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(Transportation-News.com, February 28, 2024 ) The Global More Electric Aircraft Market is set to witness remarkable expansion, with a projected growth from USD 4.1 billion in 2022 to USD 7.3 billion by 2027, reflecting a robust Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. The report, titled "More Electric Aircraft Market by Application (Power Generation, Power Distribution, Power Conversion, Energy Storage), Aircraft Type (Fixed Wing, Rotary Wing), Aircraft System, Component, End User and Region - Global Forecast to 2027," outlines key factors driving this growth.
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Key Growth Drivers:
Several factors contribute to the anticipated growth of the More Electric Aircraft market. Improved aircraft performance, coupled with lower operational and maintenance costs, is expected to be a major catalyst. Additionally, the focus on reducing emissions and noise pollution aligns with the global push towards sustainable aviation practices. These factors collectively propel the demand for more electric aircraft, making them a viable and attractive option in the aviation industry.
Challenges and Opportunities:
While the market exhibits substantial growth potential, challenges such as a rise in investments and longer clearance periods may impede the pace of expansion. However, advancements in high-density battery solutions, the exploration of alternative power sources for electric power production, and the expansion of sophisticated power electronic components present opportunities for further growth in the More Electric Aircraft industry.
Segmentation and Market Dynamics:
The report provides a comprehensive segmentation of the More Electric Aircraft market, categorizing it based on application, aircraft type, aircraft system, component, end user, and region. Fixed-wing and rotary-wing aircraft constitute significant segments, with the development of reliable auxiliary power supply systems driving the demand for fixed-wing aircraft. Technical advancements in power electronics and flight control system operations are anticipated to fuel the expansion of the rotary-wing aircraft segment.
The market is further divided into civil and military sectors based on end-users. The commercial sector's increasing demand for more electric civil airplanes for passenger and freight transportation, coupled with the adoption of advanced electrical systems in military tactical airlifters, contributes to market expansion.
Regional Insights:
The regional analysis covers North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The European market leads, driven by the presence of key players and Original Equipment Manufacturers (OEMs) such as Airbus, Thales Group, and Safran S.A. The Asia-Pacific market is expected to witness significant growth during the forecast period, with China, Japan, and India playing pivotal roles. India, in particular, emerges as the fastest-growing market for more electric civil aircraft, driven by robust expansion in the commercial aviation sector.
Key Market Players:
The report highlights key players shaping the More Electric Aircraft market, including AMETEK, Safran, Astronics Corporation, Amphenol Corporation, Honeywell International, Inc, Meggitt, Rolls Royce Plc, Raytheon Technologies Corporation, Thales Group, and General Electric. These industry leaders contribute to the innovation and advancement of technology in the more electric aircraft sector.
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