Space Power Supply Market Size, Share & Industry Analysis, By Power Source (Solar & Nuclear Power, Battery Power/Storage), By Battery Shape (Cylindrical, Prismatic, & Pouch-Type Batteries), By Battery Capacity (Low, Medium Capacity, & High Capacity), By Product Type (Solar Panel, Power Management Devices, Power converter, & Energy Storage), By Application (Communication Satellites, Earth Observation Satellites, Navigation Satellites, Space Probes & Rover etc), By End-User (Government & Military, Commercial Operators, & Research Institutions), & Regional Forecast, 2024-2032

Space Power Supply Market Growth Factors

Surge in Satellite Constellations Coupled with Rising Demand of Satellite Communications to Boost the Market Growth

The surge in the deployment of satellite constellations, serving diverse purposes, such as Earth observation, communication, and navigation, is driving the demand for space-grade power supply. These constellations necessitate advanced electronics to guarantee consistent and reliable operation within the challenging space environment.

A satellite constellation, also known as a swarm, constitutes a network of identical or similar artificial entities pursuing a common objective and under the control of the same entity. These groups communicate with ground stations globally and are occasionally interconnected, operating as a cohesive system designed to complement one another.

With numerous satellite constellations currently orbiting the Earth, the planet is poised to witness a substantial increase in launches over the next few years. Both existing and upcoming satellite constellations play crucial roles in various domains, such as the Internet of Things, telecommunications, navigation, weather monitoring, and Earth and space observation, among others.

• For instance, as of September 2022, the U.S. Government Accountability Office (U.S. GAO), an independent, nonpartisan government agency providing services to the U.S. Congress, reported a significant rise in the number of active satellites. The count steadily increased over the past few years, surging from 1,400 in 2015 to 5,500 by the spring of 2022.

Surge in the Number Of Small Satellites to Propel Market Growth

The increasing number of small satellites is a driving factor for the space power supply market due to the rising demand for compact satellites that can be built depending on the requirements and launched at a lower cost than traditional satellites. Small satellites have advantages, such as small weight and dimensions, short time required for their development, and high performance in complex computing operations, making them cost-effective for various applications, including communication, navigation, earth observation, and deep space exploration. North America dominates the small satellite market due to the presence of leading small satellite manufacturers, ground station operators, and launch service providers with a highly developed space industry ecosystem.

The U.S. government also plays a major role in the business development, with agencies such as NASA and the U.S. Department of Defense funding many small satellite missions and programs. The COVID-19 pandemic had significant impacts on the small satellite market, but the market has been resilient due to the high demand from numerous applications such as communication, navigation, and earth observation.

RESTRAINING FACTORS

Supply Chain Disruptions and Associated High Costs and Regulations are Expected to Hinder Market Growth

The market is poised to face challenges as it contends with supply chain disruptions and geopolitical tensions. Supply chain disruptions and stemming from factors, such as raw material shortages, transportation issues, and geopolitical instabilities pose a significant threat to the smooth operation of the space power supply industry. These disruptions can result in delays, increased costs, and hampered production efficiency, impacting the overall growth of the market.

The high cost of designing and manufacturing space power electronics that can withstand extreme space conditions is a significant challenge that is hindering the global space power supply market growth. The space industry is highly regulated, and all components require stringent quality inspections and legal documentation before use in a spacecraft, which adds to the cost. Additionally, the use of sophisticated control systems and the high testing and raw material prices also contribute to the high cost of space power electronics.

The trend toward smaller satellites, which are less expensive to build, launch, and operate, has reduced costs and enabled faster and more flexible deployment and satellite mega-constellations. However, the demand for high-performance, lightweight components that rely heavily on satellites is increasing, which is driving the market for space power supplies.

Moreover, Telecom companies, such as PLDT, are racing to integrate Low Earth Orbit (LEO) satellites into their infrastructure to prepare for the arrival of Starlink, owned by SpaceX and Elon Musk, in the Philippines, further leading to higher costs for space power supply.

