Global More Electric Aircraft Market Size, Share, Growth Analysis, By Aircraft System(Propulsion and Airframe), By Type(Fixed Wing and Rotary Wing) - Industry Forecast 2024-2031

Global More Electric Aircraft Market size was valued at USD 4.09 billion in 2022 and is poised to grow from USD 4.63 billion in 2023 to USD 12.48 billion by 2031, growing at a CAGR of 13.20% during the forecast period (2024-2031).

The market for More Electric Aircraft (MEA) is witnessing significant growth due to the adoption of flyby wire systems and advancements in aircraft power production and conversion technologies. Prospective clients across various platforms are keen on upgrading their fleets with state-of-the-art electrical systems, aiming to reduce aircraft maintenance costs and enhance dispatch reliability. The demand for MEA has notably expanded with the integration of electrical components into various aircraft systems and subsystems, albeit at a considerable initial investment. The trajectory of modern flight is increasingly dependent on power from electrical sources, driving the MEA market towards higher growth rates and promising prospects. Airbus's successful implementation of electric systems in its A380 and A350 models, replacing hydraulic systems, underscores the safety and viability of this technology for aircraft use. Airbus is also aiming to transition hydraulic power systems to electrical generators in wide-body aircraft. Boeing's pioneering Boeing 787 Dreamliner, equipped with electric architectural systems replacing hydraulic counterparts, further underscores the industry's shift towards electrification, with over 1,006 Dreamliner deliveries already recorded by Boeing.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global More Electric Aircraft Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global More Electric Aircraft Market Segmental Analysis

Global More Electric Aircraft Market is segmented on the basis of application, aircraft system, type, end-user and region. By application, the market is segmented into power generation, power distribution, power conversion, energy storage. By type, market is segmented into fixed wing and rotary wing. By end user, the market is segmented into civil and military. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global More Electric Aircraft Market

With a focus on replacing traditional hydraulic and pneumatic systems, more electric aircraft utilize electric systems, boasting enhanced fuel efficiency compared to their conventional counterparts. This efficiency stems from the superior energy-to-motion conversion of electric systems, reducing wasted energy and subsequently decreasing fuel consumption. Consequently, as airlines and aircraft operators strive to curtail fuel expenses and enhance environmental sustainability, the demand for more electric aircraft is projected to experience substantial growth.

Restraints in the Global More Electric Aircraft Market

The advancement and integration of electric aircraft technologies necessitate a proficient workforce, encompassing engineers and technicians possessing specialized expertise in electric systems. However, the scarcity of skilled professionals in this domain might constrain the expansion of the market.

Market Trends of the Global More Electric Aircraft Market

The rising call for eco-friendly aviation is propelled by apprehensions regarding climate change and aviation's ecological footprint. Embracing enhanced electric aircraft systems presents a promising solution, as they can significantly curtail fuel consumption and emissions, thus becoming a compelling choice for airlines and various operators seeking sustainable alternatives.