Press release
Global Aerospace Energy Storage Market To Reach $2.90 Billion By 2029 With A Growth Rate Of 8.89%
Global Aerospace Energy Storage Market
The global aerospace energy storage market reached a value of nearly $1.89 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.24% since 2019. The market is expected to grow from $1.89 billion in 2024 to $2.90 billion in 2029 at a rate of 8.89%. The market is then expected to grow at a CAGR of 8.17% from 2029 and reach $4.29 billion in 2034.
What strategies are being adopted by key players in the aerospace energy storage market?
The key players in the market are adopting extensive strategies in the aerospace energy storage market such as:
• Expanding operations through strategic partnerships.
• Enhancing capabilities via collaborations.
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To take advantage of opportunities, The Business Research Company suggests that aerospace energy storage companies enhance offerings:
• 28V lithium-ion batteries advancing aerospace energy storage.
• Silicon-anode batteries transforming electric aviation.
• Strategic partnerships driving innovation in energy storage.
What Is Aerospace Energy Storage: Market Overview?
Aerospace energy storage refers to the systems and technologies used to store and manage energy in aerospace applications, including aircraft, spacecraft, satellites, and drones. These systems must be lightweight, highly efficient, and capable of operating under extreme conditions such as high altitudes, vacuum, and temperature variations.
Aerospace energy storage is used by aircraft manufacturers, space agencies, defense organizations, and commercial spaceflight companies. It is deployed in both manned and unmanned aerial vehicles, satellites, space stations, and deep-space exploration missions. The need for energy storage arises in various scenarios, such as during takeoff and landing, in-flight power management, energy supply for onboard electronics, and sustaining critical systems in the vacuum of space. In spacecraft, energy storage plays a vital role in ensuring uninterrupted power supply when solar energy is unavailable, such as during eclipses or deep-space missions.
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Who Are The Major Companies Operating In The Global Aerospace Energy Storage Market?
The top 10 competitors in the market made up 17.00% of the total market in 2023. Saft Batteries was the largest competitor with a 2.26% share of the market, followed by:
• Tesla Inc.
• General Electric (GE) Company
• Siemens AG
• Lockheed Martin Corp.
• Leonardo S.p.A
• Panasonic Corp.
• Samsung SDI Co. Ltd.
• Eaton Corporation plc
• Meggitt plc.
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