Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSJune 24, 2021: Meggit PLC has announced a collaboration with Ansys, Inc. to create next-generation aircraft technologies for meeting stringent greenhouse gas reduction guidelines and for satisfying strict flight certification requirements.
The global aircraft battery market is estimated to garner a revenue of USD 1068.7 Million by the end of 2030, by growing at a CAGR of 7.26% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market attained a revenue of USD 539.2 Million. The growth of the market can be attributed to growing demand for aircrafts, backed by the rising urbanization, and for the transitional shift towards electric aircrafts worldwide. According to the statistics by the World Bank, urban population as a share of global population increased from 43.029% in the year 1990 to 56.15% in the year 2020. On the other hand, according to the statistics by the General Aviation Manufacturers Association, the total number of aviation airplane shipments globally increased from 1132 units in the year 1994 to 2399 units in the year 2020. Batteries are a vital part of any modern aircraft as it is used in various applications, such as cranking of engine, starting standby power unit, canopy opening, and others. Over the last decade, the growth in passenger air travel has witnessed a massive growth, and is driving the need for advanced aircrafts. The surge in the adoption of aircrafts is therefore projected to drive the demand for aircraft batteries, and in turn drive the market growth. Moreover, growing adoption of commercial and recreational drones worldwide, along with the increasing effectiveness of aircraft batteries are also expected to create numerous opportunities for market growth.
Regionally, the global aircraft battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region garnered the largest revenue of USD 194.3 Million in the year 2020, and is further expected to touch USD 394.3 Million by the end of 2030. The growth of the market in the region can primarily be attributed to the growing demand for air transport, which in turn is driving the need for aircrafts, and in turn the demand for aircraft batteries. In the other statistics by the World Bank, the number of passengers carried through air transport increased from 732006924 numbers in the year 2009 to 1.02 Billion in the year 2019. On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 8.35% during the forecast period, and further touch a revenue of USD 260.4 Million by the end of 2030. The market in the region is further segmented by country into India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of the market in these countries, the market in China is projected to garner the largest revenue of USD 119.9 Million by the end of 2030, up from USD 51.9 Million in the year 2020. Alternatively, the market in India is anticipated to grow with the highest CAGR of 9.87% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global aircraft battery market is segmented by battery type into nickel-based battery, lead acid battery, and lithium-ion battery. Out of these segments, the lead acid battery segment is anticipated to garner the largest revenue of USD 597.6 Million by the end of 2030, up from USD 289.9 Million in the year 2020. On the basis of application, the market is segmented into propulsion, auxiliary power unit (APU), emergency, and others. Amongst these segments, the auxiliary power unit (APU) segment garnered the largest revenue of USD 385.0 Million in the year 2020 and is further expected to touch a revenue of USD 786.0 Million by the end of 2030. By aircraft type, the market is segmented into civil aviation, military aviation, and others, out of which, the civil aviation segment is projected to garner the largest revenue of USD 887.4 Million by the end of 2030. Further, the market is segmented by supplier into original equipment manufacturer and aftermarket, out of which, the aftermarket segment is projected to grow with the highest CAGR of 7.70% during the forecast period. On the basis of aircraft technology, the market is segmented into traditional aircraft, and others. Amongst these, the traditional aircraft segment is projected to grow with a CAGR of 7.24% during the forecast period. Based on power density, the market is segmented into less than 100 Wh/Kg, and more than 100 Wh/Kg, out of which, the more than 100 Wh/Kg segment is projected to grow with the highest CAGR of 8.53% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global aircraft battery market that are included in our report are Teledyne Technologies Incorporated, Concorde Battery Corporation, Kokam Co., Ltd., EnerSys, Sichuan Changhong Battery Co., Ltd., Mid-Continent Instrument Co., Inc., Saft, EaglePicher Technologies, HBL Power Systems Ltd., Meggit PLC, and others.
FREQUENTLY ASKED QUESTIONS
The rising number of aircraft shipments around the world is one of the major factors anticipated to drive the growth of the market during the forecast period.
The market is anticipated to attain a CAGR of 7.26% over the forecast period, i.e., 2021-2030.
The operational challenges that remain with batteries is one of the major factors estimated to hamper the market growth.
The market in the Asia Pacific is anticipated to display significant business opportunities in the coming years.
The major players in the market are Teledyne Technologies Incorporated, Concorde Battery Corporation, Kokam Co., Ltd., EnerSys, Sichuan Changhong Battery Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by battery type, application, aircraft type, supplier, aircraft technology, power density, and by region.
The lead acid battery segment is anticipated to garner the largest revenue of USD 597.6 Million by the end of 2030 and display significant growth opportunities.
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