5.2.2.2 United Kingdom
      • 5.2.2.3 Rest of Europe
    • 5.2.3 Asia-Pacific
      • 5.2.3.1 China
      • 5.2.3.2 India
      • 5.2.3.3 Japan
      • 5.2.3.4 Rest of Asia-Pacific
    • 5.2.4 Latin America
      • 5.2.4.1 Brazil
      • 5.2.4.2 Rest of Latin America
    • 5.2.5 Middle-East and Africa
      • 5.2.5.1 Saudi Arabia
      • 5.2.5.2 United Arab Emirates
      • 5.2.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles
    • 6.2.1 The Boeing Company
    • 6.2.2 Airbus SE
    • 6.2.3 Lockheed Martin Corporation
    • 6.2.4 Safran SA
    • 6.2.5 Honeywell International Inc.
    • 6.2.6 Raytheon Company
    • 6.2.7 Collins Aerospace (United Technologies Corporation)
    • 6.2.8 General Electric Company
    • 6.2.9 Moog Inc.
    • 6.2.10 Parker-Hannifin Corp.
    • 6.2.11 Eaton

7 MARKET OPPORTUNITIES AND FUTURE TRENDS