Overview and Scope
Aerospace energy storage refers to the technologies, systems, and components used to store and supply energy in aerospace applications. These systems ensure reliable and efficient power supply for aerospace applications while meeting the unique requirements and challenges of the aerospace industry, such as weight restrictions, space limitations, safety considerations, and environmental sustainability.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Europe was the largest region in the aerospace energy storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the aerospace energy storage market report are Tesla Inc, GE Energy, Raytheon Technologies, The Boeing Company, Lockheed Martin, BYD Co. Ltd, Northrop Grumman, Honeywell Aerospace, Jabil Energy Storage, Siemens Energy AG, NextEra Energy Resources, Eaton Corporation plc, Rolls-Royce PLC, Parker Hannifin, Sichuan Changhong Battery Co. Ltd., GreenSmith Energy Management Systems, Sungrow Power Supply Co.Ltd, Samsung SDI, Fluence Energy Inc., Saft Batteries, LG Energy Solution Ltd, Meggitt PLC, Invenergy LLC, Enphase Energy, A123 Systems LLC, Eagle-Picher Technologies LLC, ComEd, Electric Power Systems Inc, NEC Energy Solutions, EAS Batteries GmbH, Kokam Co. Ltd, Xtreme Power, Custom Cells, EEnovate Technology, nanoFlowcell Holdings plc, Cuberg Inc., Gnanomat S.L., Electroflight Ltd., Nsure Reliable Power Solutions
The aerospace energy storage market report table of contents includes:
1. Executive Summary
- Aerospace Energy Storage Market Characteristics
- Aerospace Energy Storage Market Trends And Strategies
- Aerospace Energy Storage Market – Macro Economic Scenario
- Global Aerospace Energy Storage Market Size and Growth
.
- Global Aerospace Energy Storage Market Competitive Benchmarking
- Global Aerospace Energy Storage Market Competitive Dashboard
- Key Mergers And Acquisitions In The Aerospace Energy Storage Market
- Aerospace Energy Storage Market Future Outlook and Potential Analysis
- Appendix
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