Aircraft Battery Market to experience an impressive growth of 8.2% during 2020-2025
February 06, 2020
Aircraft Battery Market is likely to witness an impressive CAGR of 8.2% during the forecast period. The most significant factor which is acting as a catalyst for the market is the rising demand for UAVs. This, in turn, is estimated to drive the growth of the global aircraft battery market.
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Aircraft Battery Market Segment Insights:
By Offering Type:
The product segment dominated the market in 2019, and is expected to maintain its dominance during the forecast period. The product segment comprises all the battery categories and battery management systems employed in aircraft. Since, the aircraft construction is surging ahead toward better electric architecture, the demand for more enhanced and greater number of batteries is fueling the growth of the product segment in the coming five years.
By Application Type:
The APU segment led the market in 2019, and is likely to maintain its stature during the forecast period. An APU is a small jet engine employed to commence the main engines of any commercial airplane. It is normally installed in the aft portion of the aircraft, under the tail. The main aircraft engines are weighty and demand for a large amount of torque, more than the starter generator can yield. The demand for significantly small aircraft, with the most adequate space utilization, is growing in the recent market scenario, mainly owing to the budget factor. Hence, the small aircraft segments, such as the narrow-body and the wide-body aircraft are garnering more traction, leading to the growth of the global aircraft battery market during the forecast period.
By End-User Type:
The OEM segment is expected to depict a higher growth during the forecast period. Original Equipment Manufacturers (OEMs) are accountable for the installation of battery components. This has become a convenient option for various airline companies, as post the delivery of the aircraft, alterations become quite onerous for the aircraft manufacturers.
By Region:
North American region dominated the aircraft battery market in 2019, owing to the rising demand for aircraft batteries triggered off by the large prevalent fleet size and increase in the production of commercial and military aircraft in the region. The North American aircraft battery market is estimated to govern the market during the forecast period. On the other hand, Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.
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