Global Space Power Supply Market Grows Steadily at a CAGR of 1.70%

Introduction

The energy supply system includes generation, storage, conditioning, distribution, and space conversion. Space missions can last from minutes to decades, so it's essential to find the best primary and secondary sources and design a system to maximize their use. The space power supply is highly regulated, with all components requiring a quality inspection and legal documentation before use. Technological advances, satellite launches, regulations (EWR 127-1, MIL-STD), etc., affect the power supply industry's demand. The major players are improving their products to meet changing market demands.

Market Dynamics

Intensifying Work on Low Earth Orbit Satellites, Reusable Launchers, and Changing mission requirements Drives the Global Market

A launch system is considered reusable if it can reuse some or all of the launch vehicle's component stages. Several fully reusable suborbital and partially reusable orbital systems have been tested up to this point. The primary advantage of the low earth orbit (LEO) system is that satellites can communicate with a minimal time lag due to their proximity to the earth. Therefore, these constellations are optimal for use with delay-tolerant services, such as voice communication.

Low Earth Orbit (LEO) satellites are increasingly used to supplement the 5G terrestrial network due to their capacity to provide greater bandwidth and lower latency. These technological advancements have increased the pressure on satellite power supply systems to perform admirably in adverse conditions for the mission's duration. Increasing satellite launches and improvements in reusable launch technologies are driving the expansion of the space power supply industry.

Mega Constellations of Satellites Creates Tremendous Opportunities

Satellite mega-constellations have been majorly attributed to the trend toward smaller satellites that have reduced the costs of building, launching, and operating satellites. In recent years, the space industry has undergone a significant shift. Smaller, simpler, and less expensive satellites are increasingly being used in place of larger, more complex, and more expensive ones. Many people are interested in using small satellites, which typically weigh less than 500 kilograms. This is due to advancements in design and manufacturing and the shrinking size and weight of previously bulky satellite components.

Smaller satellite constellations and swarms are used to supplement the high-precision data provided by large satellites, increase orbits, and improve surveillance capabilities. Small satellite missions are being developed to maximize efficiency in which each satellite performs a specific task, such as imaging, processing, or transmitting.

Regional Analysis

North America is dominating the regional market with the highest revenue. This can be attributed to the high presence of key regional companies that are highly engaged in developing and providing space power supply solutions. North America will continue to hold a significantly dominant position in the market in the future. The United States of America held tremendous dominance, capturing more than two-thirds of the total market share. With growing investments in start-ups and aggressive launch activities by SpaceX, this region is likely to offer the highest growth opportunities during the period that is being forecasted as well.

Key Highlights

• The global space power supply market was valued at USD 2.7 billion in 2021. It is projected to reach USD 3.14 billion by 2030, growing at a CAGR of 1.70% during the forecast period (2022–2030).
• Based on application, the market is segmented into launch vehicles, satellites, and deep space exploration. The satellite segment is expected to dominate the global space power supply market.
• Based on applications, the market is segmented into solar panels, power management devices, batteries, and power converters. The solar panel segment of the global space power supply market is anticipated to have the largest market share.
• North America is dominating the regional market with the highest revenue.

Competitive Players

Competitive Analysis

The global space power supply market’s major players are:

• AAC Clyde Space
• Airbus S.A.S.
• AZUR SPACE Solar Power GmbH
• Northrop Grumman Corporation
• Sierra Nevada Corporation
• Rocket Lab
• mPower Technology, Inc.
• EaglePicher Technologies
• GS Yuasa Lithium Power
• GomSpace
• Skylabs
• NanoAvionics
• ISISPACE GROUP
• Teledyne Technologies Incorporated

Recent Developments

Market News

• January 2022- Space Forge of the United Kingdom has awarded AAC Clyde Space a USD 400,000 contract to provide space products for a demonstration spacecraft. This spacecraft is intended to make multiple trips to space and utilize the space environment for scientific research and production.
• February 2022- D-Orbit SpA placed an order with GomSpace for the P60 power systems and batteries. D-Orbit SpA has ordered the P60 power systems and batteries with GomSpace. The order's total value is 9 MSEK. Expected delivery is in Q2/Q3 2022.
• March 2022- AAC Clyde space won a follow-on order for the subsystem. AAC Clyde Space, a leading New Space company, has received an order for a power subsystem to be used in a new type of mission. The order is valued at EUR 0.5 million (approximately SEK 5.3 million) and follows a 2019 order. The delivery of the power subsystem is scheduled for the fourth quarter of 2022.

Segmentation

Global Space Power Supply Market: Segmentation

By Product

• Launch Vehicles
• Satellites
• Deep Space Exploration

By Application

• Solar panels
• Power Management Devices
• Batteries
• Power Converters

By Regions

• North America
• Europe
• Asia-Pacific