Space Power Supply Market Segmentation Analysis

By Power Source Analysis

Growing LEO Satellites Drive Market Growth for Battery Power Segment

Based on power source, the market is categorized into solar power, nuclear power, and battery power/storage.

The battery power segment is estimated to be the largest segment and held a dominant market share in 2023. Battery power source such as non-rechargeable (primary batteries) and rechargeable (secondary batteries), Battery charge/discharge units (BCDUs), power conditioning and distribution are considered in the scope. The segment’s growth is driven by the increasing demand for satellites used for various purposes such as Earth observation, communication, navigation, weather forecasting, telescopes, space science, and human space exploration activities.

The solar power segment is estimated to grow with a significant CAGR during the forecast period. Solar power segment comprise of solar panel, inverters-convert DC to AC, monitoring equipment, racking and mounting components, power conditioning and distribution systems. The growth of solar power supply in space is driven by several factors, including the potential for non-intermittent renewable electricity, the increased efficiency due to the absence of atmospheric absorption, and the potential for flexible and remote power supply, particularly for military and mining operations, disaster zones, and remote locations.

• For instance, in April 2024, a U.K.-based startup has announced a major breakthrough in their plans to beam solar energy from space to Earth. At a lab in Oxford, Space Solar was able to light up an LED sign by wirelessly beaming energy through the air from all angles to unveil the world's first 360-degree wireless power transmission.

By Battery Shape Analysis

Growing Demand for Space Efficiency to Propel Cylindrical Batteries Segment Growth

Based on battery shape, the market is categorized into cylindrical batteries, prismatic batteries, and pouch-type batteries.  

The cylindrical batteries segment is estimated to be the largest segment, and it is projected to be the fastest-growing segment during the forecast period. The growing adoption of software-based solutions, such as digital logbook, digital maintenance manual, and other aircraft health monitoring software, boosts segment growth during the forecast period. Cylindrical batteries are known for their compact and efficient use of space, making them suitable for devices with limited room for battery placement. The growth in the use of cylindrical batteries for space applications is driven by their efficient use of space, mechanical stability, ease of manufacture, compatibility, safety features, and reliability, making them a preferred power source for various space technologies and missions, therefore, making it a favorable choice by end-users.

Prismatic batteries segment is projected to show significant growth by 2032. The growth of prismatic shape batteries in space applications is fueled by their efficient space utilization, improved safety and durability, customization and scalability, consistent heat distribution, simplified manufacturing, and cost benefits.

By Battery Capacity Analysis

Growing Small-Sat Application to Boost the Growth for Medium Capacity (<100 Wh) Segment

Based on battery capacity, the market is divided into low capacity (<100 Wh), medium capacity (100-500 Wh), and high capacity (>500 Wh).

The medium capacity (100-500 Wh) segment is projected to show the highest growth during the forecast period. An increase in small and medium satellites for military operations, along with an easy integration of medium capacity batteries in a number of satellites, is expected to support growth for the segment in the forecast period.

The low capacity (<100 Wh) segment dominated the market in 2023, and it is projected to be the fastest-growing segment up to 2032. The growing number of nanosats and CubeSat's being launched is driving the growth of low battery capacity segment. Additionally, it is driven by the increasing demand for compact and efficient energy storage solutions in various space applications, including CubeSats, nanosats, and other form factors. The Saft solution for high power space applications, which is based on the Saft VL51ES Li-ion cells. For instance,

• In April 2024, Satellite Technology and Research Centre, a research organization under the University of Singapore unveiled successful launch of microsatellite to improve maritime communications.

By Product Type Analysis

Growing Adoption of Solar Power for Space Applications to Boost Solar Panel Segment 

Based on product type, the market is divided into solar panel, power management, power converter, and energy storage.

The solar panel segment dominated the market in 2023. The growing adoption of solar power for space applications is due to a variety of advantages offered, such as environmental-friendliness and cost-effectiveness. 

