More Electric Aircraft Market worth $3.3 billion by 2025

1
More Electric Aircraft Market worth 3.3 billion b
y 2025 - Exclusive Report by MarketsandMarkets Ac
cording to the new market research report "More
Electric Aircraft Market by End User (Civil,
Military), Aircraft System, Component,
Application (Power Generation,
Power Conversion, Energy Storage),
Power Distribution,
Aircraft Type (Fixed Wing, Rotary Wing), Region -
Global Forecast to 2025", published by
MarketsandMarkets, the market is estimated to be
USD 1.5 billion in 2020 and is projected to reach
USD 3.3 billion by 2025, at a
CAGR of forecast
17.4 during the period. Recent
technological advancements in the field of
power electronics, fault-tolerant architecture,
electro-hydrostatic actuators, flight control
systems, high-density electric motors, and power
generation and conversion systems have fueled the
adoption of MEA. Ask for PDF Brochure https//www
.marketsandmarkets.com/pdfdownloadNew.asp?id13802
4896 The COVID-19 pandemic has impacted the more
electric aircraft market significantly. Due to
the closure of borders and air travel
restrictions globally, many companies in the more
electric aircraft market were compelled to halt
manufacturing. This break in business operations
is directly influencing the revenue of the more
electric aircraft market. Even though some
industries continued operations, delays in raw
material supplies and the limited supply of
produced goods capped production and reduced
capacity utilization rates. Based on aircraft
system, propulsion segment projected to lead more
electric aircraft market during the forecast
period Based on aircraft system, the more
electric aircraft market is segmented into
propulsion system and airframe system.
Electrification of various propulsion and
airframe systems enables aircraft to reduce
carbon emissions and the overall operational
cost. The rising focus of major OEMs such as
Airbus on the development of electric propulsion
systems is expected to drive the propulsion
system segment during the forecast period. Based
on application, power distribution segment
projected to lead more electric aircraft market
during the forecast period
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Based on application, the more electric aircraft
is segmented into power generation, power
distribution, power conversion, and energy
storage. The power distribution system is
highly flexible, fault-tolerant, and is
controlled by a redundant microprocessor
system. In this system, electrical power is
supplied to the primary power distribution
system, wherein the contactor control unit (CCU)
and high-power contactor are located across
generators, auxiliary power units (APU),
batteries, and ground sources. Based on end user,
the civil segment accounts for the largest market
size during the forecast period. Based on end
user, the more electric aircraft market is
segmented into civil and military. The civil
segment is estimated to account for a larger
share in 2020 as compared to the military
segment. Carbon and nitrogen oxide emissions,
high fuel consumption, and high maintenance costs
are some of the challenges in the civil
segment. Browse in-depth TOC on "More Electric
Aircraft Market" 311 Tables 63 Figures 270
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489 6 "Middle East and Africa are expected to be
the fastest-growing region for more electric
aircraft market during the forecast
period" Middle East Africa are among the
fastest-growing regions for more electric
aircraft market. An increase in the delivery of
fuel-efficient aircraft is expected to propel the
demand for more electric aircraft in the region.
Israel, Saudi Arabia, the UAE, South Africa, and
the Rest of Middle East Africa have been
considered under this region for market analysis.
According to Boeing, the Middle East region is
expected to require 3,310 new aircraft worth USD
770 million over the next 20 years, which will
impact the growth of more electric aircraft
market. Additional factors expected to drive the
growth of the market include border disputes and
rising threats from terror outfits, which have
forced Middle Eastern countries to increase
their defense spending, thereby increasing the
procurement of military unmanned aerial vehicles
and aircraft. These factors have led to an
increase in demand for more electric aircraft in
the aviation industry. Key Market Players
3
Some of the players operating in the market
include AMETEK (US), Safran (France), Astronics
Corporation (US), Amphenol Corporation (US),
Honeywell International, Inc. (US), Meggitt (UK),
and Thales Group (France). These companies have
well-equipped strong distribution networks across
the North American, European, Asia Pacific, the
Middle East African and Latin American regions.
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