New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Battery Market Size to Grow from USD 0.86 billion in 2023 to USD 1.73 billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.24% during the forecast period.
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The aircraft battery industry is expanding rapidly due to increased demand for innovative aviation technologies and the growing deployment of electric and hybrid-electric aircraft. These batteries are essential for operating numerous aviation systems, such as emergency systems, backup power, and auxiliary power units. Battery chemistry improvements, such as lithium-ion and solid-state batteries, are improving energy density, safety, and longevity, resulting in market growth. Key players are focused on R&D and strategic collaborations in order to innovate and meet tough regulatory requirements. The market is also driven by the growing emphasis on lowering carbon emissions and increasing fuel efficiency. North America and Europe are the dominant markets due to strong aerospace industry and significant expenditures in sustainable aviation technologies.
Browse key industry insights spread across 210 pages with 100 Market data tables and figures & charts from the report on the "Global Aircraft Battery Market Size, Share, and COVID-19 Impact Analysis, By Battery Type (Lead Acid Battery, Lithium Ion Battery, Nickel-Cadmium Battery, and Others), By Technology (Traditional Aircraft, More Electric Aircraft, Hybrid Aircraft, and Electric Aircraft), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Battery Type
The lead acid battery segment accounted for the largest market share over the forecast period 2023 to 2033. These batteries are commonly used for starting, lighting, and ignition (SLI) tasks, as well as backup power in commercial and military aircraft. Technological advancements have increased the longevity and efficiency of lead-acid batteries, making them a viable option despite the introduction of modern alternatives such as lithium-ion batteries. Their comparatively low cost and well-understood technology continue to entice airlines and aircraft manufacturers seeking reliable energy sources. However, the market is seeing competition from newer battery technologies that provide higher energy density and lighter weight, both of which are crucial for modern aviation demands.
Insights by Technology
The traditional aircraft segment accounted for the largest market share over the forecast period 2023 to 2033. This group includes commercial airliners, freight planes, and military aircraft that rely on batteries for crucial operations like engine start-up, emergency power, and auxiliary power units (APUs). With an emphasis on preserving and modernising current aircraft, the demand for durable and efficient batteries remains strong. Battery technological advancements, such as higher energy density and longer life cycles, help traditional aircraft meet their performance and safety standards. Despite the rise of electric and hybrid-electric aviation, traditional aeroplanes remain a substantial market, ensuring continued demand for high-quality battery systems.
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Insights by Region
North America is anticipated to dominate the Aircraft Battery Market from 2023 to 2033. The region's robust aerospace industry and significant investments in innovative aviation technologies are driving this expansion. The presence of major aircraft manufacturers and battery technology businesses promotes innovation and growth. The increasing deployment of electric and hybrid-electric aircraft, which aims to improve fuel efficiency and reduce emissions, drives market demand. The region benefits from government regulations and funding that promote sustainable aviation activities. Furthermore, the increasing use of unmanned aerial vehicles (UAVs) and urban air mobility (UAM) systems creates new business potential. However, problems like as strict safety standards and hefty research costs persist. Continuous breakthroughs in battery technology, as well as strategic alliances, are critical to retaining North America's position in the worldwide aircraft battery business.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Rapid urbanisation and increased air passenger traffic are pushing the need for more efficient and environmentally friendly aviation technologies. Countries such as China, Japan, and India are driving the industry with significant R&D investments and government support for sustainable aviation technologies. The increasing unmanned aerial vehicle (UAV) and urban air mobility (UAM) sectors drive market growth. However, the region faces hurdles such as limited supply chains for crucial raw materials and onerous regulatory requirements. Overcoming these challenges through technology developments and international collaborations is critical for capitalising on Asia-Pacific's market growth potential.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies covered: Concorde Battery Corporation (US), Eaglepicher (US), Cella Engery (US), Enersys (US), Kokam (South Korea), Marvel Aero International (US), Mid-Continent Instruments and Avionics (US), GS Yuasa (Japan), Teledyne Battery Products (US), Saft Groupe SA (France), and other key companies.
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Recent Market Developments
- In September 2022, Saft, a Total Energies subsidiary, developed a unique high-energy density storage system (ESS) for time-shifting applications, facilitating the widespread deployment of renewable energy sources with minimal carbon footprint.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Battery Market, Aircraft Type Analysis
- Lead Acid Battery
- Lithium Ion Battery
- Nickel-Cadmium Battery
- Others
Aircraft Battery Market, Technology Analysis
- Traditional Aircraft
- More Electric Aircraft
- Hybrid Aircraft
- Electric Aircraft
Aircraft Battery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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