More Electric Aircraft Market Set to Reach $8.01 Billion by 2029, Driven by 7.6% CAGR

(EMAILWIRE.COM, November 22, 2024 ) The More electric aircraft market is valued at USD 5.56 billion in 2024 and is projected to reach USD 8.01 billion by 2029, at a CAGR of 7.6 % from 2024 to 2029.The trend of shifting from traditional hydraulic and pneumatic systems to more efficient electric-driven counterparts is driving the growth of the More Electric Aircraft market. Development in MEA focuses on advancements in power distribution technology, high-voltage networks ensuring efficient, safe, and lightweight power transfer across aircraft systems. MEAs in new designs employ an HVDC system, whose power losses and weight it compared with traditional architectures are reduced. This is crucial because electric-driven components are flight controls, landing gears, and environmental systems – all of which need robust and stable power to achieve their functions.

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Enhanced power distribution technology has introduced innovations into solid-state transformers and smart grid systems to support better management of energy flow, redefine power levels based on the demand levels, and protect against any power surge possibility. Improved safety and reliability characterize the systems because performance does not change when there are operations critical to aircraft.

Based on application, the more electric aircraft are segmented into power generation, power distribution, power conversion, and energy storage. Power distribution segment is projected to account for the largest market share during the forecast period. Power distribution systems will lead the MEA market because they are required to integrate, manage, and optimize the supply of electrical power to all onboard systems. They ensure proper power flow from any part of the system due to its backbone role within an aircraft. They minimize power peak demand, stabilize voltage, and prevent overloads, which makes them crucial for safe and efficient operation.

Based on end-user, the more electric aircraft market is segmented into civil and military. The civil segment is estimated to account for a larger share in 2024 as compared to the military segment. Investments by both in public and private sectors, in the research and development of MEA elevate the growth of the civil segment. The electric and hybrid-electric technology for civil aviation funded by the public sector such as the Clean Aviation program undertaken by the European Union and the Sustainable Flight Demonstrator project of NASA further propels the growth.

Based on Region, Europe is estimated to account for the largest share of the market in 2024 and is projected to grow at the highest CAGR during the forecast period. Europe is expected to lead the More Electric Aircraft (MEA) market due to its stringent environmental regulations, substantial government support, and strong aerospace industry presence. The European Union announced ambitious climate goals: by 2050, a carbon-neutral position, which gives an enormous burden on aviation to choose environmentally friendly alternatives. Programs like Clean Aviation fund projects that pool the aerospace companies, research organizations, and universities to work toward the development of MEA technologies and bring these solutions to the market. Due to the presence of these aerospace majors such as Airbus, Rolls-Royce, and Safran in Europe, the region has both the capabilities and resources to lead the advances in MEA. In fact, these companies are already engaged in the activities of electric propulsion and hybrid-electric technologies to overcome the traditional fuel dependence.

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Key Market Players

The key market players in the more electric aircraft market are S.A ( France), Honeywell International Inc. (US), RTX (US), General Electric (US), Parker Hannifin Corporation (US), Bae Systems plc (UK), Bomardier Inc. (Canada), Embraer S.A (Brazil), Liebherr (Switzerland), Ametek Inc. (US), Astronics Corporation (US), Moog inc. (US), Rolls-Royce Plc (UK), Amphenol Corporation (US), Eaton (Ireland).

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