The power management segment is expected to grow at the highest CAGR during the forecast period owing to driven by the increasing demand for efficient and reliable power systems to support the expanding number of satellites used for various purposes such as Earth observation, communication, navigation, weather forecasting, telescopes, space science, and human space exploration activities.  For instance,

• In July 2023, Renesas Electronics Corporation unveiled a complete space-ready reference design for the AMD Versa adaptive system-on-chip XQRVC1902. The ISLVERSALDEMO2Z reference design was developed in collaboration with AMD and integrates key radiation-hardened components for power management, including four new and recently released products, into an ultra-compact design.

By Application Analysis

Advancements in Technology to Enhance the Communication Satellites’ Segmental Growth

Based on application, the market is divided into communication satellites, navigation satellites, space stations, earth observation satellites, space probes and rovers, and launch vehicles and rockets.

The communication satellites segment held the dominant market share in 2023 and it is projected to be the fastest growing segment up to 2032. The growth of communication satellites is driven by advancements in technology, increasing demand for global connectivity, reliability and security, new service demands, and the need to address orbital debris and congestion.

These factors have contributed to the unprecedented growth of commercial satellites in lower earth orbit and the development of new technologies, such as high-throughput satellites and small satellites, which have improved the efficiency, capacity, and cost-effectiveness of satellite communication systems. For instance,

• In November 2023, SpaceX launched the O3b mPOWER communications satellites. The two Boeing-built satellites aboard the flight will add to the O3b group of communication satellites operated by provider SES S.A. of Luxembourg.

The launch vehicles and rockets segment is projected to show significant growth during 2024-2032. Numerous new and frequent launches are expected to drive the growth of this market in the forecast period. Additionally, upcoming scheduled launches are maintenance of pre-existing space missions are expected to drive the segmental growth in the forecast period.

By End-user Analysis

Growing space exploration programs to Grow Communication Satellites Capacity Segmental Growth

Based on end-user, the market is divided into government and military, commercial operators, and research institutions.

The government and military segment is estimated to be the largest segment and accounted for a dominant market share in 2023. The prevalence of government bodies regulating space operations in a particular country or region is a major reason for a dominating market share. For instance,

• In April 2024, A critical engine certification test series at NASA's Stennis Space Center near Bay St. Louis, Mississippi, marked a significant milestone in the production of new RS-25 engines to power its Artemis campaign to the Moon and beyond in April.

The commercial operators segment is projected to show the highest growth. The segment is estimated to hold a significant market share during the forecast period. The substantial growth for the segment is driven by the increasing demand for space-based services, such as satellite communications, Earth observation, and navigation, which require reliable and efficient power systems.

REGIONAL INSIGHTS

The global market is segmented into regions such as North America, Europe, Asia Pacific, the Middle East, and Rest of the World.

North America dominated the market in 2023 and was valued at USD 1.31 billion in 2023. It is projected to grow at a significant CAGR during the forecast period. The U.S. holds the maximum number of companies operating in space power supply. In addition, the region has two major space agencies, NASA and Canada Space Agency (CSA), further facilitating excellent growth during the forecast period.

The market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Digitalization and technological advancements in this region are enhancing the space power industry. Thus, higher growth numbers are expected during the forecast period.

Europe's market size is estimated to grow at a surging compound annual growth rate (CAGR) during the forecast period. The market in Europe is expected to grow at a moderate rate owing to increasing demand, technological advancements, and a positive outlook for the industry.

The Middle East region is expected to grow due to growth in the space-based services market and growing economies in the region.

The rest of the world's growth is based on the expansion of the space industry and growing collaborations with major players in the market.

KEY INDUSTRY PLAYERS

Key Players Adapt Service Portfolio Expansion Strategies to Ensure Market Survival

The market for space power supply is led by several players operating in this industry. The space power supply market dynamics are consolidated with several global players operating in this industry. It is observed that key players offer quality and advanced batteries and power supply. Most of the players involved in the market are focusing on increasing their battery capacity along with growing their network globally. The top 5 players in the industry include Northrop Grumman Corporation, Saft Groupe SA, Airbus S.A.S, EaglePitcher Technologies, and GS Yuasa International Ltd.

