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More Electric Aircraft Market Trends

Report ID: GMI3357
Published Date: Sep 2023
Report Format: PDF

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More Electric Aircraft Market Trends

Advancements in electrical systems and components are improving aircraft efficiency & reliability, driving the adoption of more electric aircraft. These aircraft are more fuel-efficient than traditional aircraft, which can lead to significant cost savings for operators. They rely on electric systems over traditional hydraulic & pneumatic ones and offer increased fuel efficiency and reduced carbon footprints. Airlines and manufacturers are increasingly investing in research & development to address technological challenges. Additionally, there is a rising interest in hybrid-electric & all-electric propulsion systems that reduce the environmental impact. However, regulatory & certification hurdles remain significant challenges influencing market growth and development.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for more electric aircraft exceeded USD 4.2 billion in 2022 and is anticipated to witness over 13.1% CAGR between 2023 and 2032 due to the rising focus on aircraft electrification worldwide.

The power electronics system segment garnered 40% share of the more electric aircraft market in 2022 driven by its prominence in the transition to electric & hybrid-electric propulsion systems.

Passenger comfort application segment may record over 10% CAGR from 2023-2032 due to the surging need to provide quieter and smoother rides with reduced noise & vibrations.

North America held over 30% share of the more electric aircraft industry in 2022 owing to the presence of well-established aerospace sector with several leading aircraft manufacturers & suppliers.