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More Electric Aircraft Market by Aircraft Type (Fixed Wing, Rotary Wing), by System (Power Electronics, Thermal Management System, Safety Systems & Advanced Material, Energy Storage Devices), by Application (Power Distribution, Passenger Comfort, Air Pressurization & Conditioning, Flight Control & Operations), by North America (U.S., Canada), by Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Rest of Europe), by Asia Pacific (China, Japan, India, Australia, South Korea, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Argentina, Rest of Latin America), by MEA (UAE, Saudi Arabia, South Africa, Rest of MEA) Forecast 2025-2033
The size of the More Electric Aircraft Market was valued at USD 4.2 Billion in 2023 and is projected to reach USD 9.94 Billion by 2032, with an expected CAGR of 13.1% during the forecast period. The focus of the More Electric Aircraft (MEA) Market is on the transition to aircraft systems that are powered by electricity instead of conventional hydraulic, pneumatic, or mechanical systems. MEA technology strives to decrease fuel usage, enhance energy efficiency, and reduce carbon emissions through the utilization of electric propulsion, sophisticated battery systems, and electric power for multiple aircraft operations like flight control, landing gear, and cabin pressurization. Increasing environmental worries, the demand for sustainable aviation, and the necessity for cutting costs in aircraft operation and maintenance are the factors driving the market. Progress in battery technology, energy storage options, and electric propulsion play a crucial role in driving the expansion of this market. Furthermore, the growing backing from governments for eco-friendly aviation projects and the financial investments made by leading aerospace companies in developing electric aircraft prototypes are speeding up the acceptance of MEA. With the aviation sector shifting towards greener and more effective options, the More Electric Aircraft Market is projected to grow quickly, particularly due to the advancements in electric planes designed for regional and short-distance flights.
The More Electric Aircraft Market exhibits a moderate level of concentration, with market leaders holding a sizeable share of the market. Innovation remains a key characteristic, with continuous advancements in power electronics, thermal management systems, and energy storage devices driving product development. Regulations play a significant role, influencing the safety and certification requirements for electric aircraft, while end-user concentration is evident in the form of partnerships between aircraft manufacturers and airlines. The level of M&A activity in the market is moderate, with strategic acquisitions and collaborations aimed at expanding product portfolios and enhancing market reach.
The More Electric Aircraft Market is characterized by several key trends:
North America and Europe are expected to continue dominating the More Electric Aircraft Market, driven by their established technological infrastructure, supportive government policies, and high demand for fuel-efficient aircraft.
SegmentThe Energy Storage Devices segment remains poised for the most rapid growth, emphasizing the pivotal role of batteries and fuel cells in electric aircraft propulsion and power systems.
The More Electric Aircraft Market continues to experience strong growth, with an updated market size projection reaching USD 15.2 billion by 2030. The market share of different segments and the competitive landscape are continuously evolving, showcasing the ongoing innovation and advancements in the industry.
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 13.1% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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