Press release
Aerospace Energy Storage Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033
Aerospace Energy Storage Global Market
Aerospace Energy Storage Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.93 billion In 2028 At A CAGR Of 11.0%.
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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Aerospace Energy Storage Market Major Segments
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
Key Driver - Surging Demand For Aircraft Electrification Fuels Growth In 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 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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Prominent Trend - Redefining Product Landscape In Pursuit Of Electric Aviation Advancements
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.
Aerospace Energy Storage Market 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
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace Energy Storage Market Report Structure
3. Aerospace Energy Storage Market Trends And Strategies
4. Aerospace Energy Storage Market - Macro Economic Scenario
5. Aerospace Energy Storage Market Size And Growth
…..
27. Aerospace Energy Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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