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What Is Expected of the Aerospace Energy Storage Market Size and Growth Rate?
The aerospace energy storage market size has shown rapid growth recently, and it is expected to expand from $1.9 billion in 2024 to $2.11 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.5%. The boost in the historic period can be accredited to the increased demand for electrified aircraft, advances in electric propulsion systems, and the growing need for lightweight energy storage. Moreover, there is a rising focus on environmental sustainability and government initiatives for green aviation.
Looking forward, the aerospace energy storage market size is forecasted to see substantial growth and is predicted to reach $3.19 billion in 2029 at a CAGR of 10.8%. The growth in the forecast period is due to the expansion of electric aircraft programs, global transition to sustainable aviation, and continued emphasis on lightweight materials. Trends such as regulatory push for sustainable aviation and technological advancements are set to shape the future of the market.
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What Are the Key Drivers of the Aerospace Energy Storage Market Growth?
The burgeoning demand for aircraft electrification is a significant catalyst for the growth of the aerospace energy storage market. Electric systems like motors and batteries are replacing or supplementing conventional combustion engines. Importantly, aerospace energy storage plays a crucial role in this transition by supplying efficient and reliable power for various electrical systems. For example, the UK government and industry announced a £113 million investment in 2023 to develop hydrogen and all-electric flight technologies, supporting projects for creating lightweight batteries and zero-emission liquid hydrogen combusting jet engines.
What Are the Key Segments in the Aerospace Energy Storage Market?
The report covers the aerospace energy storage market segmented based on:
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
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Who Are the Major Players in the Aerospace Energy Storage Market?
Key players include 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, and Sichuan Changhong Battery Co. Ltd. Moreover, GreenSmith Energy Management Systems, Sungrow Power Supply Co.Ltd, Samsung SDI, Fluence Energy Inc., Saft Batteries, LG Energy Solution Ltd, Meggitt PLC, Invenergy LLC, ComEd, and Electric Power Systems Inc have carved out a remarkable space in the aerospace energy storage market.
What Are the Emerging Trends in the Aerospace Energy Storage Market?
Product innovations, especially developing modular and scalable energy storage solutions for aircraft electrification, is a significant trend being witnessed in the aerospace energy storage market. For instance, Electroflight launched SEED (Scalable, Expandable, and Energy-Efficient ) battery system in 2022 to fulfill a rising need from aerospace innovators for the pre-certification development of electric and hybrid aircrafts.
Which Region Will Experience the Fastest Growth in the Aerospace Energy Storage Market?
Europe held the largest share in the aerospace energy storage market in 2024, while the fastest-growing region is expected to be Asia-Pacific during the forecast period. The regions included in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Aerospace Energy Storage Market Report 2025 Offer?
Aerospace energy storage refers to the systems and technologies used to store energy for aerospace applications. These systems ensure reliable and efficient power supply, meeting the unique requirements of aerospace industry like weight restrictions, space limitations, and environmental sustainability. The Aerospace Energy Storage Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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