Press release
Aerospace Energy Storage Market Growth to be Driven by Emerging Trends | $2.86 Billion by 2029
Aerospace Energy Storage
What is the Projected Market Size of the Aerospace Energy Storage Industry?
The size of the aerospace energy storage market has seen robust growth in the past few years. It is projected to escalate from $1.9 billion in 2024 to $2.06 billion in 2025, witnessing a compound annual growth rate (CAGR) of 8.7%. The historical growth can be credited to factors such as a surge in demand for electrified aircraft, an increasing necessity for lightweight energy storage, an intensified emphasis on environmental sustainability, advancements in electric propulsion systems, and government-supported initiatives towards green aviation.
What Will Be the Size of the Aerospace Energy Storage Market by 2029?
The market size of aerospace energy storage is anticipated to exhibit robust growth in the forthcoming years, reaching a value of $2.86 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. The rise in this sector during the prediction period can be related to the quick development of electric aircraft schemes, ongoing focus on lightweight materials, the global shift towards eco-friendly aviation, and assimilation with hybrid propulsion systems. Key trends for the estimated period consist of regulatory initiatives to promote environmentally-friendly aviation, product modernization, and technological progress.
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What Are the Key Drivers Accelerating Growth in the Aerospace Energy Storage Market?
The aerospace energy storage market's growth is anticipated to surge due to the rising demand for aircraft electrification. Aircraft electrification involves the substitution of conventional combustion engines with electrical systems such as motors and batteries. Aerospace energy storage is integral to aircraft electrification as it provides dependable and effective power to different electrical systems. In February 2023, as revealed by a GOV.UK press release, the UK government and industries committed to a £113 million ($146.32 million) investment to foster the development of hydrogen and all-electric flight technologies. This contribution supports projects aiming at producing lightweight batteries for minor aircraft and developing jet engines that combust zero-emission liquid hydrogen. Consequently, the surging demand for aircraft electrification stimulates the expansion of the aerospace energy storage market.
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How Is the Aerospace Energy Storage Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Aerospace Energy Storage Market?
The increasing focus on product innovation is emerging as a major trend in the aerospace energy storage market. To maintain their market positions, businesses in this industry are concentrating on creating modular, and scalable energy storage solutions that can be utilized in aircraft electrification. For instance, in June 2022, Electroflight, an American firm specializing in battery systems for aerospace and defense sectors, introduced its SEED system for aerospace energy storage. This system, which is Scalable, Expandable, and Energy-efficient (SEED), can be rapidly deployed without the need for expensive and lengthy custom battery design procedures. The SEED system caters to a growing demand from aerospace innovators for preliminary certification development of electric and hybrid aircraft for testing purposes, necessitating a battery system that upholds the strictest quality and safety standards. It is specifically designed for use in the early stages of product development, and it aims to propel the progress of prototype development in electric aviation projects.
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Who Are the Leading Companies Driving Growth in 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
Which Is the Leading Region in the Global Aerospace Energy Storage Market?
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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Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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