Aerospace Energy Storage Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Aerospace Energy Storage Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The aerospace energy storage market has witnessed significant growth, expanding from $1.73 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.This growth is driven by the increasing demand for electrified aircraft, the need for lightweight energy storage solutions, a focus on environmental sustainability, advancements in electric propulsion systems, and government initiatives promoting green aviation.

Growing Aerospace Industry Drives Market Growth
The aerospace industry, which includes the design, development, production, and maintenance of aircraft and spacecraft, is a major driver for the aerospace energy storage market. These energy storage systems, such as advanced batteries and other solutions, are crucial for powering electrical systems in aircraft and spacecraft, enabling enhanced performance, efficiency, and sustainability. For instance, the Airspace Industries Association (AIA) reported that the aerospace and defense (A&D) industry generated $892 billion in combined sales in 2021, a 2.1% increase over the previous year. Exports from the A&D sector also rose by 11.2% to $100.4 billion, highlighting the sector's growth and its impact on the energy storage market.

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Major Players and Market Trends
Leading companies 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, and NextEra Energy Resources. Product innovation remains a key trend, with companies developing modular and scalable energy storage solutions for aircraft electrification. For instance, in June 2022, Electroflight launched SEED, a scalable, expandable, and energy-efficient battery system designed to meet the needs of aerospace innovators for electric and hybrid aircraft pre-certification development.

Segments:
• Type: Lead Acid Battery, Lithium Battery, Other Types
• Technology: Pumped Hydro, Compressed Air, Batteries, Flywheels, Fuel Cells, Other Technology
• Application: Aircraft, Spacecraft

Geographical Insights: Europe is Leading the Market
Europe was the largest region in the aerospace energy storage market in 2023, while Asia-Pacific is expected to be the fastest-growing region during the forecast period. This regional growth is driven by the rapid expansion of electric aircraft programs, continued emphasis on lightweight materials, and the global transition to sustainable aviation.

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Aerospace Energy Storage Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Aerospace Energy Storage Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on aerospace energy storage market size, aerospace energy storage market drivers and trends, aerospace energy storage market major players, competitors' revenues, market positioning, and market growth across geographies. The aerospace energy storage market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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