Global and Regional Space Power Supply Market Research Report 2022: Market to Reach $5,174.6 Million by 2032
Global Space Power Supply Market
Dublin, June 15, 2022 (GLOBE NEWSWIRE) — The “Space Power Supply Market – A Global and Regional Analysis: Focus on Application and Product – Analysis and Forecast, 2022-2032” report has been added to ResearchAndMarkets.com’s offering.
The global space power supply market is estimated to reach $5,174.6 million in 2032 from $2,624.6 million in 2021, at a growth rate of 1.66% during the forecast period 2022-2032.
The growth in the space power supply market is majorly attributed to the growing number of satellite launches and the development of reusable launch systems.
Market Lifecycle Internship
The space industry has seen several technological breakthroughs since the launch of the first artificial satellite, Sputnik, in 1957. There are a variety of space-based applications for which various space exploration missions are planned, and the success of each space mission is dependent on the technology onboard the spacecraft.
When a spacecraft is out in space, the first concern is to select the source of energy to run the mission objectives. The power subsystems used for spacecraft in space must be strong to withstand the harsh environments of radiation and thermal fluctuations. Hence, the need for a strong and reliable power subsystem has always been present in the market.
Several research and development projects are underway to produce advanced space power supply solutions, which are expected to increase with the upcoming mega-constellations as well as with the rising interest in deep-space exploration. Various power subsystems that are currently used are solar cells, primary and non-rechargeable batteries, thermoelectric generators, and fuel cells.
Space is a huge market with unlimited opportunities, and power systems are required across all platforms to ensure proper functionality. As a result, the market for space power supply is well-established.
With technical breakthroughs, the size of satellites being built for mega-constellations is diminishing. CubeSats and nanosats are becoming the satellites of the future. These CubeSats and nanosats are made up of complex subsystems to perform advanced applications with high power consumption demand. This has, in turn, placed a high demand for mass production of space power supply solutions that are capable of providing maximum energy while reducing weight and size.
Furthermore, rising interest among space agencies in conducting long-term deep space missions has resulted in the need for specialized power systems that can support complex missions for significantly longer time periods.
Application (Launch Vehicles, Satellites, Deep Space Exploration)
Based on applications, the global space power supply market is expected to be dominated by the satellites segment. The major factor contributing to this growth is the launch of small satellite mega-constellations by companies such as SpaceX and OneWeb.
Product (Solar Panels, Power Management Devices, Batteries, Power Converters)
Based on products, the global space power supply market is expected to be dominated by the solar panel segment. One of the major factors contributing to this growth is the growing demand for solar arrays for several satellite missions.
In the global space power supply market, North America generated the highest revenue of $1,516.3 million in 2022, which is attributed to the high presence of the key companies highly engaged in developing and providing space power supply solutions in the region.
Recent Developments in Global Space Power Supply Market
In May 2020, EaglePicher Technologies was selected by NASA to supply a variety of batteries for its Perseverance mission. During its launch, Atlas V used ten silver-zinc batteries. Atlas V’s main power system, pryo system, and flight termination system were powered by these batteries. The rover’s main power system was powered by two rechargeable lithium-ion batteries.
In May 2021, NASA chose Honeybee Robotics and mPower Technology to design and develop a vertically deployable solar array for the Lunar Array Mast and Power System (LAMPS) project.
In January 2021, NASA awarded a contract to Boeing’s Spectrolab to provide six more solar arrays for International Space Station (ISS). The new solar array would provide a 20% to 30% increase in power.
In January 2022, the UK-based Space Forge awarded AAC Clyde Space a $0.4 million contract to provide space products to be used by a demonstration spacecraft. This spacecraft is designed to perform multiple trips to space and to utilize the space environment for production and scientific experimentation.
Key Market Players and Competition Synopsis
The top segment players leading the market include established players providing space power supply solutions and constitute 70% of the presence in the market. Other players include start-up entities, which account for approximately 30% of the presence in the market.
Some of the prominent established names in this market are:
AAC Clyde Space
AZUR SPACE Solar Power GmbH
Cobham Advanced Electronic Solutions
GS Yuasa Lithium Power
Northrop Grumman Corporation
Sierra Nevada Corporation
Teledyne Technologies Incorporated
Berlin Space Technologies GmbH
Blue Canyon Technologies LLC
Dhruva Space Private Limited
JinkoSolar Holding Co., Ltd.
mPower Technology, Inc.
SpaceTech GmbH Immenstaad (STI)
Key Topics Covered:
1.1 Industry Outlook
1.1.1 Space Power Supply Market: Overview
220.127.116.11 Evolving Power Requirements for LEO-based and Deep Space Missions
18.104.22.168 Factors Impacting the Power Budget of Small-Satellites and All-Electric Satellites
1.1.2 Supply Chain Analysis
1.2 Business Dynamics
1.2.1 Business Drivers
22.214.171.124 Increasing Development of LEO Satellites and Reusable Launch Vehicles
126.96.36.199 Evolving Mission Requirements Leading to Demand for Enhanced Space Power Requirements
1.2.2 Business Challenge
188.8.131.52 Scalability of Space Power Solutions to Address the Increasing Serial Production of Small Satellites
184.108.40.206 Lack of Customized Space Power Solutions
1.2.3 Business Strategy
220.127.116.11 Business Strategies
18.104.22.168 Corporate Strategies
1.2.4 Business Opportunities
22.214.171.124 Entrance of Non-Space Power Solutions Provider into the Space Industry
126.96.36.199 Increasing Demand for Mass Production of Space Power Solutions
2.1 Global Space Power Supply Market (by Application)
2.1.1 Market Overview
188.8.131.52 Demand Analysis of Space Power Supply Market (by Application)
2.1.2 Launch Vehicles
184.108.40.206 Small and Medium-Lift Launch Vehicles
220.127.116.11 Heavy and Super Heavy-Lift Launch Vehicles
18.104.22.168 Small Satellites (0-500 Kg)
22.214.171.124 Medium Satellites (501-1,000 Kg)
126.96.36.199 Large Satellites (1,000 Kg and Above)
2.1.4 Deep Space Exploration
3.1 Global Space Power Supply Market (by Product)
3.1.1 Market Overview
188.8.131.52 Demand Analysis of Space Power Supply Market (by Product)
3.1.2 Solar cells
184.108.40.206 Solar Panels and Arrays
220.127.116.11 Primary Batteries
18.104.22.168 Secondary Batteries
3.1.4 Power Management Devices
3.1.5 Power Converters
4.1 Global Space Power Supply Market (by Region)
5 Markets – Market Share Analysis & Company Profiles
5.1 Market Share Analysis
5.2 Company Profiles
5.2.1 Company Overview
22.214.171.124 Role in the Global Space Power Supply Market
126.96.36.199 Product Portfolio
5.2.2 Corporate Strategies
188.8.131.52 Partnerships and Contracts
5.2.3 Analyst View
For more information about this report visit https://www.researchandmarkets.com/r/604h6b
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