Dublin, June 15, 2022 (GLOBE NEWSWIRE) — The report “Space Power Supply Market – A Global and Regional Analysis: Focus on Application and Product – Analysis and Forecast, 2022-2032” has been added to from ResearchAndMarkets.com offer.
Global Space Power Supply Market is expected to reach USD 5,174.6 Million in 2032 from USD 2,624.6 Million in 2021, at a growth rate of 1.66% during the forecast period 2022- 2032.
The growth of the space power supply market is mainly attributed to the increasing number of satellite launches and the development of reusable launch systems.
Market life cycle stage
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 applications for which various space exploration missions are planned, and the success of each space mission depends on technology on board the spacecraft.
When a spacecraft is in space, the first concern is to select the power source to execute the mission objectives. Power subsystems used for spacecraft in space must be strong to withstand the harsh environments of radiation and thermal fluctuations. Therefore, 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 solutions, which are expected to increase with upcoming mega-constellations as well as growing interest in deep space exploration. The various power subsystems currently in use 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 needed on all platforms to keep it running smoothly. As a result, the space power supply market is well established.
With technical breakthroughs, the size of satellites built for mega-constellations is decreasing. CubeSats and nanosats are becoming the satellites of the future. These CubeSats and nanosats consist of complex subsystems to realize advanced high-power applications. This, in turn, has created a strong demand for the mass production of space power solutions capable of delivering maximum power while reducing weight and size.
Additionally, the growing interest of space agencies in conducting long-term space missions has resulted in the need for specialized power systems capable of supporting complex missions for much longer periods of time.
Application (launch vehicles, satellites, deep space exploration)
Based on applications, the global space power supply market is expected to be dominated by the satellite segment. The main factor contributing to this growth is the launch of small satellite mega-constellations by companies such as SpaceX and OneWeb.
Product (solar panel, power management devices, batteries, power converters)
Based on product, the global space power supply market is expected to be dominated by the solar panel segment. One of the main factors contributing to this growth is the growing demand for solar panels 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 strong presence of leading companies with strong commitments in the development and supply of space power solutions in the region.
Recent developments in the global space power supply market
- In May 2020, EaglePicher Technologies was selected by NASA to provide a variety of batteries for its Perseverance mission. At 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 selected 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 Spectrolab to supply six more solar panels to the International Space Station (ISS). The new solar panel would provide a 20-30% increase in power.
- In January 2022, British company Space Forge awarded AAC Clyde Space a $0.4 million contract to supply space products for use by a demonstration spacecraft. This spacecraft is designed to make multiple space trips and use the space environment for production and scientific experimentation.
Key Market Players and Competition Summary
The major players in the segment that dominate the market include established players providing space power supply solutions and constitute 70% of the market presence. Other players include start-ups, which account for around 30% of the market presence.
Some of the most prominent established names in this market are:
- AAC Clyde Space
- Airbus S.A.S.
- AZUR SPACE Solar Power GmbH
- Advanced Electronic Solutions from Cobham
- Eagle Picher Technologies
- GS Yuasa lithium power supply
- Northrop Grumman Company
- Sierra Nevada Company
- rocket lab
- Teledyne Technologies Incorporated
- Berlin Space Technologies GmbH
- Blue Canyon Technologies LLC
- Space Dhruva Private Limited
- DHV technology
- GAUSS Srl
- ISISPACE GROUP
- JinkoSolar Holding Co., Ltd.
- mPower Technology, Inc.
- Redwire Corporation
- SpaceTech GmbH Immenstaad (STI)
Main topics covered:
1.1 Industry Outlook
1.1.1 Space Power Supply Market: Overview
126.96.36.199 Changing power requirements for LEO-based and deep space missions
188.8.131.52 Factors influencing the power budget of small satellites and all-electric satellites
1.1.2 Supply Chain Analysis
1.2 Commercial dynamics
1.2.1 Commercial factors
184.108.40.206 Increase the development of LEO satellites and reusable launchers
220.127.116.11 Changing mission requirements leading to demand for increased space power requirements
1.2.2 Business challenge
18.104.22.168 Scalability of space power solutions to meet increasing mass production of small satellites
22.214.171.124 Lack of customized space power solutions
1.2.3 Commercial strategy
126.96.36.199 Commercial strategies
188.8.131.52 Business Strategies
1.2.4 Business opportunities
184.108.40.206 Non-Space Power Solution Provider Entry into the Space Industry
220.127.116.11 Rising Demand for Mass Production of Space Energy Solutions
2.1 Global Space Power Market (by Application)
2.1.1 Market Overview
18.104.22.168 Space Power Supply Market Demand Analysis (by Application)
22.214.171.124 Small and medium range launchers
126.96.36.199 Heavy and super heavy launchers
188.8.131.52 Small Satellites (0-500 Kg)
184.108.40.206 Medium satellites (501-1000 kg)
220.127.116.11 Large satellites (1000 kg and more)
2.1.4 Deep space exploration
3.1 Global Space Power Market (by Product)
3.1.1 Market Overview
18.104.22.168 Space Power Supply Market Demand Analysis (by Product)
3.1.2 Solar cells
22.214.171.124 Panels and solar panels
126.96.36.199 Primary batteries
188.8.131.52 Secondary batteries
3.1.4 Power management devices
3.1.5 Power converters
4.1 Global Space Power Market (by Region)
5 Markets – Market Share Analysis and Company Profiles
5.1 Market Share Analysis
5.2 Company Profiles
5.2.1 Presentation of the company
184.108.40.206 Role in the global space power supply market
220.127.116.11 Product portfolio
5.2.2 Business Strategies
18.104.22.168 Partnerships and contracts
5.2.3 Analyst View
For more information about this report visit https://www.researchandmarkets.com/r/604h6b
Global Space Power Market