Categories: Aerospace & Defence

Aerospace Energy Storage Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Aerospace Energy Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aerospace Energy Storage Global Market Report 2024, The aerospace energy storage market size has grown rapidly in recent years. It will grow from $1.73 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to increased demand for electrified aircraft, rising need for lightweight energy storage, growing focus on environmental sustainability, advancements in electric propulsion systems, government initiatives for green aviation..

The aerospace energy storage market size is expected to see rapid growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to rapid expansion of electric aircraft programs, continued emphasis on lightweight materials, global transition to sustainable aviation, integration with hybrid propulsion systems.. Major trends in the forecast period include regulatory push for sustainable aviation, product innovation, technological advancements..

The increasing demand for aircraft electrification is expected to propel the growth of the aerospace energy storage market going forward. Aircraft electrification refers to the process of replacing or supplementing traditional combustion engines with electric systems like motors and batteries. Aerospace energy storage plays a crucial role in aircraft electrification by providing efficient and reliable power for various electrical systems. For instance, in 2022, according to the HDI Global SE, a Germany-based insurance company, approximately 2022 electric aircraft projects were under development as of 2022, an increase from 170 in 2020. Therefore, the increasing demand for aircraft electrification is driving the growth of the aerospace energy storage market.

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The aerospace energy storage market covered in this report is segmented –

1) By Type: Lead Acid Battery, Lithium Battery, Other Types

2) By Technology: Pumped Hydro, Compressed Air, Batteries, Flywheels, Fuel Cells, Other Technology

3) By Application: Aircraft, Spacecraft

Product innovation is a key trend gaining popularity in the aerospace energy storage market. Companies operating in the aerospace energy storage market are focused on the development of modular and scalable energy storage solutions for aircraft electrification to sustain their position in the market. For instance, in June 2022, Electroflight, a US-based business specializing in battery systems for aerospace and defense companies, launched SEED for aerospace energy storage. A scalable, expandable, and energy-efficient (SEED) battery system can be quickly implemented without the costly and time-consuming process of designing a custom battery system. It addresses a rising need from aerospace innovators for the pre-certification development of electric and hybrid aircraft for test operations, which require a battery system with the highest levels of quality and safety. It is intended for use in early-stage product development. It is aimed at advancing the prototype development of electric aviation projects.

The aerospace energy storage market report table of contents includes: