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(Transportation-News.com, July 16, 2024 ) The More Electric Aircraft Market is on a significant growth trajectory, projected to expand from USD 4.1 billion in 2022 to USD 7.3 billion by 2027, achieving a CAGR of 12.6%. This market evolution is driven by several key factors, including enhanced aircraft performance, reduced operational and maintenance costs, and lower emissions and noise pollution.
Key Market Players:
AMETEK (US)
Safran (France)
Astronics Corporation (US)
Amphenol Corporation (US)
Honeywell International, Inc (US)
Meggitt (UK)
Rolls Royce Plc (UK)
Raytheon Technologies Corporation (US)
Thales Group (France)
General Electric (US)
These companies are leading the charge with innovative technologies and comprehensive product portfolios, contributing to the market's robust growth.
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Key Drivers and Opportunities:
Improved Aircraft Performance: Enhanced efficiency and reliability in electrical systems are transforming the aviation industry, leading to better aircraft performance and reduced fuel consumption.
Lower Operational Costs: The transition to more electric systems reduces maintenance needs and operational expenses, making electric aircraft more cost-effective over time.
Environmental Benefits: Lower emissions and noise pollution make electric aircraft an attractive option for environmentally conscious stakeholders, supporting global sustainability goals.
Technological Advancements: Innovations in high-density battery solutions and alternative power sources are paving the way for further growth. The development of sophisticated power electronic components also provides new opportunities for market expansion.
Market Segmentation:
By Application: The market is segmented into power generation, power distribution, power conversion, and energy storage. Each segment plays a crucial role in the overall functionality of electric aircraft.
By Aircraft Type: The market includes fixed-wing and rotary-wing aircraft. Fixed-wing aircraft benefit from reliable and efficient auxiliary power supply systems, while rotary-wing aircraft see growth from advancements in power electronics and flight control systems.
By End User: The market is divided into civil and military sectors. The commercial demand for electric aircraft for passenger and freight transport is growing, while military applications include tactical airlifters for refueling and medical evacuation.
Regional Insights:
Europe: Dominates the market with the largest share, driven by key players like Airbus, Thales Group, and Safran S.A. The region boasts a strong presence of system and component manufacturers with global reach.
Asia-Pacific: Expected to see significant growth, with China and Japan as key players. India emerges as the fastest-growing market due to its expanding commercial aviation sector.
North America, Middle East & Africa, and Latin America are also crucial regions contributing to the market dynamics.
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