Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "More Electric Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The latest industry analysis has unveiled that the global more electric aircraft (MEA) market, which was valued at US$ 1.8 Billion in 2022, is expected to witness a robust growth rate (CAGR) of 16.53% from 2023 to 2028, reaching a market size of US$ 4.6 Billion. This remarkable expansion is attributed to several key drivers shaping the industry's future.
MEA technology is rapidly advancing, offering an eco-friendly future for aviation with aircraft systems that highly depend on electrical power as opposed to conventional pneumatic and hydraulic systems. The comprehensive report provides deep insights into this burgeoning market, detailing the advancements, applications, and different types of more electric aircraft that are embracing this technological shift.
Rising Airport Constructions and Environmental Awareness Amplify Market Growth
The increasing construction of airports globally, coupled with a surge in the number of flights to accommodate the rising volume of air travelers, underlies the significant growth momentum in the more electric aircraft market. Eco-consciousness among the populace, particularly concerning air pollution and natural resource depletion, has also spurred market growth.
Progress in environmental regulations by government bodies, aimed at reducing noise pollution and improving energy efficiency, continues to foster innovation and adoption within the industry. Moreover, advancements in MEA technologies, such as the proliferation of safety systems, advanced materials, power electronics, and energy storage devices, are elevating the functional capabilities of these aircraft.
MEA Market Segmentation Insights
- Application sectors such as air pressurization, configuration management, and power generation are experiencing significant attention, with power distribution management being identified as the largest application segment.
- Innovative technologies like power electronics and advanced materials contribute to the market's evolution, while the fixed-wing aircraft category, comprising narrow and wide-body types, dominates the MEA market.
Regionally, the North American market leads, propelled by initiatives aimed at reducing carbon emissions, the need for low-maintenance aircraft, and the increasing number of airports. The report further analyzes other key regions contributing to market expansion, including the Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Competitive Landscape and Key Market Players
The report offers a detailed competitive analysis, highlighting the market's structure, share, and the positioning of key players. It underscores the strategic initiatives and innovations that players are adopting to maintain and grow their market presence. Major aerospace corporations are at the forefront, incorporating advanced more electric technology into their aircraft portfolios, underscoring a significant competitive dynamic in the sector.
Summarily, the global more electric aircraft market report presents a comprehensive evaluation of the market dynamics, segmentation, regional analysis, and competitive landscape, offering stakeholders valuable insights into the potential growth avenues and strategies to navigate the market landscape effectively.
With the continuous advancements in more electric aircraft technology and the increasing awareness of sustainability in aviation, the market is poised for substantial growth in the years ahead, presenting numerous opportunities for industry participants and investors alike.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $4.6 Billion |
| Compound Annual Growth Rate | 16.9% |
| Regions Covered | Global |
Companies Mentioned
- Airbus SE
- Bombardier Inc.
- Honeywell International Inc.
- Lockheed Martin
- Raytheon Company
- Rolls-Royce Holdings Plc.
- Safran S.A.
- Thales Group
- The Boeing Company
- TTTech Computertechnik AG
- United Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/osg10
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