According to the latest research report by Technavio, the global aircraft battery market is expected to experience significant growth between 2023 and 2027. This market is projected to grow at a CAGR of 7.26%, with the market value increasing by approximately $317.81 million compared to 2022. Year-on-year growth of 6.78% is also forecasted for 2023. The North American region is expected to play a significant role in the market’s development, contributing to a 31% growth.
The Technavio report also highlights the competitiveness of the industry. There are many global and regional companies operating in the market, leading to intensified competition. Some of the leading companies in the industry include Aerolithium Aviation Batteries, Amprius Technologies Inc., BAE Systems Plc, Concorde Battery Corp., Customcells Itzehoe GmbH, EaglePicher Technologies LLC, EnerSys, GS Yuasa Corp., HBL Power Systems Ltd., MarathonNorco Aerospace, Marvel Aero International Inc., Meggitt Plc, Mid Continent Instrument Co. Inc., Northrop Grumman Systems Corp., Sion Power Corp., Teledyne Technologies Inc., Thales Group, The Boeing Co., TotalEnergies SE, and Sichuan Changhong Electric.
The greatest growth can be predicted for nickel batteries such as Ni-Cd and NiMH. These batteries are characterized by low self-discharge rates, reliability, and a wide temperature range, making them a popular choice in aviation applications. Significant growth in the aircraft battery sector is expected in North America.
The development of the aircraft battery market is driven by various factors such as increased interest in batteries with high energy density, cycle life, and safety. Industry trends include lightweight designs, fast charging technologies, and battery recycling. Investments are focused on improving the fuel efficiency of aviation and reducing its negative environmental impact.
In conclusion, the aircraft battery market is poised for dynamic growth. Investments, innovation, and competition will drive the industry forward, delivering new solutions in aviation.