More Electric Aircraft Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of More Electric Aircraft Market
The global more electric aircraft market size was valued at USD 3.99 billion in 2022 and is projected to grow from USD 4.53 billion in 2023 to USD 8.49 billion by 2030, exhibiting a CAGR of 11.37% during the forecast period of 2023-2030.
The COVID-19 pandemic slowed the More Electric Aircraft (MEA) market because of reduced air tours, production delays, and supply chain disruptions. However, the growing awareness of sustainable aviation is anticipated to restore interest in MEA generation put up during the pandemic, impeding the more electric aircraft market growth.
Key riding elements for the More Electric Aircraft (MEA) market encompass the growing call for gas-green and green aircraft, improvements in electric-powered propulsion systems, and strict rules on lowering carbon emissions in aviation. Additionally, growing air traffic and the need for lower operational charges push airlines to undertake MEA technology.
Advanced electric propulsion systems are a key thing of More Electric Aircraft (MEA). These structures comprise excessive-performance electric automobiles and advanced electricity electronics to propel the aircraft. Additionally, hybrid propulsion systems, combining electric-powered and conventional engines, are being explored for stable performance and fuel performance, expanding the more electric aircraft market share globally. This aggregate of electrical and traditional propulsion technology gave a bendy and green approach to powering MEA aircraft, contributing to decreased emissions and stepped-forward sustainability.
Comprehensive Analysis of More Electric Aircraft Market
The More Electric Aircraft (MEA) market is developed on commercial business and military airplane parts. The commercial segment is growing with the best growth pattern due to rising demand for flyer and aircraft conveyance, narrow-body and extensive-body, and regional working jets. The military segment is also expected to grow due to the rise of defense expenditures and conflicts worldwide. The market encompasses, for instance, flight control and mission management systems, which are major due to the incorporation of Fly-By-Wire technology and others like power generation and management. For recent, innovations like MIT’s megawatt motor for electric Aircraft show vast future growth of this sector.
The North America region led the more electric aircraft market by benefitting a size of USD 1.32 billion in 2022 due to large technological advancements inside the region; marketplace growth is expected to boom.
The leading players in the More Electric Aircraft market are crucial in shaping its growth trajectory and establishing industry standards. Key companies such as Thales Group (France), BAE Systems PLC (U.K.), Bombardier Inc. (Canada), Elbit Systems Ltd. (Israel), GE Aviation (U.S.), Safran SA (France), Lockheed Martin Corporation (U.S.), Airbus (Netherlands), The Boeing Company (U.S.), AMETEK, Inc. (U.S.), Honeywell International Inc. (U.S.), Raytheon Technologies Corporation (U.S.), and Rolls-Royce Holdings PLC (U.K.) contribute to a competitive landscape, driving innovation and advancing the market.
In October 2023, Researchers at GE Aerospace are running on growing and showcasing a small engine prototype powered via gasoline cells and sustainable aviation fuel (SAF) to inspire extra green flight. They have secured $4.5 million in Phase 2 investment through the ARPA-E REEACH application to create and exhibit a 25 kW small-scale energy era subsystem that integrates a stable oxide fuel cellular with a turbofan engine, utilizing SAF within the gasoline tanks.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 11.37% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Platform
Commercial Aircraft
Narrow Body
Wide Body
Regional Jet
Military Aircraft
Multirole & Combat
Military Transport Aircraft
By System
Aircraft Configuration and Management System
Flight Control and Mission Management System
Air Pressurization and Conditioning System
Power Generation and Management System
Others
By Country
North America (By Platform, System, and Country)
U.S. (By Platform)
Canada (By Platform)
Europe (By Platform, System, and Country)
U.K. (By Platform)
Germany (By Platform)
Russia (By Platform)
France (By Platform)
Rest of Europe (By Platform)
Asia Pacific (By Platform, System, and Country)
China (By Platform)
India (By Platform)
Japan (By Platform)
Rest of Asia Pacific (By Platform)
Rest of the World (By Platform, System, and Country)
Middle East & Africa (By Platform)
Latin America (By Platform)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- 4.2. Latest technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 4.5. COVID-Impact 19 Impact on Global More Electric Aircraft Market
- 5. Global More Electric Aircraft Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Platform
- 5.2.1. Commercial Aircraft
- 5.2.1.1. Narrow Body
- 5.2.1.2. Wide Body
- 5.2.1.3. Regional Jet
- 5.2.2. Military Aircraft
- 5.2.2.1. Multirole & Combat
- 5.2.2.2. Military Transport Aircraft
- 5.3. Market Analysis, Insights and Forecast – By System
- 5.3.1. Aircraft Configuration and Management System
- 5.3.2. Flight Control and Mission Management System
- 5.3.3. Air Pressurization and Conditioning System
- 5.3.4. Power Generation and Management System
- 5.3.5. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of the World
- 6. North America More Electric Aircraft Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Market Analysis, Insights and Forecast – By Platform
- 6.1.1. Commercial Aircraft
- 6.1.1.1. Narrow Body
- 6.1.1.2. Wide Body
- 6.1.1.3. Regional Jet
- 6.1.2. Military Aircraft
- 6.1.2.1. Multirole & Combat
- 6.1.2.2. Military Transport Aircraft
- 6.2. Market Analysis, Insights and Forecast – By System
- 6.2.1. Aircraft Configuration and Management System
- 6.2.2. Flight Control and Mission Management System
- 6.2.3. Air Pressurization and Conditioning System
- 6.2.4. Power Generation and Management System
- 6.2.5. Others
- 6.3. Market Analysis, Insights and Forecast – By Country
- 6.3.1. U.S.
