More Electric Aircraft Market to reach $10.2 Billion by 2030; The rise in demand for eco-friendly aircraft, escalating fuel costs, need to reduce emissions and the imperative for cleaner, quieter flights are propelling the growth of the More Electric

The More Electric Aircraft Market size is estimated to reach $10.2 Billion by 2030, growing at a CAGR of 11.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “More Electric Aircraft market - By Aircraft Type (Commercial, Defense, Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles), By Technology (Safety Systems and Advanced Material, Power Electronics, Energy Storage Device, Thermal Management Systems), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.

The market for More Electric Aircraft is growing due to the growing demand for environmentally friendly aviation, the increasing need to reduce emissions, rising fuel prices and the growing demand for cleaner and quieter aircraft

North America leads the More Electric Aircraft market with a market share of 39% driven by its strong aerospace industry, substantial defense budgets and early adoption of advanced aviation technologies. The region is home to leading aircraft manufacturers, such as Boeing and RTX, which are heavily investing in electrification to enhance fuel efficiency, reduce carbon emissions and meet sustainability goals. The robust presence of technology providers and system integrators ensures continuous advancements in electric power systems, actuators and fault-tolerant architectures. Additionally, stringent emission regulations from organizations like the FAA are pushing players to accelerate the adoption of MEA solutions.

The escalating fuel costs in the aviation industry have significantly driven the demand for More Electric Aircraft (MEA). For instance, in India Jet fuel (ATF) prices were raised by 1.45% on 1 December 2024, marking the second consecutive monthly hike. This increase follows a 3.3% rise on 1 November 2024. Airlines face increasing pressure to optimize operational efficiency and reduce fuel consumption which accounts for a substantial portion of their expenses. According to IATA Airline Cost Management Group, the biggest component of flight operating expenses is fuel and oil at 48%. Traditional aircraft rely heavily on hydraulic and pneumatic systems, which increase weight and energy consumption. By transitioning to MEA, where non-propulsive systems operate on electric power, fuel efficiency improves dramatically leading to lower operating costs.

The market for More Electric Aircraft is mostly driven by government support. Governments are actively investing in this transformative technology through substantial funding for research and development, paving the way for innovations that will redefine sustainable aviation. Tax incentives and subsidies are being offered to encourage adoption, making More Electric Aircraft more financially viable for manufacturers and operators. Additionally, governments are establishing clear and supportive regulatory frameworks to facilitate the certification and operation of More Electric Aircraft aiming to streamline the integration of electric propulsion systems while maintaining safety and performance standards. By providing a supportive regulatory environment and financial incentives governments are playing a vital role in shaping the future of electric aviation.

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