North America will witness significant growth in the more electric aircraft market size owing to the increasing defense expenditure across the region. Moreover, the presence of multiple airplane manufacturers focusing on improving their product portfolio will further accelerate the regional share over the projected timeframe. For instance, Lockheed Martin is continuously developing its F 35 fighter jet and offering multiple variants of the air carriers with facilities including vertical take-off and landing capabilities along with the ability to customize based on the end user requirements.
Growing adoption of greener air carriers will propel the more electric aircraft market growth. The carriers offer reduced maintenance cost and improved reliability with elimination of maintenance intensive components such as bleed system. Absence of these system provide more efficient thrust in reduced lead time that enhances the overall performance. Moreover, the system contributes towards improving the overall power to weight ratio, thereby driving the product demand.
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Increasing demand for fuel efficient airplanes offering multiple benefits including light weight, and low noise emission will drive the more electric aircraft market share over the forecast timeframe. The airplanes provide superior reliability with the use of power electronics and require fewer engine components. Further, rising airplane production to meet previous backlog and accommodate air passengers will escalate the industry size.
Rising investments in R&D along with incorporation of advanced lean manufacturing technologies are providing a positive outlook for the more electric aircraft market size over the study timeframe. Moreover, airplane manufacturers along with component suppliers are focusing on expanding their R&D facilities for improving the technologies associated with more electric air carriers.
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Regulatory bodies including International Civil Aviation Origination (ICAO) along with the Federal Aviation Administration (FAA) are continuously mandating stringent carbon emission norms, encouraging industry players to significantly invest in more electric technologies, thereby positively influencing the market share. For instance, in March 2017, the ICAO Council announced the adoption of new airplane CO2 emissions, that are applicable to new aircraft designs from 2020. This will further encourage airplane manufacturers to adopt innovative technologies, thereby expanding the business size.
Fixed wing segment will account for the maximum volume share over the study timeframe owing to the increasing demand for more electric widebody aircrafts including B787 and A380 across the globe. The premium air travel experience along with the availability of a wide network of routes further accentuates the segment share. Increasing military spending along with increasing requirement for improving aircraft efficiency for combat operations are providing a positive outlook for the industry expansion.
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Energy storage devices will showcase a considerable growth in the more electric aircraft market share with the presence of multiple electric components compared to the conventional airplanes. Moreover, the requirement for main and auxiliary power unit batteries for powering the aircraft and core components will enhance the segment penetration.
Passenger comfort will showcase the highest growth in the more electric aircraft market size owing to the increasing focus of airplane manufacturers to improve air passenger travel experience. Multiple airliners are incorporating premium in-flight entertainment systems for attracting customers and improve their in-flight experience. Technological advancements including on-demand cabins are positively influencing the industry share.
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