What is the global market size of the More Electric Aircraft Market?

More Electric Aircraft Market size was valued at USD 4.09 billion in 2022 and is poised to grow from USD 4.63 billion in 2023 to USD 12.48 billion by 2031, growing at a CAGR of 13.20% during the forecast period (2024-2031).

Who are the key vendors in the Global More Electric Aircraft Market?

The market for More Electric Aircraft products will continue to grow as major industry players engage heavily in R&D to diversify their product offerings. Releases of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other organizations are all significant market changes. Several strategic steps are also taken by market participants to broaden their global reach. For the More Electric Aircraft sector to expand and survive in a more cutthroat and competitive market, it is necessary to provide products at fair rates. 'Airbus (France)', 'Boeing (United States)', 'Bombardier (Canada)', 'Safran (France)', 'Honeywell International Inc. (United States)', 'Raytheon Technologies Corporation (United States)', 'General Electric Company (United States)', 'Thales Group (France)', 'United Technologies Corporation (United States)', 'Rolls-Royce Holdings plc (United Kingdom)', 'Textron Inc. (United States)', 'Leonardo S.p.A. (Italy)', 'BAE Systems plc (United Kingdom)', 'Meggitt PLC (United Kingdom)', 'Parker Hannifin Corporation (United States)', 'Eaton Corporation (Ireland)', 'Moog Inc. (United States)', 'Woodward, Inc. (United States)', 'Saab AB (Sweden)', 'Liebherr-International AG (Switzerland)', 'UTC Aerospace Systems (United States)', 'Zodiac Aerospace (France)'

What is the key driver of the Global More Electric Aircraft Market?

More electric aircraft, which use electric systems to replace traditional hydraulic and pneumatic systems, are more fuel-efficient than conventional aircraft. This is because electric systems are more efficient at converting energy into motion, resulting in less wasted energy and lower fuel consumption. As airlines and other aircraft operators seek to reduce their fuel costs and improve their environmental footprint, the demand for more electric aircraft is expected to increase significantly.

What is the key market trend for the Global More Electric Aircraft Market?

There is a growing demand for greener aviation, driven by concerns about climate change and the impact of aviation on the environment. More electric aircraft systems can help to reduce fuel consumption and emissions, making them an attractive option for airlines and other operators.

Which region accounted for the largest share in the Global More Electric Aircraft Market?

At USD 1,812 million and a CAGR of 15.8% over the forecast period, North America will hold the greatest share. Demand for aerial intelligence, surveillance, and reconnaissance (ISR) solutions from both the military and non-military sectors has grown in North America, particularly in the United States, as a result of improved capabilities such as autonomous technology. Over the course of the projection period, the market for more electric aircraft will expand in the region due to the existence of important aviation companies there and the rise in demand for military and private aircraft.

More Electric Aircraft Market Updates

More Electric Aircraft Market News

In July 2023, Microchip Technology Inc. unveiled its Hybrid Power Drive (HPD) modules, which were expected to enhance flight control systems of more electrical aircraft (MEA). These modules enabled the shift from hydraulic to electric systems which aided aircraft manufacturers in weight reduction and design optimization. HPD modules were made with silicon carbide technology which increased power density while temperature performance and was ecologically sound and robust.
Microchip also began with a 5 kVA power module that was classified under More Electric Aircraft when it first set up the modules in January 2023. The series includes a total of 12 variants of electric aircraft that have silicon carbide MOSFETs or IGBTs or both. The major purpose of these modules is to increase the operational parameters of hybrid electric aircraft systems.
During the air show in Oshkosh in August 2023, GE Aerospace showcased the latest iteration of its hybrid electric aircraft test bench. Apart from this the company also supplied the test bench for NASA’s Electrified Powertrain Flight Demonstration (EPFD) program, in which it cooperated with Boeing and Aurora Flight Sciences. This project is intended to showcase new technologies for electric propulsion and energy management systems.

FAQs

More Electric Aircraft Market size was valued at USD 4.74 Billion in 2023 and is poised to grow from USD 5.35 Billion in 2024 to USD 14.01 Billion by 2032, growing at a CAGR of 12.80% during the forecast period (2025-2032).

The players in the more electric aircraft industry are aiming to push innovative R&D, enter some strategic alliances and expand their range of products to be competitive. Leading companies in the aerospace sector such as Boeing, Airbus and Lockheed Martin are investing a lot in research and development for the advancement of electric propulsion system research, improve power distribution management systems, and composites material science to enhance the aircrafts’ efficiency and functionality. Besides, these manufacturers are also working with leading electrical power technology providers and academics to try and speed up the design and development of electric propulsion before embedding them in future and existing aircraft platforms. Other than this, the major players are applying their system integration and certification experience to meet the regulatory and reliability requirements on more electric aircraft. 'Safran S.A. (France) ', 'Honeywell International, Inc. (US) ', 'Raytheon Technologies Corporation (US) ', 'Thales Group (France) ', 'General Electric (US) ', 'Bae Systems Plc (UK) ', 'Bombardier Inc. (Canada) ', 'Embraer S.A. (Brazil) ', 'Liebherr (Switzerland) ', 'Ametek, Inc. (US) ', 'Nabtesco Corporation (Japan) ', 'Elbit Systems Ltd. (Israel) ', 'Moog Inc. (US) ', 'Astronics Corporation (US) ', 'Rolls Royce Plc (UK) ', 'Eaton (Ireland) ', 'Parker Hannifin Corp. (US) ', 'Amphenol Corporation (US) ', 'PBS Aerospace (Czech Republic) ', 'Avionic Instruments, Llc (US) ', 'Eaglepicher Technologies Llc (US) ', 'Pioneer Magnetics (US) ', 'Wright Electric (US) ', 'Magnix (US) ', 'Radiant Power Corporation (US)'

Technological advancements are one of the major drivers for the growth of the more electric aircraft market. Innovations in electric propulsion systems, energy storage technologies, and lightweight materials are improving the feasibility and performance of electric aircraft. Moreover, considerable progression has been made in battery technology, which now provides higher energy densities and faster charging times. This is vital for increasing the range and operational efficiency of electric aircraft. Developments in power electronics and electric motors are also contributing to enhanced performance and reliability of MEAs.

Growing Adoption of Hybrid-Electric Propulsion Systems: A prominent trend in the global more electric aircraft (MEA) market is the growing adoption of hybrid-electric propulsion systems. Hybrid-electric propulsion incorporates conventional jet engines with electric motors, providing a balanced approach to move towards full electric aircraft. This hybrid model uses the benefits of both systems, the efficiency and range of conventional engines and the minimized emissions and operational expense of electric motors. By combining these technologies, hybrid-electric aircraft can operate efficiently over long distances and with greater flexibility compared to fully electric aircraft.

North America is dominating with the largest more electric aircraft market share. In North America, particularly the United States, there is a growing interest in military and non-military aerial intelligence, surveillance and reconnaissance (ISR) solutions due to increasing capabilities such as autonomous features of the aerial systems. The presence of large aviation companies and growing demand for military and private aircraft are also some of the reasons why the target market of more electric aircraft in the region is constantly growing during the forecast period. In the US market, there is a growth opportunity owing to the increasing demand for military and civil aircraft. The high-level military spending of North American countries focusing on the development of advanced aircraft technologies such as unmanned aerial vehicle (UAV) capable of gathering crucial information and combating the threat is the reason for the adoption of more electric aircraft technologies in the region.