Global More Electric Aircraft Market is valued approximately at USD 2787.61 million in 2022 and is anticipated to grow with a healthy growth rate of more than 15.5% over the forecast period 2023-2030. More electric aircraft (MEA) is a term used to describe aircraft that rely on electrical systems for various functions traditionally powered by hydraulic or pneumatic systems. MEA technology aims to increase efficiency, reduce emissions, and improve the overall performance of aircraft. The Electrical systems are generally more efficient than hydraulic or pneumatic systems. They eliminate the need for hydraulic fluid or compressed air, reducing energy losses associated with fluid leakage and system inefficiencies. The global more electric aircraft market is expected to grow due to increased innovation and development of new aircraft technologies. The adoption of more electric aircraft technology is driven by the desire to enhance performance, increase fuel efficiency, and address environmental concerns. Also, governments and regulatory bodies in different countries are promoting the use of sustainable technologies such as more electric aircraft to reduce air and noise pollution.
Military organizations around the world are increasingly recognizing the potential benefits of more electric aircraft technology. The military's focus on modernizing its aircraft fleet to meet evolving threats and operational requirements creates a strong demand for advanced technologies like more electric aircraft. According to the SIPRI in 2022, global military expenditure reached its highest recorded level, rising by 3.7% in real terms to USD 2,240 billion in 2022. This represents a significant increase and indicates the continued importance placed on military investments globally. Moreover, the total global military spending accounted for 2.2% of the global gross domestic product (GDP) in 2022, highlighting the significant economic resources dedicated to military endeavors. Additionally, development of advanced power electronics components and emergence of alternative power sources is anticipated to create the lucrative opportunity for the market during forecast period. However, high capital investment for the establishment of more electric aircraft manufacturing stifles the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global More Electric Aircraft Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to a significant number of aircraft deliveries incorporating more electric architecture, strong emphasis on research and development, along with the development of necessary infrastructure for electrifying aircraft subsystems. Asia Pacific is expected to fastest growing significantly during the forecast period, owing to rapid growth in the commercial aviation sector. Additionally, the region is expected to experience substantial market growth due to the increasing fleet size in the military sector.
Major market player included in this report are:
- BAE Systems Plc
- GE Aerospace
- Elbit Systems Ltd.
- Ametek, Inc.
- Raytheon Technologies Corporation
- Honeywell International Inc.
- Rolls-Royce Holdings Plc
- Bombardier Inc
- Thales Group
- Safran S.A
Recent Developments in the Market:
- In January 2022, Wisk, a well-known Advanced Air Mobility (AAM) firm and the creator of the first all-electric, self-flying air taxi in the United States, has successfully received USD 450 million in investment from The Boeing firm. Wisk's continuous efforts to create cutting-edge AAM technology and revolutionise the transportation industry are likely to be bolstered by this large investment.
- In January 2022, Lockheed Martin Corporation's venture capital arm made a significant investment in Electra Inc., providing the electric short takeoff and landing (eSTOL) aircraft idea both a financial and credibility boost. This move is expected to hasten the development of Electra's unique eSTOL aircraft, which has the potential to revolutionise short-haul transportation and make substantial progress towards sustainable aviation.
