More Electric Aircraft Market Size, Share, Growth Analysis, By Aircraft System, By Component, By Application, By Aircraft Type, By End-User, By Region - Industry Forecast 2024-2031

Global More Electric Aircraft Market size was valued at USD 4.2 billion in 2022 and is poised to grow from USD 4.74 billion in 2023 to USD 12.42 billion by 2031, growing at a CAGR of 12.80% during the forecast period (2024-2031).

The More Electric Aircraft (MEA) market is witnessing substantial growth, driven by the increasing adoption of fly-by-wire systems and advancements in aircraft power production and conversion technologies. Clients across various platforms are keen to enhance their fleets with state-of-the-art electrical systems that promise to reduce maintenance costs and bolster dispatch reliability. The integration of electrical components into multiple aircraft systems and subsystems has spurred a surge in demand for MEAs, despite the high initial investment associated with these advanced systems. The future of aviation is increasingly tied to electrical power, with more reliable technologies propelling growth prospects within the MEA market during the projected period. For instance, Airbus has successfully replaced two hydraulic systems with electric systems in its A380 and A350 models, showcasing the reliability and safety of these innovations. Furthermore, Airbus aims to transition from hydraulic power systems to electric generators on wider-body aircraft. Similarly, the Boeing 787 has pioneered electric architecture by replacing traditional hydraulically operated systems with electric ones, evidenced by the delivery of 1,006 Dreamliners. As stakeholders recognize the advantages of transitioning to electric technologies, the US More Electric Aircraft Market is set for a sustainable compound annual growth rate (CAGR) in the upcoming forecast period, aligning with the industry's shift toward enhanced efficiency and sustainability in aviation.

Top-down and bottom-up approaches were used to estimate and validate the size of the global more electric aircraft market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

global more electric aircraft Market Segmental Analysis

Global More Electric Aircraft Market is segmented by Aircraft System, Component, Application, End-User, and region. Based on Aircraft System, the market is segmented into Propulsion System, Airframe System. Based on Component, the market is segmented into Distribution Devices, Engines, Batteries, Fuel Cells, Solar Cells, Generators, Actuators, Electric Pumps, Power Electronics, Valves, and Landing Gear. Based on Application, the market is segmented into Power Generation, Power Distribution, Power Conversion, Energy Storage. Based on Aircraft Type, the market is segmented into Fixed Wing, Rotary Wing. Based on End-User, the market is segmented into Civil, Military. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the global more electric aircraft Market

The global more electric aircraft market is being significantly driven by the increasing demand for fuel-efficient and environmentally sustainable aviation solutions. As airlines and operators focus on cost reduction and compliance with stringent environmental regulations, the transition from traditional hydraulic and pneumatic systems to electric systems becomes imperative. These electric systems not only enhance energy conversion efficiency, leading to substantial reductions in fuel consumption, but also lower operating costs and decrease carbon emissions. Consequently, the growing emphasis on sustainability and operational efficiency is propelling a shift towards more electric aircraft, positioning them as a pivotal solution in the future of aviation.

Restraints in the global more electric aircraft Market

One significant market restraint for the global more electric aircraft market is the acute shortage of skilled labor required to design, develop, and maintain advanced electric systems. The transition to more electric aircraft demands a specialized workforce comprising engineers and technicians proficient in cutting-edge electrical and aerospace technologies. However, the limited availability of such talent poses a substantial challenge, hindering the ability of manufacturers and operators to innovate and scale their operations effectively. As the demand for skilled professionals continues to outpace supply, the potential for market growth may be significantly constrained, affecting timelines for technological advancements and overall industry expansion.

Market Trends of the global more electric aircraft Market

The global market for more electric aircraft is poised for significant growth, propelled by heightened awareness of climate change and an urgent push for sustainable aviation solutions. As regulatory pressures mount and consumer preferences shift toward greener travel options, airlines are increasingly investing in more electric aircraft systems that promise reduced fuel consumption and lower emissions. This trend aligns with broader industry initiatives aimed at achieving net-zero emissions within the coming decades. Furthermore, advancements in battery technologies and electric propulsion systems are enhancing the operational viability of these aircraft, making them an appealing choice for both airlines and manufacturers striving for eco-friendly innovations.