Aerospace Energy Storage Market By Technology (Lithium-Ion Batteries, Solid-State Batteries, Supercapacitors, Hydrogen Fuel Cells, Others); By Application (Propulsion Systems, Auxiliary Power Units [APUs], Onboard Systems, Ground Support Equipment, Satellites and Spacecraft); By Platform (Commercial Aviation, Military Aviation, Business Jets, Urban Air Mobility [UAM], Spacecraft); By Geography, Segment revenue estimation, Forecast, 2024–2032.

The global aerospace energy storage market was valued at USD 5.2 billion in 2023 and is estimated to reach USD 9.8 billion by 2030, with a CAGR of 9.2% during the operation period. In aerospace applications, energy storage systems are vital since they support different operations such as onboard requirements, electric propulsion, and other electrical power unit applications. These systems are central to enhancing various contemporary aerospace vehicles' capability, productivity, and durability.

 

The aerospace industry is currently electrifying due to the growth of environmental standards, higher fuel prices, and higher electrical machinery efficiency. Energy storage systems dominate this evolution, specifically advanced batteries, supercapacitors, and hybrid solutions. They facilitate electric and hybrid-electric power, power control, and flexibility for integrating renewable energy.

 

Market Drivers:

Rising Demand for Electric and Hybrid-Electric Aircraft: The pressure to minimize carbon emissions has triggered much investment in electric and hybrid-electric airplanes. Energy storage is highly relevant in electric propulsion systems, particularly lithium-ion batteries. For instance, the EU Horizon 2020 funding program covers programs like Airbus E-Fan X, which emphasizes the improvement of hybrid-electric propulsion systems.

 

Stringent Emission Regulations: Swedish automotive authorities such as the ICAO are adopting melee emission standards that facilitate the incorporation of energy-efficient technologies on cars. As observed, energy storage systems are instrumental in managing and meeting the parameters laid out by these regulations. According to ICAO, the aviation industry aims to achieve carbon-neutral growth from 2020 onward, further driving demand for advanced energy storage solutions.

 

Market Opportunities:

Development of Next-Generation Batteries: Compliance with new storage technologies will continue to center on the evolution of higher-performing battery systems, including lithium-sulfur and solid-state batteries. All these advancements provide promising downstream development prospects for the aerospace energy storage market.

 

Expanding Applications in Urban Air Mobility (UAM): UAM platforms and their parts, such as eVTOL aircraft, have given rise to a new application area for energy storage systems. Companies like Joby Aviation and Volocopter are leading this transformation.

 

Market Restraints:

High Development Costs: Achieving advanced, certified aerospace-grade energy storage systems is expensive and requires significant capital investment, which acts as a hurdle, especially at the initial stages of product development.

 

Safety Concerns: Lithium-ion batteries are hazardous due to the possibility of thermal runaway and fire, which makes safety crucial in aerospace applications.

 

Market Segmentation

By Technology:

• Lithium-Ion Batteries

• Solid-State Batteries

• Supercapacitors

• Hydrogen Fuel Cells

• Others

 

By Application:

• Propulsion Systems

• Auxiliary Power Units (APUs)

• Onboard Systems

• Ground Support Equipment

• Satellites and Spacecraft

 

By Platform:

• Commercial Aviation

• Military Aviation

• Business Jets

• Urban Air Mobility (UAM)

• Spacecraft

 

By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

 

Segment Analysis

Leading Technology: Lithium-Ion Batteries

Lithium-ion batteries remain the leading technology segment owing to factors such as high energy density, relative thinness, and overall reliability. They are used widely in aviation and space industries, including electric propulsion and control and other onboard electronics. Other improvements in lithium-ion technology, including better thermal safety and longer cycle life possibilities, are also adding to the adoption.

 

Leading Application: Propulsion Systems

The propulsion systems segment holds its largest market share mainly due to the increasing trend of electric and hybrid-electric aircraft. Energy storage systems are critical to the use of electric propulsion, lowered fuel expectations, and low-carbon utilization. For instance, Rolls-Royce’s ACCEL project has shown how electric propulsion systems driven by high-performance batteries are possible.

 

Leading Platform: Spacecraft

The major application area is spacecraft since satellites and other space systems need reliable energy storage systems to operate under harsh conditions. Solar energy can be stored in lithium-ion batteries, and for special applications such as during an eclipse, there are new inventions of the supercapacitor as the storage medium.

 

Regional Analysis

Currently, the Aerospace Energy Storage Market is dominated by North America due to continuous investment in Aerospace R&D and prime contenders like Boeing and Tesla. Increased spending on upgraded military aircraft also fuels market growth, as does the space exploration industry, particularly NASA’s Artemis project.

 

Europe is a major market, supported by programs such as Clean Sky 2 and Horizon 2020 pushed the advance of eco-friendly aviation technologies. There is also a rising number of energy storage solutions being integrated into UAM platforms within the region, especially through Volocopter and Lilium.

 

Asia-Pacific: Asia-Pacific is the fastest-growing region due to increased defense expenditures and the growth of commercial aviation in countries such as China, India, and Japan. Marketing opportunities for market players depend on integrating renewable energy and developing UAM in the region.

 

Key Players

• Airbus SE

• Boeing

• Saft Groupe SA

• Tesla Inc.

• GS Yuasa Corporation

• Honeywell International Inc.

• Ballard Power Systems

• EnerSys

• Electroflight

• Maxwell Technologies (Now Tesla Energy)

 

Recent Developments

• In January 2024, Airbus announced a partnership with a leading battery manufacturer to develop next-generation solid-state batteries for electric aircraft.

 

• In November 2023, Saft Groupe SA launched a new high-energy-density lithium-ion battery designed for space applications, offering improved performance and reliability.

 

• In October 2023, Tesla Energy unveiled a prototype supercapacitor for aviation applications capable of delivering high power outputs for short-duration flights.

 

Future Outlook

The Aerospace Energy Storage Market is expected to grow steeply thanks to the evolving battery technology, the evolution of electric aviation, and growing investments in space exploration. Using renewable energy and intelligent energy systems will also improve the practicality and effectiveness of aerospace platforms.

 

The Asia-Pacific market and the Middle East present vast opportunities for the business due to increasing defense expenditures and developments in UAM projects. Also, advancements in future transport storage techs, like solid-state batteries and hydrogen fuel storage along the production pipeline, reinvent possibilities in the aerospace industry.

 

With the focus on environmentally friendly and efficient energy utilization, energy storage systems have been identified as of immense importance as the aerospace industry progresses towards the future of aviation and space missions. The market is likely to experience steady growth in the following years due to the ongoing development and partnership between important players.