Global More Electric Aircraft Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Aircraft System, Application, Aircraft Type, End User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Aircraft System:
- Propulsion System
- Airframe System
By Application:
- Power Generation
- Power Distribution
- Power Conversion
- Energy Storage
By Aircraft Type:
By End User:
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
- 1.2.1. More Electric Aircraft Market, by region, 2020-2030 (USD Million)
- 1.2.2. More Electric Aircraft Market, by Aircraft System, 2020-2030 (USD Million)
- 1.2.3. More Electric Aircraft Market, by Application, 2020-2030 (USD Million)
- 1.2.4. More Electric Aircraft Market, by Aircraft Type, 2020-2030 (USD Million)
- 1.2.5. More Electric Aircraft Market, by End User, 2020-2030 (USD Million)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global More Electric Aircraft Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global More Electric Aircraft Market Dynamics
- 3.1. More Electric Aircraft Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing demand for high-performance fuel-efficient aircrafts
- 3.1.1.2. Rise in adoption of electric components for auxiliary power and other crucial systems in aircraft
- 3.1.2. Market Challenges
- 3.1.2.1. High Cost of device and components
- 3.1.3. Market Opportunities
- 3.1.3.1. Advancement in battery solutions and electronic components
- 3.1.3.2. Development of alternative power sources
Chapter 4. Global More Electric Aircraft Market: Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economic
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global More Electric Aircraft Market, by Aircraft System
- 5.1. Market Snapshot
- 5.2. Global More Electric Aircraft Market by Aircraft System, Performance - Potential Analysis
- 5.3. Global More Electric Aircraft Market Estimates & Forecasts by Aircraft System 2020-2030 (USD Million)
- 5.4. More Electric Aircraft Market, Sub Segment Analysis
- 5.4.1. Propulsion System
- 5.4.2. Airframe System
Chapter 6. Global More Electric Aircraft Market, by Application
- 6.1. Market Snapshot
- 6.2. Global More Electric Aircraft Market by Application, Performance - Potential Analysis
- 6.3. Global More Electric Aircraft Market Estimates & Forecasts by Application 2020-2030 (USD Million)
- 6.4. More Electric Aircraft Market, Sub Segment Analysis
- 6.4.1. Power Generation
- 6.4.2. Power Distribution
- 6.4.3. Power Conversion
- 6.4.4. Energy Storage
Chapter 7. Global More Electric Aircraft Market, by Aircraft Type
- 7.1. Market Snapshot
- 7.2. Global More Electric Aircraft Market by Aircraft Type, Performance - Potential Analysis
- 7.3. Global More Electric Aircraft Market Estimates & Forecasts by Aircraft Type 2020-2030 (USD Million)
- 7.4. More Electric Aircraft Market, Sub Segment Analysis
- 7.4.1. Fixed-wing
- 7.4.2. Rotary-wing
Chapter 8. Global More Electric Aircraft Market, by End User
- 8.1. Market Snapshot
- 8.2. Global More Electric Aircraft Market by End User, Performance - Potential Analysis
- 8.3. Global More Electric Aircraft Market Estimates & Forecasts by End User 2020-2030 (USD Million)
- 8.4. More Electric Aircraft Market, Sub Segment Analysis
- 8.4.1. Civil
- 8.4.2. Military
Chapter 9. Global More Electric Aircraft Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. More Electric Aircraft Market, Regional Market Snapshot
- 9.4. North America More Electric Aircraft Market
- 9.4.1. U.S. More Electric Aircraft Market
- 9.4.1.1. Aircraft System breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Application breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Aircraft Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. End User breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada More Electric Aircraft Market
- 9.5. Europe More Electric Aircraft Market Snapshot
- 9.5.1. U.K. More Electric Aircraft Market
- 9.5.2. Germany More Electric Aircraft Market
- 9.5.3. France More Electric Aircraft Market
- 9.5.4. Spain More Electric Aircraft Market
- 9.5.5. Italy More Electric Aircraft Market
- 9.5.6. Rest of Europe More Electric Aircraft Market
- 9.6. Asia-Pacific More Electric Aircraft Market Snapshot
- 9.6.1. China More Electric Aircraft Market
- 9.6.2. India More Electric Aircraft Market
- 9.6.3. Japan More Electric Aircraft Market
- 9.6.4. Australia More Electric Aircraft Market
- 9.6.5. South Korea More Electric Aircraft Market
- 9.6.6. Rest of Asia Pacific More Electric Aircraft Market
- 9.7. Latin America More Electric Aircraft Market Snapshot
- 9.7.1. Brazil More Electric Aircraft Market
- 9.7.2. Mexico More Electric Aircraft Market
- 9.8. Middle East & Africa More Electric Aircraft Market
- 9.8.1. Saudi Arabia More Electric Aircraft Market
- 9.8.2. South Africa More Electric Aircraft Market
- 9.8.3. Rest of Middle East & Africa More Electric Aircraft Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. BAE Systems Plc
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. GE Aerospace
- 10.3.3. Elbit Systems Ltd.
- 10.3.4. Ametek, Inc.
- 10.3.5. Raytheon Technologies Corporation
- 10.3.6. Honeywell International Inc.
- 10.3.7. Rolls-Royce Holdings Plc
- 10.3.8. Bombardier Inc
- 10.3.9. Thales Group
- 10.3.10. Safran S.A
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption