The More Electric Aircraft Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s More Electric Aircraft Global Market Report 2024, The more electric aircraft market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to fuel efficiency demands, environmental regulations, advancements in power electronics, reduction in maintenance costs, enhanced aircraft performance, increased reliability and redundancy..
The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, investment in electric propulsion research, global efforts to combat climate change, government incentives for electrification.. Major trends in the forecast period include integrated modular avionics (ima), electrified flight control systems, increased use of electric brakes, innovations in power generation, integration of distributed electric propulsion, collaborations for research and development..
The increase air passenger traffic is expected to propel the growth of the more electric aircraft market going forward. Air passenger traffic refers to the number of passengers in an aircraft. More electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world’s airlines, overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Therefore, the rise in air passenger traffic is driving the growth of the more electric aircraft market.
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The more electric aircraft market covered in this report is segmented –
1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Aircraft System: Propulsion System, Airframe System
3) By Application: Power Generation, Power Distribution, Power Conversion, Energy Storage
4) By End User: Civil, Military
Innovations in electric aircraft are a key trend gaining popularity in the more electric aircraft market. Major market players are concentrating their efforts on creating innovative technologies, such as the Spirit of Innovation Plane for more electric aircraft. For instance, in November 2021, Rolls-Royce, a UK-based company manufacturer of aircraft engines, marine propulsion systems, and power-generation systems launched its all-electric ‘Spirit of Innovation’ aircraft, the world’s fastest all-electric aircraft, having established two new, independently verified world records. The aircraft broke the previous record by 213.04 km/h, reaching a high speed of 555.9 km/h (345.4 mph) over three kilometres (132 mph). In additional tests at the Boscombe Down experimental aircraft testing facility operated by the UK Ministry of Defence, the aircraft surpassed the previous record by 292.8 km/h (182 mph) and reached 532.1 km/h (330 mph) over 15 kilometers.
The more electric aircraft market report table of contents includes:
- Executive Summary
- More Electric Aircraft Market Characteristics
- More Electric Aircraft Market Trends And Strategies
- More Electric Aircraft Market – Macro Economic Scenario
- Global More Electric Aircraft Market Size and Growth
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- Global More Electric Aircraft Market Competitive Benchmarking
- Global More Electric Aircraft Market Competitive Dashboard
- Key Mergers And Acquisitions In The More Electric Aircraft Market
- More Electric Aircraft Market Future Outlook and Potential Analysis
- Appendix
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