More Electric Aircraft Market Analysis

More Electric Aircraft Market Analysis

Based on system, the more electric aircraft market is segmented into power electronics, thermal management system, safety systems & advanced material, and energy storage devices. The power electronics segment held the largest market share of 40% in 2022. Power electronics play a pivotal role in enabling the transition to electric & hybrid-electric propulsion systems. These systems are becoming more efficient and reliable, making them better suited for use in MEA. New semiconductor technologies are enabling the development of power electronics systems that are smaller, lighter, and more efficient than previous generations. There is a growing emphasis on reducing fuel consumption & emissions, improving energy efficiency, and ensuring the reliability of critical aircraft functions. As the MEA market develops, power electronics technology continues to evolve, driving innovation & growth in the sector.
 

Based on application, the more electric aircraft market is segmented into power distribution, passenger comfort, air pressurization & conditioning, and flight control & operations. The passenger comfort segment will experience a CAGR of over 10% till 2032. Passenger comfort is a key growth driver as it directly influences customer satisfaction and airline competitiveness. MEAs offer quieter and smoother rides due to their electric systems, reducing noise & vibrations. Moreover, the advanced environmental control systems in MEAs can maintain a more comfortable cabin temperature & air quality. These aircraft allow for improved cabin amenities, lighting, and entertainment options, making air travel more pleasant.
 

North America held a more electric aircraft market share of over 30% in 2022 owing to a strong aerospace industry with several leading aircraft manufacturers & suppliers. This gives MEAs a strong foothold in the region. North America is a major hub for air travel with a high demand for both domestic & international flights. The U.S. government supports MEA development through research grants and initiatives, fostering innovation. For example, in 2022 the U.S. Air Force is funding the development of an electric fighter jet. Similarly, the U.S. Department of Energy awarded USD 253 million to support the development of more electric aircraft technologies.