More Electric Aircraft Market to Reflect Impressive Growth Rate by 2025


Posted August 12, 2020 by bisrsrch

Focus on System, Application, and Aircraft Type - Analysis and Forecast, 2020-2025
 
In terms of value, the global more electric aircraft market is estimated to be $17.05 billion in 2019 and is projected to be $21.50 billion in 2025 at a CAGR 14.84 % during the forecast period 2020-2025. The more electric aircraft will increase the adoption of whole aircraft electrical power systems such as energy storage and recovery systems, high voltage battery systems, and fuel cells. Some of the alternative energy storage technologies include fuel cells, liquid air, compressed H2 or liquid H2, ultra-capacitors, or mechanical flywheels. Fuel cell systems have been explored recently for transportation applications for the purpose of on-board power generation. By replacing the main engine generators, fuel cell systems can be the solution for increasing demands of electrical power capacity with their major benefits such as higher fuel efficiency, lower to nil emissions, direct current generation, decentralization of power generation, and potential water recovery.

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The increase in air travel has made air passengers pay more attention to their travel comfort experience during flights. Aircraft manufacturers and cabin system providers such as Airbus, Boeing, Safran, Thales, Honeywell, and Raytheon Technologies Corporation (previously UTC) are focusing on providing cutting edge technology for cabin systems. For instance, in 2019, Airbus has begun in-flight trials of connected cabin technologies, applying IoT (Internet of Things) technology onboard an A350-900 Flight Lab aircraft.

Commercial aviation includes aircraft such as the narrow-body aircraft, wide-body aircraft, regional transport aircraft, very large aircraft, and business jets. As per the Boeing Outlook 2019, Asia-Pacific will account for 42% of aircraft deliveries, with airlines in North America and Europe together accounting for 36% of the passenger and freight aircraft deliveries in the next 20 years (2019-2038). The single-aisle deliveries to low-cost carriers (LCCs), is expected to represent 62% growth, both to open new markets and to add frequencies in existing markets, whereas 38% will replace retiring aircraft.

The more electric aircraft market has witnessed different market dynamics across various regions of the globe. The following represents the global more electric aircraft by region. It includes North America, Europe, Asia-Pacific, and Rest-of-the-World.

North America is estimated to dominate the more electric aircraft market with an estimated share of 34.66% in 2019. Its total market size is estimated to be $5.91 billion in 2019 and is projected to be $7.30 billion by 2025, registering a CAGR of 14.44% during the period 2020-2025. The U.S. is one of the prominent countries in this region, and it is estimated to have the highest market revenue of $3.70 billion in 2019 and projected to be $4.49 billion by 2025. The country has a presence of major more electric aircraft system and technology providers such as Raytheon Technologies Corporation (previously UTC), GE Aviation, Astronics, and Honeywell International.

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Europe, which includes major countries such as the U.K., Germany, France, and Rest-of-Europe, is also a prominent region for the more electric aircraft market. The more electric aircraft market in Europe is projected to grow at a CAGR of 14.65% during the forecast period 2020-2025. In Europe, France is estimated to have the major market share in 2019 due to the focus of more electric aircraft system providers on the shift toward more electric architecture.

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Last Updated August 12, 2020