More Electric Aircraft Market Expected to Reach $11.2 Billion by 2033

According to a new report published by Allied Market Research, titled, “More Electric Aircraft Market Size, Share, Competitive Landscape, and Trend Analysis Report by Aircraft Type, Platform, and System: Global Opportunity Analysis and Industry Forecast, 2024-2033” The more electric aircraft market size was valued at $4.7 billion in 2023, and is projected to reach $11.2 billion by 2033, growing at a CAGR of 9.6% from 2024 to 2033.

More Electric Aircraft?use electrical technologies for onboard operations, replacing traditional hydraulic or pneumatic systems. These aircraft depend on advanced electrical components and technology for flight control, landing gear functioning, environmental control, and other functions. Electric aviation systems attempt to increase efficiency, lower maintenance costs, and promote environmental sustainability by reducing dependency on fossil fuels and optimizing power management. 

Advancements in electrical systems and components are increasing aircraft efficiency and dependability, which is?driving to increased acceptance of electric aircraft. These aircraft are more fuel-efficient than regular aircraft, resulting in considerable cost savings for operators. They depend on electric systems rather than traditional hydraulic and pneumatic ones, resulting in better fuel economy and lower carbon impact. Airlines and industries are investing more in research and development to tackle technological issues. Hybrid and all-electric propulsion systems have become increasingly popular due to their environmental benefits. Regulatory and certification difficulties continue to be important impediments for market expansion. 

Furthermore, the aviation sector is currently focusing on improving aircraft performance, reducing petrol emissions, increasing dispatch dependability, and lowering maintenance costs. Several major original equipment manufacturers (OEMs) are working on bringing innovative technologies through research and development (R&D) and implementing hybrid electric-powered or all-electric aircraft. The more electric aircraft market trends concept employs electric power for non-propulsive systems. Traditionally, systems were powered by a variety of secondary power sources, including mechanical, pneumatic, hydraulic, and electrical.  

Furthermore, the aviation sector is currently focusing on improving aircraft performance, reducing emissions, increasing dispatch reliability, and lowering maintenance costs. Several major original equipment manufacturers (OEMs) are investing heavily in research and development (R&D) to bring innovative technologies to market, including hybrid electric-powered and all-electric aircraft. This shift towards more electric aircraft (MEA) is driven by the need for more sustainable and efficient aviation solutions. The MEA concept leverages electric power not just for propulsion but also for various non-propulsive systems such as flight controls, air conditioning, and auxiliary power units. Traditionally, these systems were powered by a mix of mechanical, pneumatic, hydraulic, and electrical sources, each adding complexity and weight to the aircraft.

By transitioning to an MEA framework, the industry aims to streamline power systems, reduce the overall weight of the aircraft, and improve energy efficiency. This shift also has the potential to enhance operational reliability by minimizing the number of mechanical and hydraulic components that require regular maintenance. Innovations in power electronics and advanced battery technologies are playing a crucial role in enabling these advancements. As the industry moves towards more integrated and electrified systems, it is expected to see further improvements in fuel efficiency and reductions in operational costs, all while meeting stricter environmental regulations. The ongoing evolution towards MEA represents a significant step in the quest for greener, more efficient aviation.

Increasing flight automation involves utilizing fly-by-wire (FBW) technology will create more electric aircraft market opportunity. With FBW, electronic technologies replace traditional mechanical flight controls, which leads to smoother and more precise aircraft control. Modern aircraft are safer and perform better because of improved features such as envelope protection, autonomous flight control modes, and adaptive control algorithms enabled by this technology. 

Technological improvements in electro-hydrostatic actuators, fault-tolerant architecture, power electronics, flight control systems, high-density electric motors, and power production and conversion systems all contribute to the increased use of more electric aircraft, which drives market growth. The Boeing 787 and Airbus A350 XWB are instances of more electrified aircraft in commercial aviation. Major aircraft manufacturers, such as Airbus SE and the Boeing Company, have increasingly adopted electric design in their commercial aircraft. Thus, increased spending on R&D and the introduction of new electric aircraft are propelling the more electric aircraft market growth.

The more electric aircraft industry is segmented into aircraft type, platform, system, and region. On the basis of aircraft type, the market is divided into fixed wing, and rotary wing. On the basis of system, the market is classified into aircraft configuration and management system, flight control and mission management system, air pressurization and conditioning system and power generation and management system. On the basis of platform, the market is segregated into commercial aircraft and military aircraft.  Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico) , Europe (UK, Germany, France, Russia, and rest of Europe) , Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific) , and LAMEA (Latin America, Middle East, and Africa) . 

KEY FINDINGS OF THE STUDY 

• The rotary wing segment was the highest revenue contributor to the more electric aircraft industry in 2023 and is estimated to reach significant growth by 2033. 

• The differential systems segment was the highest revenue contributor during the more electric aircraft market forecast period of 2024-2033. 

• The non-metallic segment was the highest revenue contributor during the forecast period of 2024-2033. 

• Asia-Pacific was the highest more electric aircraft market share by 2033, with a significant CAGR during the forecast period.