List of Top Space Power Supply Companies:

• AAC Clyde Space (U.K.)


• Airbus S.A.S (Netherlands)


• AZUR SPACE Solar Power GmbH (Germany)


• DHV Technology (Spain)


• EaglePitcher Technologies (U.S.)


• GS Yuasa International Ltd. (Japan)


• Northrop Grumman Corporation (U.S.)


• Rocket Lab USA, Inc. (U.S.)


• Saft Groupe SA(France)


• Teledyne Technologies Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• March 2024- The Northrop Grumman Corporation honored EaglePicher Technologies in the company's Supplier Excellence Awards. EaglePicher's contributions include advanced defense strategies and ensured mission accomplishment. Recognized for its exceptional performance, EaglePicher was instrumental in assisting Northrop Grumman with its production and distribution objectives as the industry works to assist Department of Defense clients and other commercial entities.


• September 2023- 5N Plus Inc., the parent company of AZUR SPACE Solar Power GmbH unveiled The world's largest and most efficient next-generation long-duration solar energy storage project, said to be powered by the triple junction solar cells supplied by the company's wholly-owned subsidiary, AZUR SPACE Solar Power GmbH


• September 2023 - Tuthill Corporation, a private organization based in the U.S., entered into an agreement with EaglePitcher Technologies as a part of an acquisition of the company. The transaction is expected to close in 2023, subject to required regulatory approvals and other customary closing conditions.


• March 2023- As part of French President Emmanuel Macron's visit, Airbus Defense and Space announced an agreement to build Angolan's first ultra-high-power earth observation satellite, Angio 1, by Airbus Defense and Space of France.


• January 2023- Airbus Defense and Space has entered into a contract with Poland for the development, manufacturing, launch, and delivery of two high-performance optical Earth observation satellites in orbit. The contract covers the related ground segment, including the Direct Receiving Station (DRS) in Poland, the launch services, training of the Polish team, and maintenance and technical support of the space and ground segments.

REPORT COVERAGE

The report provides detailed information on the competitive market landscape and focuses on leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the above factors, it contains several factors that have contributed to the sizing of the global market in recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 6.4% from 2024 to 2032
Unit	Value (USD Billion)
Segmentation	By Power Source Solar Power Nuclear Power Battery Power/Storage
By Battery Shape Cylindrical Batteries Prismatic Batteries Pouch-Type Batteries
By Battery Capacity Low Capacity (<100 Wh) Medium Capacity (100-500 Wh) High Capacity (>500 Wh)
By Product Type Solar Panel Power Management Devices Power converter Energy Storage
By Application Communication Satellites Earth Observation Satellites Navigation Satellites Space Probes and Rovers Space Stations Launch Vehicles and Rockets
By End-User Government and Military Commercial Operators Research Institutions
By Region North America (By Power Source, Battery Shape, Battery Capacity, Product Type, Application, End-user, and Country) U.S. (By End-user) Canada (By End-user) Europe (By Power Source, Battery Shape, Battery Capacity, Product Type, Application, End-user, and Country) Germany (By End-user) France (By End-user) U.K. (By End-user) Luxemburg (By End-user) Spain (By End-user) Russia (By End-user) Asia Pacific (By Power Source, Battery Shape, Battery Capacity, Product Type, Application, End-user, and Country) China (By End-user) Japan (By End-user) India (By End-user) South Korea (By End-user) Middle East (By Power Source, Battery Shape, Battery Capacity, Product Type, Application, End-user, and Country) Israel (By End-user) UAE (By End-user) Saudi Arabia (By End-user) Rest of the World (By Power Source, Battery Shape, Battery Capacity, Product Type, Application, End-user, and Sub-Region) Latin America (By End-User) Africa (By End-User)