More Electric Aircraft Market Set to Expand Steadily at 4% CAGR for the Forecast Period 2017-2023 :
The technological advances in the field of power electronics, high-density electric motors, flight control systems, fault-tolerant architecture, power generation and conversion systems have ushered the era of the More Electric Aircraft (MEA). The latest report published by Market Research Future (MRFR) reveals that the global more electric aircraft market will incur expansion at 4% CAGR throughout the forecast period 2017 to 2023.
The adoption of MEA is enabling the aircraft industry to unlock significant developments such as aircraft reliability, lesser oil consumption, etc. The utilization of electrical appliances in aircraft has elevated the performance level and lowered the associated operational cost. Other factors that are responsible for the growth of the market are enhanced reliability, reduction in weight of the aircraft, reduced loss in propulsion, etc.
The adoption of MEA is accelerating in the defense sector which is expected to amplify demand in the global MEA market over the next couple of years. The widespread acceptance of the technology in military operations is due to its silent electric engine operation which enables them to fly low without being detected. The initiatives taken by governments for reducing carbon emissions has introduced developments in the performances of MEA.
The major restraints to the growth of the market which will affect the market expansion adversely over the assessment period are requirement for enormous electric power, thermal management, etc.
By application, the global more electric aircraft market has been segmented into commercial, and, military.
By platform, the global market for more electric aircraft is segmented into fixed wing aircraft, rotary wing aircraft, and, unmanned aerial vehicle (UAV).
By region, the global more electric aircraft market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and, South America. In 2013, America- North America and South America had 8,030 aircraft in service, out of which 6,650 belonged to North America market, and the remaining 1380 were under the South America market. The demand for aircrafts is expected to reach 10,500 within the next two decades boosting the aviation industry in the North America and South America markets. The booming aviation industry is creating demand for more electric aircraft in the regions. The technological advancements and the concentration of major players in North America region will favor the steeper rise in the market compared to South America market.
The strategies undertaken by the prominent players of the market in the region will complement the growth and expansion of the market. The Clean Sky Initiative launched by the European Commission, and the European aeronautics industry is the most extensive European research program which has announced plans for optimizing the performance of MEAs. The initiative has accelerated the demand for MEA in the region and is poised to persistently fuel demand in the region over the assessment period.
The acceleration in air traffic and growing demand from the defense sector will be the driving factors of the market expansion of Asia Pacific region. Middle East & Africa is expected to exhibit sluggish growth throughout the projection period.
The key players participating in the growth and expansion of the market have been profiled by MRFR in its report which include Rolls Royce (U.S.), United Technologies Corporation (U.S.), Honeywell International, Inc. (U.S.), Safran SA (France), Lockheed Martin (U.S.), Bombardier Inc. (Canada), Raytheon Company (U.S.), Thales Group (France), Airbus (France), Boeing (U.S.), and, Zodiac Aerospace SA (France). The players strive to introduce developments in the market for gaining a competitive edge over others by undertaking initiatives such as product innovation, acquisitions & mergers, joint ventures, agreements, technological advancements, etc.
JetSuite, US scheduled charter operator, will be the launch partner for Zunum Aero’s hybrid-electric regional aircraft. Zunum Aero is an aviation startup backed by Boeing and JetBlue. The delivery is scheduled to start from the beginning of 20