DUBLIN, April 3, 2023 /PRNewswire/ — The “Aircraft Batteries Global Market Opportunities And Strategies To 2032” report has been added to ResearchAndMarkets.com’s offering.
The aircraft batteries market reached a value of nearly $650.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.8% since 2017. The market is expected to grow from $650.2 million in 2022 to $931.8 million in 2027 at a rate of 7.5%. The market is then expected to grow at a CAGR of 7.8% from 2027 and reach $1,358.9 million in 2032.
Growth in the historic period resulted from the rise in air travel, increase in demand for hybrid and electric propulsion aircraft, increasing military spending and increasing emissions from aviation.
Going forward, increase in passenger air traffic, growing demand for new fighter jets in developing countries and increasing focus on reducing emissions will drive the growth. Factors that could hinder the growth of the aircraft batteries market in the future include stringent compliance and certification requirements and the Russia–Ukraine war.
The aircraft batteries market is segmented by battery type into NiMH (nickel metal hydride), nickel cadmium (NiCd), lithium – ion and other battery types. The other batteries market was the largest segment of the aircraft batteries market segmented by battery type accounting for 36.0% of the total in 2022. Going forward, the lithium – ion market is expected to be the fastest growing segment in the aircraft batteries market segmented by battery type, at a CAGR of 9.8% during 2022-2027.
The aircraft batteries market is segmented by technology into traditional, more electric, hybrid electric and fully electric. The traditional market was the largest segment of the aircraft batteries market segmented by technology accounting for 77.3% of the total in 2022. Going forward, the hybrid electric market is expected to be the fastest growing segment in the aircraft batteries market segmented by technology, at a CAGR of 7.9% during 2022-2027.
The aircraft batteries market is segmented by platform into fixed wing, rotary wing, unmanned aerial vehicles (UAVs) and advanced air mobility. The fixed wing market was the largest segment of the aircraft batteries market segmented by platform accounting for 69.2% of the total in 2022. Going forward, the unmanned aerial vehicles (UAVs) market is expected to be the fastest growing segment in the aircraft batteries market segmented by platform, at a CAGR of 7.8% during 2022-2027.
North America was the largest region in the aircraft batteries market, accounting for 40.6% of the total in 2022. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the aircraft batteries market will be Asia Pacific, and, North America where growth will be at CAGRs of 8.2% and 7.7% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 7.1% and 6.3% respectively.
The top opportunities in the aircraft batteries market segmented by battery type will arise in the nickel cadmium (NiCd) segment, which will gain $96.3 million of global annual sales by 2027. The top opportunities in segment by technology will arise in the traditional segment, which will gain $215.5 million of global annual sales by 2027. The top opportunities in segment by platform will arise in the fixed wing segment, which will gain $196.3 million of global annual sales by 2027. The aircraft batteries market size will gain the most in the USA at $94.6 million.
Market-trend-based strategies for the aircraft batteries market include focusing on high voltage batteries, development of ultra-low maintenance batteries, focusing on technological advancements and developing new products, focusing on partnerships and collaborations and using lithium-ion batteries.
Player-adopted strategies in the aircraft batteries market include enhancing business operations through strategic partnerships and collaborations, developing key battery infrastructure for military and defense and expanding capacitates to meet the growing demand.
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The report covers the following chapters
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the aircraft batteries market.
- Key Trends
Highlights the major trends shaping the global aircraft batteries market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2017-2032) and analysis for for segment by battery type, by technology and by platform in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations
Includes recommendations for aircraft batteries providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
A selection of companies mentioned in this report includes
- TotalEnergies SE
- Eaglepicher
- Teledyne Technologies Inc
- HBL Power Systems Ltd
- GS Yuasa
For more information about this report visit https://www.researchandmarkets.com/r/8yd1u0
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