More Electric Aircraft Market worth $10.94 Billion by 2021

This report provides the market analysis for the next five years. It discusses industry and technology trends that are currently prevailing in the market, along with drivers, restraints, challenges, and threats to the market. The more electric aircraft market is projected to grow from $ 7.68 billion in 2016 to $ 10.94 billion by 2021, at a CAGR of 7.33% during the forecast period. Demand for environment-friendly, highly efficient, low maintenance, and reliable aircrafts is globally. Growth of air passenger traffic in developing countries, such as China and India, has thus increased demand for fuel efficient low cost carriers (LCCs). This has been tested manufacturers of more electric aircraft and electrical components to invest in developing countries.

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The concept of more electric aircraft has become effective and environmentally friendly. For instance, the e-taxiing systems help move to aircraft before take-off or after landing with electric motors without the support of engines. It also reduces emissions from taxiing aircraft. The cabinets are driven by electric energy to provide the cabin pressurization function, with fresh air carried on board via dedicated cabin air inlets. This method is more efficient than the traditional bleed system, as it avoids excessive energy extraction from engines.

Based on technology, the power electronics segment is expected to grow at a high rate during the forecast period, due to increase in the number of aircraft deliveries. Demand for better power electronics has been driving the more electric aircraft market. For instance, Boeing is expected to deliver 5,930 new aircraft by 2035. They include B737 Max, 747-8, and 787 Dreamliner, which are fitted with more electric architecture. These aircraft use various types of power electronics, which will lead to the growth of the power electronics segment. On the basis of application, the power generation management segment is projected to grow at a rapid pace during the forecast period.

The more electric aircraft market in Europe is expected to grow at the highest rate during the forecast period. This growth can be attributed to the presence of original equipment manufacturers (OEMs) and OCMs (original component manufacturers), such as Safran SA (France) and Airbus Group (Netherlands) in the region.

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