Aerospace Energy Storage Global Market Report 2024

The aerospace energy storage market size has grown rapidly in recent years. It will grow from $1.73 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth observed in the historic period in aerospace energy storage can be attributed to several factors, including an increased demand for electrified aircraft, a rising need for lightweight energy storage solutions, a growing focus on environmental sustainability, advancements in electric propulsion systems, and government initiatives promoting green aviation. These factors collectively contributed to the heightened interest and adoption of aerospace energy storage technologies during the historical period.

The aerospace energy storage market size is expected to see rapid growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period for aerospace energy storage can be attributed to various factors, including the rapid expansion of electric aircraft programs, a continued emphasis on lightweight materials for enhanced efficiency, the global transition towards sustainable aviation practices, and increased integration with hybrid propulsion systems. Key trends expected in the forecast period encompass regulatory initiatives promoting sustainable aviation practices, ongoing product innovation in the field of aerospace energy storage, and continuous technological advancements to improve the efficiency and sustainability of energy storage systems in aerospace applications.


The surge in demand for aircraft electrification is anticipated to propel the aerospace energy storage market's expansion in the near future. Aircraft electrification involves substituting or supplementing conventional combustion engines with electric systems, including motors and batteries. Within this framework, aerospace energy storage assumes a pivotal role, furnishing dependable and efficient power to a range of electrical systems. For instance, as of 2022, there were approximately 2,022 ongoing electric aircraft projects, marking a notable increase from 170 projects recorded in 2020, as reported by HDI Global SE, a German-based insurance company. This rising demand for aircraft electrification is a significant driver fueling the growth trajectory of the aerospace energy storage market.

The burgeoning aerospace industry is poised to significantly contribute to the propulsion of the aerospace energy storage market. Spanning the design, production, and maintenance of aircraft and spacecraft, this industry extensively employs aerospace energy storage systems - such as advanced batteries and energy storage solutions - to power diverse electrical systems in aircraft and spacecraft. These systems facilitate the seamless integration of electrification technologies, elevating overall performance, efficiency, and sustainability within the aerospace sector. For instance, according to the Airspace Industries Association (AIA) in November 2022, the aerospace and defense (A&D) industry amassed a combined sales figure of $892 billion in 2021, signifying a 2.1% surge over the preceding year. Moreover, exports from the A&D sector escalated by 11.2% to reach $100.4 billion. This escalating momentum in the aerospace industry fundamentally propels the growth trajectory of the aerospace energy storage market.

Product innovation stands as a prominent trend gaining traction within the aerospace energy storage domain. Companies entrenched in this sector emphasize crafting modular and scalable energy storage solutions tailored for aircraft electrification to maintain their market position. Notably, in June 2022, Electroflight, a US-based entity specializing in battery systems for aerospace and defense, unveiled SEED, an acronym for Scalable, Expandable, and Energy-Efficient battery systems for aerospace energy storage. SEED offers a swift implementation process without the expense and time constraints of designing a bespoke battery system. It answers the surging demand from aerospace trailblazers seeking pre-certification development of electric and hybrid aircraft for trial operations, necessitating a high-quality and safety-centric battery system. Primarily designed for early-stage product development, SEED aims to propel the prototype advancement of electric aviation endeavors.

Major players within the aerospace energy storage sphere are embracing strategic partnerships to forge collaborative agreements concerning advanced electric aviation battery systems. This strategic collaboration entails leveraging mutual strengths and resources to achieve shared benefits and triumphs. For instance, in September 2023, Safran S.A., a France-based company specializing in rocket engines and aircraft manufacturing, entered a partnership with Cuberg Inc., a US-based energy storage systems firm. Their aim in this partnership is to foster industrial, technical, and commercial synergy to fabricate an aviation energy storage system tailored for future fully electric and hybrid aircraft.

In September 2022, Parker Hannifin Corporation, a US-based manufacturer and control technology company, successfully acquired Meggitt PLC for $7.4 billion. This strategic acquisition aimed to diversify Parker Hannifin Corporation's product portfolio, offering an extended range of solutions for aircraft and aero-engine systems. The move positioned Parker to capitalize on the revival of the commercial aerospace industry, the anticipated replacement of aircraft globally, and advancements in electrification and low-carbon technologies. Through the acquisition, Parker Hannifin Corporation sought to enhance its growth prospects. Meggitt PLC, based in the UK, is an aerospace company specializing in the manufacture of components and subsystems for the aerospace, defense, and energy industries, including aerospace energy storage systems.

Major companies operating in the aerospace energy storage market report are Tesla Inc., GE Energy, Raytheon Technologies, The Boeing Company, Lockheed Martin, BYD Co. Ltd., Northrop Grumman, Honeywell Aerospace, Jabil Energy Storage, Siemens Energy AG, NextEra Energy Resources, Eaton Corporation PLC, Rolls-Royce PLC, Parker Hannifin, Sichuan Changhong Battery Co. Ltd., GreenSmith Energy Management Systems, Sungrow Power Supply Co. Ltd., Samsung SDI, Fluence Energy Inc., Saft Batteries, LG Energy Solution Ltd., Meggitt PLC, Invenergy LLC, Enphase Energy, A123 Systems LLC, Eagle-Picher Technologies LLC, ComEd, Electric Power Systems Inc., NEC Energy Solutions, EAS Batteries GmbH, Kokam Co. Ltd., Xtreme Power, Custom Cells, EEnovate Technology, nanoFlowcell Holdings PLC, Cuberg Inc., Gnanomat S.L., Electroflight Ltd., Nsure Reliable Power Solutions.

Europe was the largest region in the aerospace energy storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aerospace energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of aerospace energy storage include lead-acid batteries, lithium batteries, and other emerging technologies. Lead-acid batteries are a form of rechargeable battery that employs lead plates submerged in sulfuric acid to generate electricity. They find applications in smaller aircraft for auxiliary power units (APUs), emergency power backup, and starting systems, thanks to their robustness and widespread availability. Aerospace energy storage systems can be manufactured using various technologies, including pumped hydro, compressed air, batteries, flywheels, fuel cells, and others. These technologies cater to diverse applications within the aerospace sector, including aircraft and spacecraft, meeting the unique demands of the industry.

The aerospace energy storage research report is one of a series of new reports that provides aerospace energy storage market statistics, including the aerospace energy storage industry's global market size, regional shares, competitors with an aerospace energy storage market share, detailed aerospace energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace energy storage industry. This aerospace energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The aerospace energy storage market consists of sales of energy conversion systems and advanced materials-based storage. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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