The Business Research Company’s report on the Aerospace Energy Storage Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the aerospace energy storage market?
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 February 2023, according to the press release by the GOV.UK, a UK-based government website, the UK government and industry announced a £113 million ($146.32 million) investment in February 2023 to develop hydrogen and all-electric flight technologies, supporting projects aimed at creating lightweight batteries for small aircraft and developing zero-emission liquid hydrogen combusting jet engines. Therefore, the increasing demand for aircraft electrification is driving the growth of the aerospace energy storage market.
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How has the aerospace energy storage market size evolved, and what are the latest forecasts for its expansion?
The aerospace energy storage market size has grown rapidly in recent years. It will grow from $1.9 billion in 2024 to $2.11 billion in 2025 at a compound annual growth rate (CAGR) of 11.5%. 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 $3.19 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. 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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Which major companies dominate the aerospace energy storage market?
Major companies operating in the aerospace energy storage market 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, 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
What trends will shape the future of the aerospace and defense additive manufacturing market?
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.
Which region dominates the aerospace energy storage market, and what factors contribute to its leadership?
Europe was the largest region in the aerospace energy storage market in 2024. 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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How is the aerospace energy storage market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Lead Acid Battery: Flooded Lead Acid Battery, Valve-Regulated Lead Acid (VRLA) Battery
2) By Lithium Battery: Lithium-Ion Battery, Lithium Polymer Battery, Lithium Iron Phosphate (LiFePO4) Battery
3) By Other Types: Nickel-Cadmium (NiCd) Battery, Nickel-Metal Hydride (NiMH) Battery, Solid-State Batteries, Ultracapacitors
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How is the aerospace energy storage market defined?
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.
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