Sourcing Renewables - December 21, 2020
Increasing electric aircraft demand is driving electric power systems development
A new study found that the global aircraft electric power systems (EPS) market is being largely driven by increasing demand for electric aircraft, changes in global fleet composition and surging demand for new aircraft from emerging economies.
Frost & Sullivan’s new report, “Industry Convergence Boosting the Global Aircraft Electric Power Systems Market,” estimates that the market will return to its pre-pandemic size and stability after 2024 and could reach $2.23 trillion at that point, up from $1.61 trillion in 2020.
“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,” Alejandro Gonzalez, Aerospace & Defense Research Analyst at Frost & Sullivan, said in a statement. “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 also expects the development of advanced materials to lead to growth in distribution and storage systems, as new technology reduces the size and weight of components while increasing efficiency and autonomy.
EPS ensure power generation, conversion and distribution of electricity throughout the aircraft, in addition to energy storage and motorization, and is, therefore, a critical element of the expansion of this industry.
To increase these individual EPS segments, growth will need to be focused on four key areas: digitization of data collection, emphasizing energy storage technology, adopting new materials and manufacturing techniques to lower production costs and focusing on all-electric aircraft technology.
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