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Space Power Supply Market: Segmented: By Application (Launch Vehicles, Satellites, Deep Space Exploration), By Product Type (Solar Panel, Power Modules, Batteries, Thermoelectric Generators, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] Space Power Supply Market to surpass USD 6.9 billion by 2031 from USD 2.9 billion in 2021 at a CAGR of 9.3% in the coming years, i.e., 2021-31.
Space missions need a source of energy to operate and function properly. Space missions can last for years or decades and therefore require long-lived power sources. Solar cells, thermoelectric generators, primary and non-rechargeable batteries and fuel cells are some power subsystems currently in use. Space power supply solutions that are lightweight, reliable and capable of providing maximum energy are needed for proper functionality across all platforms.
Space Power Supply Market is expected to project a notable CAGR of 9.3% in 2031.
With growing small satellite launches deployed at low Earth orbit and rising interest in deep space explorations have fueled the demand for mass production of space power solutions. Further, advancement in technology and commercial dependence on satellites for various applications will significantly drive the market growth of Space Power Supply Market.
Satellites segment to grow with the highest CAGR during 2021-31
Based on application, Space Power Supply market is classified into Launch Vehicles, Satellites, and Deep Space Exploration. During the forecast period, Satellites segment is projected to grow with the highest CAGR. The growth is attributed to the growing number of space start-ups which is resulting in the rising number of small satellites launches in the low Earth orbit for various applications like satellite internet, remote sensing, surveillance, Earth observation and navigation.
Power Modules segment to grow with the highest CAGR during 2021-31
Space Power Supply market is fragmented on the basis of product type into Solar Panel, Power Modules, Batteries, Thermoelectric Generators and Others. During the forecast period, power modules segment is expected to hold the largest market share. DC convertor modules were one of the key components. Also, batteries segment is fragmented by material into lithium-ion, nickel, silver-zinc and others. Lithium-ion batteries are expected to hold a significant market share.
Increasing space mission requirements
With growing interests in space missions and deep space exploration, there has been a rising need for more reliable, powerful and safer electrical power supply over the years. Industries are focusing on creating high efficient, light weight power supply products that can last for several years. Further, advancement in technologies will boost the Space Power Supply Market.
Growing Dependence on Satellites
Growing demand for commercial purposes like satellite internet, remote sensing, surveillance, Earth observation and navigation is boosting the growth of the Space Power Supply market. Rising investments in space start-ups are fueling the satellite launches in the low Earth orbit. Major manufacturers like Amazon Cloud Constellation, ISRO, and SpaceX are deploying small satellite constellations which is further driving the growth of the market.
High initial costs and scalability of space power solutions
Raw materials and research for space power solutions are very costly. Also, space power solutions are inefficient in scalability to serve the increasing production of small satellites. Further, absence of customized space power solutions is restraining the growth of Space Power Solutions market.
Recent Developments
Space Power Supply market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is expected to dominate the largest market share in the coming years. The growth is attributed to the huge presence of major companies that are actively engaged in developing and providing space power solutions. Additionally, increasing investments in space start-ups and rapid launch activities are also driving the market growth.
COVID-19 pandemic has adversely affected the economies all over the world. There has been a huge disruption in the production, supply chains and consumption of goods and services. Industries around the world have witnessed a huge decline in demand due to the pandemic. Strict lockdown regulations have hampered the procurement of raw materials and skilled laborers. The space industry has also suffered from the pandemic. However, in the post-pandemic world the space industry will revive quickly owing to the advancement in technologies and thus space power supply market will gain a rapid growth.
Space Power Supply is further segmented by region into:
Space Power Supply Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 2.9 billion |
| Revenue forecast in 2031 | USD 6.9 billion |
| Growth Rate | CAGR of 9.3% from 2021 to 2031 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Application, Product Type, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | AAC Clyde Space, Airbus S.A.S., AZUR SPACE Solar Power GmbH, DHV Technology, EaglePicher Technologies, EnduroSat, ISISPACE Group, Northrop Grumman Corporation, Solaero Technologies, Thales Group, and Other Prominent Players. |
Space Power Supply market size was estimated at USD 2.9 billion in 2021 and is expected to reach USD 6.9 billion in 2031.
Space missions need a source of energy to operate and function properly. Space missions can last for years or decades and therefore require long-lived power sources. Solar cells, thermoelectric generators, primary and non-rechargeable batteries and fuel cells are some power subsystems currently in use.
Satellites and Power Modules segment accounted for the largest Space Power Supply market share.
Key players in the Space Power Supply market include AAC Clyde Space, Airbus S.A.S., AZUR SPACE Solar Power GmbH, DHV Technology, EaglePicher Technologies, EnduroSat, ISISPACE Group, Northrop Grumman Corporation, Solaero Technologies, Thales Group, and Other Prominent Players.
With growing interests in space missions, deep space exploration and growing demand for commercial purposes are the factors driving the Space Power Supply market.
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