Portland, OR, June 24, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the more electric aircraft market was pegged at $ 1.80 billion in 2019 and is expected to reach $ 4.61 billion by 2027, registering a CAGR of 15.5% from 2020 to 2027. The report provides an in-depth analysis of the main investment pockets , top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
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The increasing demand for high-performance, fuel-efficient and less polluting aircraft and the emergence of aircraft with low operating and maintenance costs are fueling the growth of the global market for more electric aircraft. On the other hand, the high capital requirements and reliability of aircraft electrical systems hamper growth to some extent. However, advances in battery and electronic component solutions and the development of alternative power sources are expected to pave the way for lucrative opportunities in the industry.
- The outbreak of the pandemic has resulted in prolonged lockdown in many countries. This, in turn, gave way to the lack of raw materials and halted manufacturing activities for more electric aircraft.
- At the same time, global air traffic has also declined due to the ban on international travel and import and export activities. Declining demand for more electric aircraft has hampered market growth.
- However, with the rollout of mass vaccination programs in most countries, the market is expected to pick up soon.
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The global plus electric aircraft market report is analyzed by aircraft system, application, aircraft type, end user, and region. By aircraft system, the propulsion systems segment accounted for nearly three-fifths of the total market share in 2019 and is expected to dominate throughout the forecast period. Simultaneously, the cell systems segment is said to have the fastest CAGR of 16.8% from 2020 to 2027.
By application, the electricity distribution segment contributed almost half of the total market revenue in 2019 and will maintain its dominance through 2027. This segment would also post the fastest CAGR of 16.3% throughout throughout the forecast period.
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By region, Europe captured the largest share in 2019, generating more than two-fifths of the global market for more electric aircraft. Asia Pacific, on the other hand, is believed to have the fastest CAGR of 17.2% from 2020 to 2027. The other two regions analyzed in the report include North America and LAMEA.
The main market players analyzed around the world more electric aircraft market report include BAE Systems PLC, Bombardier Inc., Thales Group, Elbit Systems Ltd., Honeywell International Inc., AMETEK, Inc., Raytheon Technologies Corporation, GE Aviation, Rolls-Royce Holdings PLC and Safran. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures and others to strengthen their status in the industry.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, the CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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