Future Market Insights
The global aviation industry is looking forward towards increasing development of robust and high density aircraft battery that would cater to the airplane battery pack power requirements. Aviation industry is witnessed to make a major shift towards MEA (more electric architecture) for improved and sustainable batteries, which in turn fuels the growth of the aircraft battery market.
Preference for Electrical Systems to Offer Promising Opportunities for Aircraft Battery Market Manufacturers
Emergence of aircrafts payload reduction is likely to witness a significant contribution from aircraft battery manufacturers in the near future. While aircraft OEMs are extending their efforts towards the development of lightweight products, aircraft battery manufacturers have been recently focusing on manufacturing batteries that are lightweight, low maintenance, and easy to operate. With growing shift towards electrical systems, demand and supply of better and advanced batteries is expected to provide promising opportunities for manufacturers in the aircraft battery market. In addition, long-term contracts with key market stakeholders is likely to be the key strategy adopted by leading players for gaining competitive edge in aircraft battery market.
Technological Advancements to Play a Significant Role in Aircraft Battery Market Growth
Stellar increase in air travel is leading to the launch of new aircrafts, thereby driving the growth of the aircraft battery market. OEMs are working towards increasing production output for aircraft, which is likely to bode well for acceleration of aircraft battery market growth. Growing demand for unmanned aerial vehicles in civil and commercial applications is expected to significantly drive the demand and supply of aircraft battery. Increasing adoption of electric aircraft technology, especially in commercial aircrafts is anticipated to stimulate the growth of the aircraft battery market.
Rapidly increasing need for longevity and high-energy storage capacities is turning to be the major trend in the aircraft battery market. Growing need for innovative and advanced battery solutions for non-traditional aircraft is expected to create significant growth opportunities for the aircraft battery market. In addition, increasing usage of fuel cells for reducing carbon emissions and surging need for enhanced battery management systems will further create growth opportunities for aircraft battery market.
However, high initial cost related to expensive raw materials is a major factor restraining the growth of aircraft battery market. High risk hazards and service costs in relation to regular maintenance requirements is another factor hindering the growth of the aircraft battery market. Moreover, constant challenges faced by aircraft battery manufacturers by environmental watchers and government bodies is leading to development of aircraft battery with minimal pollution effects. Operational challenges related to aircraft battery that is based on lithium is expected to considerably impact the aircraft battery market growth.
Lithium-Ion Batteries to Gain Significant Traction in the Aircraft Battery Market
Compared to other batteries such as nickel-cadmium batteries, lithium-ion batteries are considered more efficient. Aircraft manufacturers such as Boeing exhibit surging demand for lithium-ion batteries in their main batteries and APU. Rising need for electric aircraft across the commercial aviation fleet will further drive demand for lithium-ion batteries in the aircraft battery market.
Rapidly Increasing Aircraft Fleet Size to Accelerate Growth of the aircraft Battery Market in Developing Regions
The aviation industry in the Asia Pacific is taking immense efforts to stay at the forefront of all regions on account of rising inclination towards air travel. Narrow-body aircraft are witnessing significant demand in the APAC aircraft battery market. China has been heading towards making heavy investments in manufacturing its own aircraft by breaking the duopoly of Airbus and Boeing. This is done for reducing cost and improving its manufacturing prowess, positively impacting the growth of APAC aircraft battery market. Furthermore, surging demand for commercial aircrafts and emerging regional aircraft and increasing defense spending is likely to accelerate the growth of APAC aircraft battery market.
Constant increase in air travelers and rapidly increasing reputed airline carriers in Europe and North America is expected to fuel the revenue growth of the regions’ aircraft battery markets. Significant increase in airplane fleet with rising production of military and commercial aircraft is expected to stimulate the growth of the North America aircraft battery market.
Aircraft Battery Market Is Categorized Based on Sales Channel, Battery Type and Aircraft Type
On the basis of sales channel, aircraft battery market has been segmented into
On the basis of battery type, aircraft battery market has been classified into
On the basis of aircraft type, aircraft battery market has been fragmented into
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