In this market research report, Technavio covers the market outlook and growth prospects of the global more electric aircraft market for 2017-2021. The market is further categorized into manned MEA and un-manned MEA based on application segment. The manned MEA accounted for more than 67% of the market share in 2016.
“The rising concern for environmental protection and the decreased weight of aircraft due to the incorporation of electric systems are the major factors fueling the market,” says Avimanyu Basu, a lead aerospace research expert from Technavio.
Technavio’s aerospace and defense research analysts segment the global more electric aircraft market into the following regions:
In 2016, with a market share of over 43%, the Americas emerged as the market leader in the global MEA market, followed by EMEA with close to 35% and APAC with 22%.
MEA market in Americas
The Environmental Protection Agency (EPA) said that the US air transportation sector contributed 11% of the global greenhouse gas emissions and 29% of the global aircraft emissions. Such numbers made many environmental groups in the US to define stringent regulations under the Clean Air Act. Also, heavy tolls on stringent noise regulations have encouraged the adoption of MEA, which is anticipated to consume close 25% less fuel than the conventional planes.
“This will cut down CO₂ emissions, thereby saving ozone layer depletion, and generate less noise during landing and take-off,” says Avimanyu.
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MEA market in EMEA
Technavio expects that the more electric airplane market in EMEA will witness increasing investments in Europe. Further, European Union’s Flightpath 2050 program is also going to boost the market as by 2050; the program aims to reduce CO₂ emissions by 75% per passenger kilometer from the levels recorded in 2000.
For instance, the European aircraft manufacturer, Airbus, is planning to commercialize its E-Fan 2.0 by 2017, which would have relatively less noise and control greenhouse gas emissions. This step will be followed by the launch of its next version 4.0 in 2019.
MEA market in APAC
Technavio expects that the MEA aircraft market in APAC will post a CAGR of close to 5% during the forecast period, as countries like India, China, Japan, and Australia are significantly contributing toward the MEA market for APAC.
For instance, in 2016, India's Vijayawada-based Air Costa placed an order worth more than USD 2.9 billion with the Brazilian aircraft manufacturer, Embraer, as an add-on to its already purchased Embraer E-170 and E-190. It is expected that India-based SpiceJet airline will also engage in a deal with the Brazilian manufacturer.
The top vendors in the global more electric aircraft market as highlighted in this market research analysis are:
- Honeywell International
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