The market is estimated to return to its pre-pandemic size and stability after 2024 when it is expected to reach $2.23 trillion
SANTA CLARA, Calif., Dec. 17, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, Industry Convergence Boosting the Global Aircraft Electric Power Systems Market, finds that increasing demand for electric aircraft, changes in global fleet composition, and surging demand for new aircraft from emerging economies are prominent factors driving the global aircraft electric power systems (EPS) market. EPS ensure power generation, conversion, and distribution of electricity throughout the aircraft, as well as energy storage and motorization. The market is estimated to return to its pre-pandemic size and stability after 2024 when it is expected to reach $2.23 trillion from $1.61 trillion in 2020.
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"Emergence of new technologies will help drive market recovery after the crisis, with several variables and goals set by original equipment manufacturers (OEMs) and operators, such as fuel and power efficiency, maintenance costs reduction, and new mobility patterns," said Alejandro Gonzalez, Aerospace & Defense Research Analyst at Frost & Sullivan. "The move toward electrification of aircraft has benefited the engine segment with significant research and development (R&D) investments. This trend will continue and expand to other segments, such as motorization, as alternatives are sought to replace hydraulic and pneumatic systems in next-generation aircraft."
Gonzalez added: "With the development of advanced materials, there is significant growth potential in distribution and storage systems. New technologies are expected to reduce the size and weight of components while increasing their efficiency and autonomy. Additionally, the need to meet the demand for new, lighter, and denser batteries will further boost the aircraft EPS market."
The rise of new types of aircraft will boost the entire aircraft EPS segments-power generation systems, power conversion systems, power distribution systems, motorization systems, and electric storage systems-presenting lucrative growth prospects for market participants.
- Digitization: EPS components need to be digitized by adopting new sensors to collect data in real-time with a constant connection to the cloud.
- Emphasizing energy storage technology: EPS suppliers should assess their innovation strategies and potential partnerships to meet the demand for high-storage battery systems in large aircraft.
- Adopting new material and manufacturing techniques: Suppliers must build components using additive manufacturing techniques to lower production costs and reduce lead times within the supply chain.
- Focusing on all-electric aircraft technology: EPS vendors should develop lightweight, safe, and efficient electrical and electronic components that can be adapted for hybrid and electric aircraft.
Industry Convergence Boosting the Global Aircraft Electric Power Systems Market is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Industry Convergence Boosting the Global Aircraft Electric Power Systems Market
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