According to the report published by Allied Market Research, the global more electric aircraft market was pegged at $1.80 billion in 2019 and is estimated to hit $4.61 billion by 2027, registering a CAGR of 15.5% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Increase in demand for high-performance, fuel-efficient, and less polluting aircraft and emergence of airplanes with low operational and maintenance costs fuel the growth of the global more electric aircraft market. On the other hand, high capital requirements and reliability of aircraft electrical systems impede the growth to some extent. However, advancements in battery solutions and electronic components and development of alternative power sources are expected to pave the way for lucrative opportunities in the industry.
Covid-19 scenario-
The outbreak of the pandemic led extended lockdown in many countries. This, in turn, gave way to lack of raw materials and halted manufacturing activities of more electric aircrafts.
At the same time, the global air traffic also happened to reduce due to ban on international travel and import & export activities. The reduced demand for more electric aircrafts hampered the market growth.
However, with the rollout of mass vaccination programs in most countries, the market is expected to revive soon.
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The global more electric aircraft market report is analyzed across aircraft system, application, aircraft type, end-user, and region. By aircraft system, the propulsion systems segment accounted for nearly three-fifths of the total market share in 2019, and is projected to rule the roost throughout the forecast period. Simultaneously, the airframe systems segment would cite the fastest CAGR of 16.8% from 2020 to 2027.
By application, the power distribution segment contributed to nearly half of the total market revenue in 2019, and will retain its dominance by 2027. This segment would also exhibit the fastest CAGR of 16.3% throughout the forecast period.
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By region, Europe garnered the major share in 2019, generating more than two-fifths of the global more electric aircraft market. Asia-Pacific, on the other hand, would portray the fastest CAGR of 17.2% from 2020 to 2027. The other two regions analyzed through the report include North America and LAMEA.
The leading market players analyzed in the global more electric aircraft market report include BAE Systems PLC, Bombardier Inc., Thales Group, Elbit Systems Ltd., Honeywell International Inc., AMETEK, Inc., Raytheon Technologies Corporation, GE Aviation, Rolls-Royce Holdings PLC, and Safran. These market players have adopted different strategies including partnersip, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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