Aircraft Battery Market is expected to $667.8 Million by 2022 at a CAGR of 7.05%

(EMAILWIRE.COM, March 07, 2019 ) [132 Pages Report] 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.

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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. The major factor which is expected to act as a major driver for the market is the increasing demand for UAVs. This, in turn, is expected to drive the growth of the aircraft battery market during the forecast period 2017 to 2022. The aircraft battery market has been segmented based on offering, application, aviation type, end user, aviation technology, power density, and region.

Based on offering, the aircraft battery market has been segmented into product and service. The product segment is expected to lead the aircraft battery market in 2017. The product segment includes all the battery types and battery management systems used in aircraft. As the aircraft architecture is moving toward more electric architecture, the need for better and more number of batteries is driving the product segment of the aircraft battery market.

Based on application, the aircraft battery market has been segmented into propulsion, Auxiliary Power Unit (APU), emergency, and others. The APU segment is expected to lead the aircraft battery market in 2017. An APU is a small jet engine used to start the main engines of commercial airplanes. It is usually located in the aft portion of the aircraft, below the tail. The main aircraft engines are heavy and require a large amount of torque, more than the starter generator can produce. The demand for considerably small aircraft, with maximum space utilization, is growing in the current market scenario, mainly because of the cost factor. Thus, the small aircraft segments such as the narrow body and wide body aircraft are gaining more market share, which directly impacts the growth of the battery market.

Based on end user, the aircraft battery market has been segmented into OEM and aftermarket. The OEM segment of the aircraft battery market is projected to witness the highest growth during the forecast period. 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.

The aircraft battery ecosystem comprises aircraft battery system providers, such as Concorde Battery (US), Saft (France), EnerSys (US), Gill Batteries (US), and Sichuan Changhong Battery (China), among others, and the manufacturers of different types of aircraft battery, such as Cella Energy (UK), EaglePicher (US), GS Yuasa (Japan), KOKAM (South Korea), and Marvel Aero International (US), among others.

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Aircraft Battery Market is expected to $667.8 Million by 2022 at a CAGR of 7.05%