The aircraft battery market was valued at USD 445.4 Million in 2016 and projected to reach USD 667.8 Million by 2022, at a CAGR of 7.05% during the forecast period. The base year considered for the study is 2016 and the forecast period is 2017 to 2022.
According to the new market research report “Aircraft Battery Market by Offering (Product- Battery (NICAD, Lithium Ion, Lead Acid, Others), BMS, Services) Application (Propulsion, APU, Emergency), Aircraft Type, End User, Power Density, Aircraft Technology, and Region – Global Forecast to 2022”, The aircraft battery market is projected to grow from an estimated USD 475.0 Million in 2017 to USD 667.8 Million by 2022, at a CAGR of 7.05% from 2017 to 2022.
Aircraft manufacturers are increasingly shifting towards the More Electric Architecture (MEA) that involves majority of non-propulsive systems in an aircraft being powered by electricity. The growing shift toward the more electric aircraft technology is expected to propel the demand for aircraft batteries during the forecast period.
The UAV segment under the aircraft type is witnessing strong growth in the aircraft battery market. Drones are widely accepted by the defense sector worldwide, owing to their limited operational costs in comparison to manned aircraft and benefits offered by them to defense forces.
Moreover, there have been huge R&D investments in the field of drones that have widened their applicability in mining, surveying, 3D mapping, and oil & gas exploration activities, among others.
Based on end user, the OEM segment is projected to lead the aircraft battery market during the forecast period.
Based on end user, the OEM segment is expected to lead the aircraft battery market during the forecast period. In the aviation industry, aircraft are manufactured and delivered to airlines with aircraft battery technology already installed in the aircraft.
Original Equipment Manufacturers (OEMs) are responsible for the installation of battery components. This has become a suitable alternative for airline companies, as post the delivery of aircraft, modification becomes cumbersome for aircraft manufacturers.
Based on offering, the product segment of the aircraft battery market is projected to witness the highest growth during the forecast period.
Based on offering, the product segment of the aircraft battery market is projected to witness the highest growth during the forecast period. The product segment includes all the battery types and battery management systems used in aircraft.
As the aircraft architecture is moving more towards electrical systems, the need for better and more number of batteries is driving the product segment of the aircraft battery market.
The North America region is expected to lead the aircraft battery market during the forecast period 2017 to 2022.
The North America region is expected to lead the aircraft battery market during the forecast period. The growth of the North America aircraft battery market is driven by factors such as the rapid growth in the aircraft manufacturing, technological advancements in aircraft architecture, and growth in the electric aircraft industry.
Thus, the market for aircraft batteries is expected to witness considerable growth in the region following the increased demand from various applications.
Major companies profiled in the aircraft battery market report are Concorde Batteries (US), Saft (France), EnerSys (US), EaglePitcher (US), and Gill Batteries (US), among others.