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Aerospace Battery Market Growth Analysis | 2022-2027
Aerospace Battery Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027.
Batteries are primarily utilized in the aerospace industry for flight preparation, starting the engine and auxiliary power units, and powering backup and emergency systems. They are critical because they provide power to the aircraft in the event of a power outage. Batteries in the aircraft must be dependable, strong, lightweight, and durable, as well as low-maintenance and low-cost-of-ownership. Lead-acid batteries are gradually giving way to nickel-cadmium batteries and then lithium-ion batteries in the industry.
The aerospace industry grew in 2019 as a result of an endless supply of orders and rising demand. Only the North American demand experienced a slight decline in 2019 due to the grounding of the B737MAX program. The devouring pandemic in 2020, on the other hand, proved too much for this thriving industry to handle. What appeared to be a manageable challenge became a barrier to survival for many stakeholders across industries. Aerospace Battery, a sizeable market, could not escape from such trends and witnessed a colossal decline (-33%+ in 2020). The long-term outlook still seems sanguine with a gradual rebound in aircraft production, ultimately imprinting a positive impact on the market.
Aerospace batteries have witnessed a remarkable transition in the industry over the decades with regard to designs, processes, certifications, technologies, materials, and many other factors. Furthermore, major players keep experimenting with battery chemistries that are cheaper, denser, lighter, and more powerful than the existing ones. Overall, the aerospace battery market is likely to rebound at a promising CAGR of 9.6% eventually reaching US$ 300 Million in 2027. The ongoing supply chain disruption of lithium-ion batteries remains a concern for industry stakeholders. The aerospace industry is no exception and witnessing an increase in the price of batteries.
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The aerospace battery market is highly consolidated with the presence of a handful of players. The following are the key players in the aerospace battery market.
|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
By Platform Type |
Narrow-body aircraft, Wide-body aircraft, Regional aircraft, General aviation, Helicopters, Military aircraft, and UAVs. |
Narrow-Body Aircraft remains the biggest demand generator. Wide-body aircraft, in the long run, are likely to exhibit the highest growth. |
|
By Battery Type |
Nickel-cadmium battery, Lithium-ion battery, and Lead-acid battery. |
Nickel-cadmium batteries are the most preferred ones. Lithium-ion batteries are gaining momentum in new aircraft programs. |
|
By Sales Channel Type |
Direct sales and Distributor sales. |
Direct sales are dominant, whereas distributor sales are becoming gradually more popular. |
|
By Region |
North America, Europe, Asia-Pacific, and Rest of the World. |
North America remains the manufacturing hub of the industry. Asia-Pacific, particularly in China and India, is gaining more traction. |
Based on the aircraft type, the aerospace battery market is segmented into narrow-body aircraft, wide-body aircraft, regional aircraft, general aviation, helicopters, military aircraft, and UAVs. The undisputed dominance of narrow-body aircraft is expected to last during the forecast period as well. Long-term market growth will be driven by narrow-body aircraft, propelled by huge order backlogs of key programs (B737 including Max: 4,185, A320 Family: 6,148; COMAC C919: 800+, and Irkut MC21: 175) (till 31st August 2022).
Based on the battery type, the market is segmented into nickel-cadmium batteries, lithium-ion batteries, and lead-acid batteries. The lithium-ion battery is likely to register the fastest growth over the next five years, whereas the nickel-cadmium battery is expected to continue to command the market during the same period. The aircraft industry is gradually transitioning away from lead-acid batteries to nickel-cadmium and lithium-ion batteries, with the support of key stakeholders. New-generation aircraft programs are more relying on lithium-ion batteries.
In terms of regions, North America is expected to maintain its position as the largest region in the market during the forecast period due to the region's proclivity for adopting and implementing modern technologies. Asia-Pacific is expected to have the fastest market recovery during the same period. The C919 commercial aircraft program, the opening of Boeing and Airbus’ assembly facilities in China, and the continued relocation of OEM assembly facilities from North America and Europe to the region are expected to generate a healthy long-term demand for aerospace batteries in the region.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace battery market realities and future market possibilities for the forecast period. the report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The aerospace battery market is segmented into the following categories.
Aerospace Battery Market, by Aircraft Type
Aerospace Battery Market, by Battery Type
Aerospace Battery Market, by Sales Channel Type
Aerospace Battery Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
The aerospace battery market is estimated to grow at a CAGR of 9.6% by 2027. Long-term prospects due to the gradual but continuous rise in aircraft production, are likely to eventually favor the market, thus, driving the market growth in the coming five years.
Saft Groupe S.A., Securaplane Technologies, Inc. (Meggitt), Concorde Battery, GS Yuasa Corporation, and ENERSYS are the leading players in the aerospace battery market.
North America is estimated to maintain its dominance as the largest region in the market, due to the region's proclivity for adopting and implementing modern technologies. Also, the region is the preferred manufacturing capital of the aerospace industry with the presence of almost all the leading players in the region.
Asia-Pacific is estimated to remain the fastest-growing region in the market in the foreseeable future due to the development of Boeing and Airbus’ assembly facilities in China. A high focus on the development of aircraft indigenously by major Asian economies is adding a stir to the region's demand for batteries.
Nickel-cadmium battery type is estimated to maintain its dominance in the market in the coming years. The battery type is the most dominant in almost all aircraft types. Lead-acid batteries are used in fewer quantities, especially in general aviation.
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