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The more electric aircraft market share is expected to increase by USD 2.45 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.15%.
This more electric aircraft market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers more electric aircraft market segmentations by application (manned and unmanned) and geography (North America, Europe, APAC, South America, and MEA). The more electric aircraft market report also offers information on several market vendors, including Airbus SE, Bombardier Recreational Products Inc., Embraer SA, Honeywell International Inc., Lockheed Martin Corp., Raytheon Technologies Corp., Safran SA, Siemens AG, Thales Group, and The Boeing Co. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The combined expertise expected to generate quicker results is notably driving the more electric aircraft market growth, although factors such as relatively immature technologies may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the more electric aircraft industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key More Electric Aircraft Market Driver
The combined expertise expected to generate quicker results is one of the key factors driving the growth of the more electric aircraft market. Nowadays, more electric engine focuses on replacing the mechanically driven engine accessories such as oil pump, fuel pumps, hydraulic pump, along with few generators with electrically driven machines and generators connected directly with the engine shafts, an appropriate outline should be in place for this integration. To achieve this, engineers from the Electrical Power and Control Systems (EPACS) division of Rolls-Royce, UK, have been exploring appropriate architectures to implement on various configurations along with supporting hardware to deliver a reliable operation. It is expected that similar frameworks will also be employed in reducing future engine programs. Sometimes such activity requires a deep dive into the basics, and thus, EPACS is collaborating with selected academic institutions (based on their research capabilities in power dense electrical machine and power electronics) and collectively calling them its University Technology Centers. Therefore, the combined expertise of manufacturers to generate quicker results is expected to drive the growth of the global more electric aircraft market during the forecast period.
Key More Electric Aircraft Market Trend
The meeting power demand through the no-bleed concept will fuel the more electric aircraft market growth. In a traditional commercial jet, the environmental control system and wing ice protection system use the hot air generated by the engine to energize the systems. On more electric aircraft platforms, this bleed air is superfluous because the systems are electrically powered. Since more electric aircraft models generate more demand for electrical power than traditional designs, the implementation of no-bleed systems is practical. Moreover, these systems generate more electrical power by transferring the secondary power generated through the compressed air from the usual compressor to power generation with the mechanical (rotational) energy of an HP spool shaft. Therefore, this no-bleed concept is expected to have a positive impact on the growth of the global more electric aircraft market during the forecast period.
Key More Electric Aircraft Market Challenge
The relatively immature technologies is a major challenge for the more electric aircraft market growth. The fuel efficiency is highly controlled by the weight of an aircraft. Though one of the basic ideas behind the adoption of more electric aircraft is the reduction in fuel consumption, it should be noted that more electric aircraft, in general, are heavier than conventional wide-body and narrow-body aircraft, as the associated technologies are not sufficiently mature to meet the performance benchmarks. More electric aircraft involves the inclusion of a weighty power electronics box that reflects more weight on the electromagnetic interference (EMI) filters front by up to 25%-40%. However, advances in power electronic technologies will enable more effective cooling and control. It may be expected that with disruptive innovations and their associated cooling and controls, the weight of these electrical components will gradually reduce. However, there are applications such as hydraulic flight control actuation, where the force density generated by hydraulics can be 15 times greater than the force density generated by electrical power components. Therefore, such challenges are difficult to address at the component and box levels and will likely hamper the growth of the market during the forecast period.
This more electric aircraft market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global more electric aircraft market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the more electric aircraft market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the more electric aircraft market encompasses successful business strategies deployed by the key vendors. The more electric aircraft market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The more electric aircraft market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the more electric aircraft market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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28% of the market's growth will originate from APAC during the forecast period. China is the key market for global more electric aircraft in APAC. Market growth in this region will be faster than the growth of the market in regions.
The combined expertise expected to generate quicker results will facilitate the global more electric aircraft market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
As of March 2020, 3,300 people had reportedly died in China due to COVID-19. Thus, the spread of the disease across APAC countries will impact the demand for more electric aircraft. The outbreak of the COVID-19 led to a lockdown in various countries, which led to a reduction in airline services as all commercial flights were suspended temporarily. The decline in the demand for airline services forced various service providers to ground their commercial aircraft. The temporary suspension of air transport services thus negatively impacted the investments in the airline industry, which, in turn, adversely affected the procurement of more electric aircraft. This will hamper the growth of the global more electric aircraft market during the forecast period.
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The global more electric aircraft market share growth by the manned segment will be significant during the forecast period. The increasing political tensions among few neighboring countries have necessitated fuel-efficient and environmentally viable aircraft hovering over countries? borders. This has increased the demand and investments in manned more electric aircraft. Commercial aircraft manufacturers initiated the practice of implementing more electric configurations in their upcoming models and were followed by military aviation stakeholders. This has been the key contributor to the dominance of manned segment. The growth of the market segment is expected to be significant during the forecast period.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the more electric aircraft market size and actionable market insights on post COVID-19 impact on each segment.
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More Electric Aircraft Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.15% |
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Market growth 2021-2025 |
$ 2.45 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
1.55 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
APAC at 28% |
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Key consumer countries |
US, China, Germany, France, and Italy |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Airbus SE, Bombardier Recreational Products Inc., Embraer SA, Honeywell International Inc., Lockheed Martin Corp., Raytheon Technologies Corp., Safran SA, Siemens AG, Thales Group, and The Boeing Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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