The key factor influencing the market for more electric aircraft is the reduction in operational as well as maintenance cost in more electric aircrafts. The usage of electrical appliances in an aircraft reduces the effort to maintain various mechanical and hydraulic parts of an aircraft, thus reducing the maintenance cost. The electrical appliances helps in increasing the operational efficiency and hence minimizing the operational cost. This factor is impacting positively on the growth of market over the period. Moreover, the global aerospace industry is witnessing a huge demand for aircrafts, which is leading the manufacturers to adopt the electric aircraft concept. The rise in demand for aircrafts in order to meet the growing air traffic, is boosting the growth of market for more electric aircraft.
The major factor hindering the growth of the more electric aircraft market is the reliability factor of electrical systems or appliances in harsh environment. The electrical systems or appliances integrated on an aircraft to reduce the operational cost and maintenance cost, works efficiently under normal environment. However, in harsh atmospheric conditions, the efficiency of more electric aircrafts reduces or even fails at time. This is a major concern for the aircraft manufacturers and airliners, which is impacting negatively on the growth of the market in future.
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The market for more electric aircraft is anticipated to surge over the period due to rising technological advancement in the aerospace industry. Countries such as the United States, the United Kingdom, and France among others, are constantly focusing on developing robust technologies in order to equip latest fuel cells in aircrafts to enhance their operational efficiency. This factor is acting as an opportunity for the more electric aircraft market in the coming years.
The market for more electric aircraft is segmented on basis of technology, platform, application and geography. The different technologies used in a more electric aircraft includes power electronics, safety systems and advanced material, thermal management systems and energy storage devices. The energy storage devices is further classified in to fuel cell systems and battery systems. The power electronics segment led the more electric aircraft market in 2016, due to increased usage of power electronics in power generators, distributors and convertors. The result of increased use of power electronics is high efficiency, reduction in weight and variable power. The fixed wing aircrafts and rotary wing aircraft constitute the platform segment in the more electric aircraft market, where the fixed wing aircraft segment is further categorized as commercial aircrafts, defense aircrafts and unmanned aerial vehicle. The commercial aircraft segment is sub segmented as narrow body aircraft, wide body aircraft, and very large body aircraft. The fixed wing aircrafts segment shared the largest market in 2016 and is expected to maintain its largest market share in the coming years.
The more electric aircrafts are applicable in various areas such as power generation management, air conditioning and pressurization, passenger comfort, flight control and command, and configuration management. The power generation management segment led the more electric aircraft market in 2016. Geography, the market for more electric aircraft is classified according to five strategic areas across the globe as North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Owing to the fact that large number of leading participants are present in North America, the region leads the market, while rising defense budgets in Germany, Russia and France among others are leading the European region to grow at a significant CAGR over the years.
The global market for more electric aircraft is a diversified and competitive market with large numbers of participants operating in the market. The leading participants in the market for more electric aircraft includes, Boeing (United States), Honeywell International Inc. (United States), Airbus Group (France), Safran SA (France), Bombardier Inc. (United States), Raytheon Company (United States), Zodiac Aerospace (France), United Technologies Corporation (United States), Thales Group (France), and TTTech Computertechnik AG (Austria) among others
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The following regional segments are covered comprehensively:
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