- 6.3.1.1. Market Analysis, Insights and Forecast – By Platform
- 6.3.1.1.1. Commercial Aircraft
- 6.3.1.1.2. Military Aircraft
- 6.3.2. Canada
- 6.3.2.1. Market Analysis, Insights and Forecast – By Platform
- 6.3.2.1.1. Commercial Aircraft
- 6.3.2.1.2. Military Aircraft
- 7. Europe More Electric Aircraft Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast – By Platform
- 7.1.1. Commercial Aircraft
- 7.1.1.1. Narrow Body
- 7.1.1.2. Wide Body
- 7.1.1.3. Regional Jet
- 7.1.2. Military Aircraft
- 7.1.2.1. Multirole & Combat
- 7.1.2.2. Military Transport Aircraft
- 7.2. Market Analysis, Insights and Forecast – By System
- 7.2.1. Aircraft Configuration and Management System
- 7.2.2. Flight Control and Mission Management System
- 7.2.3. Air Pressurization and Conditioning System
- 7.2.4. Power Generation and Management System
- 7.2.5. Others
- 7.3. Market Analysis, Insights and Forecast – By Country
- 7.3.1. U.K.
- 7.3.1.1. Market Analysis, Insights and Forecast – By Platform
- 7.3.1.1.1. Commercial Aircraft
- 7.3.1.1.2. Military Aircraft
- 7.3.2. Germany
- 7.3.2.1. Market Analysis, Insights and Forecast – By Platform
- 7.3.2.1.1. Commercial Aircraft
- 7.3.2.1.2. Military Aircraft
- 7.3.3. Russia
- 7.3.3.1. Market Analysis, Insights and Forecast – By Platform
- 7.3.3.1.1. Commercial Aircraft
- 7.3.3.1.2. Military Aircraft
- 7.3.4. France
- 7.3.4.1. Market Analysis, Insights and Forecast – By Platform
- 7.3.4.1.1. Commercial Aircraft
- 7.3.4.1.2. Military Aircraft
- 7.3.5. Rest of Europe
- 7.3.5.1. Market Analysis, Insights and Forecast – By Platform
- 7.3.5.1.1. Commercial Aircraft
- 7.3.5.1.2. Military Aircraft
- 8. Asia Pacific More Electric Aircraft Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast – By Platform
- 8.1.1. Commercial Aircraft
- 8.1.1.1. Narrow Body
- 8.1.1.2. Wide Body
- 8.1.1.3. Regional Jet
- 8.1.2. Military Aircraft
- 8.1.2.1. Multirole & Combat
- 8.1.2.2. Military Transport Aircraft
- 8.2. Market Analysis, Insights and Forecast – By System
- 8.2.1. Aircraft Configuration and Management System
- 8.2.2. Flight Control and Mission Management System
- 8.2.3. Air Pressurization and Conditioning System
- 8.2.4. Power Generation and Management System
- 8.2.5. Others
- 8.3. Market Analysis, Insights and Forecast – By Country
- 8.3.1. China
- 8.3.1.1. Market Analysis, Insights and Forecast – By Platform
- 8.3.1.1.1. Commercial Aircraft
- 8.3.1.1.2. Military Aircraft
- 8.3.2. India
- 8.3.2.1. Market Analysis, Insights and Forecast – By Platform
- 8.3.2.1.1. Commercial Aircraft
- 8.3.2.1.2. Military Aircraft
- 8.3.3. Japan
- 8.3.3.1. Market Analysis, Insights and Forecast – By Platform
- 8.3.3.1.1. Commercial Aircraft
- 8.3.3.1.2. Military Aircraft
- 8.3.4. Rest of Asia Pacific
- 8.3.4.1. Market Analysis, Insights and Forecast – By Platform
- 8.3.4.1.1. Commercial Aircraft
- 8.3.4.1.2. Military Aircraft
- 9. Rest of the World More Electric Aircraft Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Market Analysis, Insights and Forecast – By Platform
- 9.1.1. Commercial Aircraft
- 9.1.1.1. Narrow Body
- 9.1.1.2. Wide Body
- 9.1.1.3. Regional Jet
- 9.1.2. Military Aircraft
- 9.1.2.1. Multirole & Combat
- 9.1.2.2. Military Transport Aircraft
- 9.2. Market Analysis, Insights and Forecast – By System
- 9.2.1. Aircraft Configuration and Management System
- 9.2.2. Flight Control and Mission Management System
- 9.2.3. Air Pressurization and Conditioning System
- 9.2.4. Power Generation and Management System
- 9.2.5. Others
- 9.3. Market Analysis, Insights and Forecast – By sub-region
- 9.3.1. Middle East & Africa
- 9.3.1.1. Market Analysis, Insights and Forecast – By Platform
- 9.3.1.1.1. Commercial Aircraft
- 9.3.1.1.2. Military Aircraft
- 9.3.2. Latin America
- 9.3.2.1. Market Analysis, Insights and Forecast – By Platform
- 9.3.2.1.1. Commercial Aircraft
- 9.3.2.1.2. Military Aircraft
- 10. Competitive Analysis
- 10.1. Global Market Rank Analysis (2022)
- 10.2. Competition Dashboard
- 10.3. Company Profiles
- 10.3.1. Thales Group (France)
- 10.3.1.1. Overview
- 10.3.1.2. Products & services
- 10.3.1.3. SWOT analysis
- 10.3.1.4. Recent developments
- 10.3.1.5. strategies
- 10.3.1.6. financials (based on availability)
- 10.3.2. BAE Systems PLC (The U.K.)
