Aircraft Battery Industry Worth $723 million by 2027 at a CAGR of 13.7%
(I-BusinessNews.Com, November 21, 2022 ) The report "Aircraft Battery Market by Offering (Product, Service), Aircraft Type (Fixed-wing, Rotary-wing, UAV, AAM), Aircraft Technology, End User (OEM, Aftermarket), Application, Power Density, Battery Capacity and Region - Global Forecast to 2027" The Aircraft Battery Market is projected to grow from USD 381 million in 2022 to USD 723 million by 2027, at a CAGR of 13.7% during the forecast period. The need for advanced battery technologies to meet the demanding requirements of customers and future platforms is driving the demand for the market.
The AAM Segment is estimated to lead the aircraft sensors market in forecast period
Based on aircraft type, the AAM segment of the aircraft battery market is accounted for the highest growth during the forecast period. The increased need for sustainable ecosystem in urban and rural areas are driving the need for Advanced Air Mobility platforms. These platforms require a network of advanced battery solutions as most AAM platforms are predominantly fully electric and require to handle heavy electric loads.
The Propulsion segment is expected to have highest market share during the forecast period
Based on propulsion system is expected to have highest market share during the forecast period. In traditional aircraft the engine is started by a starter battery. In advanced platforms like AAM and UAVs the complete propulsion system is run on batteries. These factors are driving the demand for battery market.
Asia Pacific Region is expected to witness largest growth in the forecast period
Asia Pacific Region is witnessing highest growth among all the regions. Asia Pacific countries like China, India, Japan among other countries, are increasingly developing new aircraft and developing strategic partnerships to manufacture aircraft and sell around the globe. The region is also witnessing growing air traffic, which is contributing to increasing fleet sizes in this region. The increasing fleet size will also contribute to aftermarket services in this region. These factors are expected to drive market growth in these regions.
Key players operating in the aircraft battery market include EnerSys (US), Concorde Batteries (US), Saft (France), Teledyne Battery Products (US), and EaglePicher Technologies (US) among other solution, service, and equipment providers. These players offer comprehensive solution to key stakeholders in the market.
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