More Electric Aircraft Market size is set to cross USD 45 billion by 2025; according to a new research report by Global Market Insights, Inc. Furthermore, increasing aircraft demand resulting in ever-piling waiting list of the conventional aircraft deliveries may create expansion opportunities for these non-conventional aircrafts over the forecast timeframe, further escalating the industry size. Ongoing R&Ds to lower product cost and improve overall power to weight ratio will drive the more electric aircraft market demand.
Rapid growth in passenger air traffic coupled with increasing shift toward fuel efficient airplanes will drive more electric aircraft market growth. Aircraft manufacturers have been looking to introduce electric airplanes offering multiple benefits such as light weight structure, decreased noise. Also, these planes possess fewer moving parts which results in less maintenance cost, which would be an added advantage for airline companies which are striving to survive in a highly competitive business landscape.
Growing adoption of greener air carriers attributed toward stringent aviation emissions norms may positively influence the market share. For instance, regulatory bodies such as International Civil Aviation Origination (ICAO) and the Federal Aviation Administration (FAA) are consistently directing their focus toward the growing aviation related carbon emissions. This should encourage the industry players to invest in the development of technologies for cleaner aircrafts, thus stimulating more electric aircraft market trends over the study timeframe.
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Airplane manufacturers along with the component suppliers planning for the expansion their R&D facilities to enhance the existing aircraft technologies. For instance, in October 2016, Safran revealed the establishment of its R&D facility in France, eyeing the development of greener aircrafts.
Fixed wing segmental growth is driven by increasing worldwide demand for more electric widebody aircrafts such as B787 and A380. Airplane manufacturers have been incorporating several electrical systems such as Electrical Thrust Reverser Actuation System (ETRAS) for improving the fuel efficiency and minimizes the loses.
In addition to the passenger aircrafts demand, the increasing military spending toward developing efficient combat aircrafts will also have a positive impact on fixed wing more electric aircraft market outlook.
Energy storage segment is anticipated to witness significant growth pertaining to the key role of the battery technology to power more electric aircrafts. More electric aircrafts market will experience growing demand for energy storage devices owing to the presence of several electric components as compared to the conventional aircrafts.
Moreover, these aircrafts necessitate both the main and auxiliary battery power sources for powering the aircraft and core components which should foster the penetration of energy storage devices. As more electric aircrafts are fully based on energy storage devices, ongoing advancements in battery technologies to optimize storage capacity and charging time is expected to impel the industry outlook.
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The increasing focus on improving passenger travel experience by enhancing the air cabin features will propel the passenger comfort application segment. Several airliners are increasingly adopting premium in-flight entertainment systems to draw customer attraction. This has been greatly supported by the technological advancements in manufacturing on demand aircraft cabins further boosting the segmental share.
North America accounts for significant percentage of global electric aircraft market size owing to the existence of several airplane manufactures in the region. In addition, the presence of U.S boasting a huge defense budget should convincingly accelerate the regional share over the forecast timeline. The country has been facing escalating tensions from other parts of the world pertaining to which there has been constant demand for lethal fighter aircrafts. For instance, Lockheed Martin has been observed to continuously upgrade and develop multiple variants of F35 fighter jets which include particular capabilities for highly specialized operations as per end user demand.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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