Global More Electric Aircraft Market Report Information by Application (Commercial and Military), by Platform (Fixed Wing Aircraft, Rotary Wing Aircraft, and UAV), and by Region – Forecast To 2023.
Raytheon, Safran, Airbus, Honeywell International, The Boeing Company, Thales Group, United Technologies Corporation, Bombardier, TTTechComputertechnik, and Zodiac Aerospace SA are some of the leaders driving the Global More Electric Aircraft Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.
More Electric Aircraft Market – Overview
More Electric Aircraft (MEA) approach is widely accepted & adopted worldwide mainly due to the growing ecological concerns. MEAs are proving to be effective in enabling the aircraft industry to witness significant improvements in terms of reducing aircraft weight, fuel consumption, enhancing aircraft reliability & maintenance reducing the total life cycle costs.
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Planes powered by carbon-based fuels like kerosene/gasoline are capable enough to carry a significant weight, providing the vast power required to lift large commercial airliners on journeys across the globe. However, their higher energy consumption, NOX emission, noise & Air pollution is taking its toll on quality of life. Also, with depleting oil resources & increasing greenhouse gas emissions penalties, the future of aviation is dependent on finding an alternative power source. Electrically powered aircraft is certainly the answer, accomplishing the objectives mentioned above.
MEAs have evolved tremendously over the past couple of decades and the ones on Airbus 380, Lockheed F35 and Boeing 787 are the most outstanding MEAs. These aircrafts have developed mainly focusing upon replacing the secondary energy sources like hydraulic or pneumatic systems with an electric one. Recent research and development indicate that MEA will develop significantly further and progress into innovating the primary energy source. This will further increase the already growing global More Electric Aircraft market.
Acknowledging the kind of traction the market is witnessing currently, recently Market Research Future published a study report foretelling the growth prospects of the market up to 2021. In its study report MRFR asserts that the More Electric Aircraft market further accruing exponentially will register over 4% of a CAGR globally, during the forecast period (2016 – 2021).
More Electric Aircraft have been proved effective in reducing the overall cost with the improved operations while being gentle on the environment reducing the carbon footprints. Other factors like increasing number of aircraft deliveries and the demand for fuel-efficient aircraft with less carbon emission etc. are some of the major market growth propelling factors. Prominent trend of the market observed during the analysis is shift to fuel cells usage.
On the other hand, factors such as issues pertaining to the electrical power system along with the issues of electrical generator associated with the civilian and commercial usage of MEA are posing challenges to the market growth. Besides, heavy investments and lengthy clearance process required for components upgrade are restricting the market growth. Nevertheless, some of the unique advantages of MEAs like reduced noise & air pollution coupled with the demand for optimized aircraft performance will fuel the growth of the more electric aircraft market globally.
Technological advancements transpired in power electronics, electro-hydrostatic actuators, fault-tolerant architecture, high density electric motors, flight control systems, power generation and conversion systems; have elevated the market growth of the MEA. Leverage to this trend of technological development aircraft OEMs are increasingly collaborating with their suppliers to design new systems and implement new electrical-intensive architectures.
Industry/ Innovation/ Related News:
Eviation Aircraft Ltd. (Israel) a Electric airplane manufacturing start-up announced that it has partnered with Kokam (South Korea) a leading battery supplier to develop its 9-seat commuter aircraft scheduled to fly by 2021.
Zunum Aero (US) announced commencement of building its first prototype electric airplane motor, and plans to put an upgraded version on a test aircraft in 2019. The company also mentioned that it is working on a new class of regional airplanes with hybrid electric propulsion systems, & scheduled to commence the service in 2022. The project is backed by the companies like JetBlue, Boeing including other investors.
Extra Aircraft Company (Germany) announced the actuation of two new seats in its electric aircraft – Extra 330LE. Matted to a Siemens electric motor the new ePlane soars up to 3,000 mtrs. in just 4.22 minutes, with a climbing rate of 11.5 m/s. The Extra 330LE is officially recognized by the FAI (Fédération Aéronautique Internationale) and has already created the best performance world record in November 2016.
JetSuite, US scheduled charter operator, will be the launch partner for Zunum Aero’s hybrid-electric regional aircraft. Zunum Aero is an aviation startup backed by Boeing and JetBlue. The delivery is scheduled to start from the beginning of 2022.
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More Electric Aircraft Global Market – Competitive Landscape
The market appears to be fiercely competitive; several large & small players form a competitive landscape. These players are increasingly investing in R&D activities to being more advancement in the manufacturing process in addition to the strategic collaboration, partnership, expansion.
- Distributor & Supplier companies
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
Worldwide More Electric Aircraft Market –Segments
For the convenience of the report and enhanced understanding; the Global MEA Market is segmented in to 3 key dynamics
By Application : Comprises Military Commercial, & UAV.
By Platform : UAV Commercial Aircraft, & Military Aircraft.
By Regions : Europe, North America, APAC and Rest of the World.
Segment Commercial Application accounted for 70% of market share in 2015 and expected to lead the market during the forecast period, further followed by military and UAV platform respectively.
Worldwide MEA Market – Geographical Analysis
Americas led the global More Electric Aircraft market with ~35% of market share in 2015; followed by APAC and EMEA respectively at a notable CAGR.
Although, the Americas is the leading market, developing regions like APAC & EMEA are witnessing increasing demand for MEA in civil & military aircraft. These regions are expected to grow further at a substantial CAGR during 2016 – 2021.
The Americas More Electric Aircraft market is expected to reach to astronomical amounts in 2021, growing at a significant CAGR during the estimated period.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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