The Global More Electric Aircraft market is growing at a high rate owing to the factors such as burgeoning demand for fuel-efficient aircraft in the countries such as China, India, Brazil, and Russia, intertwined with surge in global air traffic and bolstering investment in the research and development and to enhance the technological system by the OEMs (original equipment manufacturers) and OCMs (original component manufacturers). In addition, declining operational and maintenance cost in more electric aircraft, surging adoption of advance technologies such as hybrid or electric propulsion, and strict regulations pertaining to the curb the emission of greenhouse gas (GHG) are some of the factors leading to a positive impact on the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Global More Electric Aircraft Market Analysis, 2020”, the Global More Electric Aircraft market is anticipated to grow at a CAGR of around 13% during 2021-26F. Based on Application, Power Generation Management acquired the substantial market share in 2019. The growth of the segment is attributed to burgeoning need for more electric architecture in aircraft, surging requirement for energy requirement and snowballing inclination towards aircraft stems which are lightweight, fuel efficient, durable and require less maintenance schedules. Moreover, the boost in the overall demand for more electric aircraft with better power generation management systems is propelling the growth of the segment,
“Global More Electric Aircraft Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for More Electric Aircraft providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired Significant Market Share
North America accounted for the considerable share of the global More Electric Aircraft market in 2019. The US dominated the North America segment on account of strong foothold of giant aircraft manufacturers, increasing government funding toward defense sector, surging degree of environmental concerns, and rising investment by the aircraft OEMs toward R&D projects. Moreover, the Europe region is expected to grow at a steady rate in the coming years due to strict regulatory policies regarding aircraft emission, numerous initiatives and research programs by government bodies such as Clean Sky Joint Undertaking, and upsurge in the number of aircraft deliveries. Hence, these are anticipated to augment the growth of More Electric Aircraft market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global More Electric Aircraft Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global More Electric Aircraft market are BAE Systems, Airbus SAS, The Boeing Company, Bombardier, GE Aviation, Astronics Corporation, Elbit Systems Ltd, Israel Aerospace Industries, Lockheed Martin Corporation, Raytheon Technologies Corporation, Rolls Royce Plc, Safran, Thales Group, TTTech Computertechnik AG, Honeywell International Inc., etc.
Key questions answered in the study