- 10.3.2.1. Overview
- 10.3.2.2. Products & services
- 10.3.2.3. SWOT analysis
- 10.3.2.4. Recent developments
- 10.3.2.5. strategies
- 10.3.2.6. financials (based on availability)
- 10.3.3. Bombardier Inc.(Canada)
- 10.3.3.1. Overview
- 10.3.3.2. Products & services
- 10.3.3.3. SWOT analysis
- 10.3.3.4. Recent developments
- 10.3.3.5. strategies
- 10.3.3.6. financials (based on availability)
- 10.3.4. Elbit Systems Ltd. (Israel)
- 10.3.4.1. Overview
- 10.3.4.2. Products & services
- 10.3.4.3. SWOT analysis
- 10.3.4.4. Recent developments
- 10.3.4.5. strategies
- 10.3.4.6. financials (based on availability)
- 10.3.5. GE Aviation (The U.S.)
- 10.3.5.1. Overview
- 10.3.5.2. Products & services
- 10.3.5.3. SWOT analysis
- 10.3.5.4. Recent developments
- 10.3.5.5. strategies
- 10.3.5.6. financials (based on availability)
- 10.3.6. Safran Sa (France)
- 10.3.6.1. Overview
- 10.3.6.2. Products & services
- 10.3.6.3. SWOT analysis
- 10.3.6.4. Recent developments
- 10.3.6.5. strategies
- 10.3.6.6. financials (based on availability)
- 10.3.7. Lockheed Martin Corporation (The U.S.)
- 10.3.7.1. Overview
- 10.3.7.2. Products & services
- 10.3.7.3. SWOT analysis
- 10.3.7.4. Recent developments
- 10.3.7.5. strategies
- 10.3.7.6. financials (based on availability)
- 10.3.8. Airbus (Netherlands)
- 10.3.8.1. Overview
- 10.3.8.2. Products & services
- 10.3.8.3. SWOT analysis
- 10.3.8.4. Recent developments
- 10.3.8.5. strategies
- 10.3.8.6. financials (based on availability)
- 10.3.9. The Boeing Company (The U.S.)
- 10.3.9.1. Overview
- 10.3.9.2. Products & services
- 10.3.9.3. SWOT analysis
- 10.3.9.4. Recent developments
- 10.3.9.5. strategies
- 10.3.9.6. financials (based on availability)
- 10.3.10. AMETEK, Inc. (The U.S.)
- 10.3.10.1. Overview
- 10.3.10.2. Products & services
- 10.3.10.3. SWOT analysis
- 10.3.10.4. Recent developments
- 10.3.10.5. strategies
- 10.3.10.6. financials (based on availability)
- 10.3.11. Honeywell International Inc. (The U.S.)
- 10.3.11.1. Overview
- 10.3.11.2. Products & services
- 10.3.11.3. SWOT analysis
- 10.3.11.4. Recent developments
- 10.3.11.5. strategies
- 10.3.11.6. financials (based on availability)
- 10.3.12. Raytheon Technologies Corporation (The U.S.)
- 10.3.12.1. Overview
- 10.3.12.2. Products & services
- 10.3.12.3. SWOT analysis
- 10.3.12.4. Recent developments
- 10.3.12.5. strategies
- 10.3.12.6. financials (based on availability)
- 10.3.13. Rolls-Royce Holdings PLC (The U.K.)
- 10.3.13.1. Overview
- 10.3.13.2. Products & services
- 10.3.13.3. SWOT analysis
- 10.3.13.4. Recent developments
- 10.3.13.5. strategies
- 10.3.13.6. financials (based on availability)
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