Space Power Supply Market Size In 2022 and Growth Insights to 2032 | Bis Research
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.
Read Report Overview: Space Power Supply Market
Market Lifecycle 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-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.
Impact
· 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.
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 U.K.-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 companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
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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.
