More Electric Aircraft Market Size (2024 - 2029)

The More Electric Aircraft Market is experiencing significant growth due to advancements in power electronics and a shift towards eco-friendly aircraft solutions. This growth is driven by stringent emission regulations prompting manufacturers to adopt more electric aircraft architectures, which offer benefits such as improved fuel efficiency and reduced maintenance costs. The market's expansion is further supported by the potential for more electric aircraft to serve regional transportation needs. However, challenges such as inadequate infrastructure, high propulsion system costs, and investment risks may impede the market's progress.

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Market Size of More Electric Aircraft Industry

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More Electric Aircraft Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 3.89 Billion
Market Size (2029) USD 7.24 Billion
CAGR (2024 - 2029) 13.22 %
Fastest Growing Market North America
Largest Market Asia Pacific

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More Electric Aircraft Market Major Players

*Disclaimer: Major Players sorted in no particular order

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More Electric Aircraft Market Analysis

The More Electric Aircraft Market size is estimated at USD 3.89 billion in 2024, and is expected to reach USD 7.24 billion by 2029, growing at a CAGR of 13.22% during the forecast period (2024-2029).

Recent technological advances in power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have boosted the growth of the more electric aircraft market.

With increasing focus on eco-friendly aircraft, many regulations have been imposed on aircraft emissions. Due to the stringency of emission regulations, manufacturers are shifting toward more electric aircraft. The demand for more electric aircraft is growing as original equipment manufacturers (OEMs) for aircraft realize the architecture's potential advantages, like improved fuel efficiency, reduced maintenance costs, and enhanced reliability using modern power electronics.

In addition, engine installation has fewer hydraulic and pneumatic components. In the coming years, more electric aircraft with short ranges are expected to become viable for regional transportation. On the other hand, the lack of suitable infrastructure, the high cost associated with propulsion systems, and investment risks may hamper the market's growth.

More Electric Aircraft Industry Segmentation

In more electric aircraft (MEA), electrical systems replace most pneumatic systems found on traditional commercial airplanes. In conventional aircraft, the engines use bleed air to cater to the power requirements of most secondary airplane systems. In the no-bleed architecture found in MEA, the engines provide power to shaft-driven generators, catering to the power needs of most airplane systems. In MEA, hydraulic systems are driven by engines and electric-motor-driven hydraulic pumps, and electrical systems are driven by engines and auxiliary-power-unit (APU)-driven generators.

The more electric aircraft market is segmented by application and geography. By application, the market has been segmented into commercial, military, and general aviation. The report also covers the market sizes and forecasts for the more electric aircraft market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).

Application
Commercial Aviation
Military Aviation
General Aviation
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of the Middle East and Africa
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More Electric Aircraft Market Size Summary

The more electric aircraft market is experiencing significant growth, driven by advancements in power electronics, fault-tolerant architecture, and high-density electric motors. These technological innovations are enhancing aircraft performance, improving fuel efficiency, and reducing maintenance costs. The shift towards more electric aircraft is largely influenced by stringent emission regulations, prompting manufacturers to adopt eco-friendly solutions. This transition is supported by original equipment manufacturers (OEMs) recognizing the benefits of modern power electronics in enhancing reliability and reducing the reliance on hydraulic and pneumatic components. Despite challenges such as high costs and infrastructure limitations, the market is poised for expansion, particularly in regional transportation.

North America stands out as a key region for the more electric aircraft market, bolstered by substantial aircraft deliveries and a strong focus on research and development in electrification. The region's commitment to reducing carbon emissions and meeting regulatory standards is driving the adoption of more electric architecture in both commercial and military aircraft. Major players like RTX Corporation, General Electric Company, and Honeywell International Inc. are investing in advanced electric architecture platforms to meet growing demand. Initiatives such as Collins Aerospace's development of a specialized lab for electric power systems and Airbus's plans to implement electric rudder systems are indicative of the industry's momentum. These efforts are expected to propel market growth, with ongoing investments in infrastructure and technology playing a crucial role in overcoming existing challenges.

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More Electric Aircraft Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Commercial Aviation

      2. 2.1.2 Military Aviation

      3. 2.1.3 General Aviation

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 United Kingdom

        2. 2.2.2.2 France

        3. 2.2.2.3 Germany

        4. 2.2.2.4 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Latin America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Rest of Latin America

      5. 2.2.5 Middle East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 United Arab Emirates

        3. 2.2.5.3 Rest of the Middle East and Africa

More Electric Aircraft Market Size FAQs

The More Electric Aircraft Market size is expected to reach USD 3.89 billion in 2024 and grow at a CAGR of 13.22% to reach USD 7.24 billion by 2029.

In 2024, the More Electric Aircraft Market size is expected to reach USD 3.89 billion.

More Electric Aircraft Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)