About Aerospace Energy Storage
The Energy storage systems which are used in aerospace applications are mainly considered under the global aerospace energy storage market. Since the demand for electric aircraft as well as spacecraft has been increased across the globe, more energy storage systems will be required for the same. Continues technological advancements in energy storage solutions are required to develop compact and highly efficient solutions. The global aerospace energy storage market is primarily segmented on the basis of type, application, technology, power source, and regions. Growing air traffic, as well as increasing government initiatives amongst the APAC countries, will lead to increased demand for energy storage systems in aerospace solutions. For instance; Korea has introduced policies for expanding incentives and applied a renewable energy certificate (REC) weight (multiplier) of 5.0 for ESS for renewable energy integration. Consequently, the country's ESS additions increased from 763MWh in 2017 to 1.8GWh in the first half of 2018 and is set to grow further over the next few years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 21.1% |
Growing air traffic, as well as increasing government initiatives amongst the APAC countries, will lead to increased demand for energy storage systems in aerospace solutions. For instance; Korea has introduced policies for expanding incentives and applied a renewable energy certificate (REC) weight (multiplier) of 5.0 for ESS for renewable energy integration. Consequently, the country's ESS additions increased from 763MWh in 2017 to 1.8GWh in the first half of 2018 and is set to grow further over the next few years. Analyst at AMA Research estimates that European and Asian Manufacturers will contribute the maximum growth to Global Aerospace Energy Storage market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Meggitt PLC (United Kingdom), Kokam Co., Ltd. (Korea), Eaton Corporation (Ireland), Siemens AG (Germany), Cuberg, Inc. (United States), NanoFlowcell (Switzerland), EAS Batteries GmbH (Germany), Sichuan Changhong Battery Co.Ltd. (China), Guangxi Aerospace Beidou New Energy Industrial Technology (China) and Gnanomat (Spain) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Aerospace Energy Storage market by Type (Lead Acid Battery, Lithium Battery and Others), Application (Aircraft and Spacecraft) and Region.
On the basis of geography, the market of Aerospace Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type of Power Source, the sub-segment i.e. Wind will boost the Aerospace Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Pumped Hydro will boost the Aerospace Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Compact and Portable Aerospace Energy Storage and Continues Technological Advancements in Aerospace Energy Storage
Market Growth Drivers:
Growing Demand due to Government Initiatives and Increasing Expenditure in Aerospace Industry and Technological Advancement in enhancing the Aerospace Storage Performances
Challenges:
Increasing Issues in Accessibility Of Geothermal Energy
Restraints:
High Capital Investment Associated With Aerospace Energy Storage System and Rising Concern of Inadequate Feed Stock for Bio-Fuels
Opportunities:
Rising Utilization of Renewable Energy Sources and High Adoption of Decentralized Power Generation & Compact Energy Storage Systems
Market Leaders and their expansionary development strategies
In March 2023, Boeing and Airbus partner with several battery manufacturers (including the Japanese company GS Yuasa) to collaborate on research and development of next-generation lithium-ion batteries for future electric and hybrid-electric airplanes.
In February 2024, Rolls-Royce unveils the AE 700 electric and hybrid-electric powertrain for regional aircraft, aiming to reduce emissions and noise pollution in the aviation industry. This announcement involves batteries as part of the energy storage solution but doesn't specify a specific manufacturing company.
Key Target Audience
Aerospace Energy Storage Providers, Upstream and Downstream Buyers, Aerospace Energy Storage Distributors and Traders, Aerospace Industry Associations, Government and Defense Regulators, Spacecraft Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.