Home Aerospace And Defense Space Power Supply Market Outlook, Growth, Size to 2030

Space Power Supply Market Size, Share & Trends Analysis Report By Product (Launch Vehicles, Satellites, Deep Space Exploration), By Application (Solar panels, Power Management Devices, Batteries, Power Converters) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRAD2131DR
Last Updated : 09,May 2023
Author : Straits Research
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Market Overview

The global space power supply market size 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).

The energy supply system encompasses all aspects, including generation, storage, conditioning, distribution, and conversion for space applications. Space missions can last from a few minutes to decades; consequently, it is essential to identify the best primary and secondary sources and design a system to maximize their utility. The space industry, including space power supply, is highly regulated, with all components requiring a stringent quality inspection and legal documentation before using a spacecraft. In addition, technological advancements, satellite launches, regulations (EWR 127-1, MIL-STD), etc., substantially impact the industry's demand for power supply products.

Due to the increasing capabilities and reliance on satellites for civil and military applications, the demand for a dependable, secure, and potent electrical supply has increased dramatically over the past few decades. Currently, the industry is concentrating on creating power supply products that are lightweight, energy-efficient, and durable over an extended period. The research is based on extensive primary interviews (in-house industry players, market leaders, and industry experts), secondary research (various paid and unpaid databases), and predictive analytical tools for the study period. The space power supply study provides a more comprehensive view of the industry.


Market Dynamics

Market Drivers

  • Increasing Development of LEO Satellites and Reusable Launch Vehicles

A launch system is considered reusable if it can reuse some or all of the component stages of the launch vehicle. Up to this point, several fully reusable suborbital and partially reusable orbital systems have been put through their paces in flight. The low earth orbit (LEO) system's primary benefit is that the satellites can communicate with one another with minimal time lag because of their proximity to the earth. Therefore, these constellations are ideal for use with services compassionate to delay, such as voice communication. These additional advantages and benefits drive the global space power supply market.

  • Demand for Enhanced Space Power Requirements

Low Earth orbit (LEO) satellites are increasingly being used to complement the 5G terrestrial network because they provide higher bandwidth and lower latency. These technological developments have increased the pressure on satellite power supply systems to function admirably under challenging circumstances for the anticipated mission duration. The increasing number of satellite launches and the advancement of reusable launch technologies are fuelling the growth of the space power supply industry.

  • Demand for high-performance and lightweight components

The market for space power supplies is expanding due to the growing demand for high-performance, lightweight components that rely largely on satellites. Unfortunately, high testing and raw material prices and high startup expenditures limit the market growth for space power supplies. Moreover, the use of sophisticated control systems Enormous growth brought on by mega-constellations of satellites is also projected to open up new business prospects for the space power supply industry throughout the forecast.

Market Restraint

  • Large Size is Hampering the Market Growth

The most advanced power systems currently available on the market are either too large, too complex, or too inefficient to meet the demands of upcoming space exploration projects. Some of them are even incapable of functioning in hostile environments. As a result of rapidly advancing technologies and an increasing demand for novel materials to decrease overall system mass, the supply chain is currently experiencing strain due to these factors. The tension is caused by a combination of these factors restraining the growth of the global space power supply market.

  • High cost

One of the problems preventing the global market for space power electronics from expanding is the high cost of designing and developing space power systems and the rugged design and integration process. Yet, the space industry's growing R&D activities are projected to grow considerably throughout the forecast year. A satellite cannot operate for an extended period without space-power electronics that can withstand extreme space conditions. With two objectives in mind—preserving the independence of their nation's space programs and enhancing the competitiveness of future satellites—space businesses have been researching and developing space-qualified components for satellite development. Also, developments in space power device downsizing and power semiconductor switch technologies are some of the factors that will produce specific growth prospects for the market in the next years.

Market Opportunities

  • Due to Satellite Mega Constellations

The trend toward smaller satellites has reduced the costs of building, launching, and operating satellites and enabled faster and more flexible deployment and satellite mega-constellations. The space industry has undergone a dramatic transformation in recent years. Instead of launching few, complex, expensive, and large spacecraft, the current trend is to deploy smaller, less complex, and less expensive satellites. The interest in small satellites (typically weighing less than 500 kilograms) has increased due to the miniaturization of formerly voluminous satellite components, standardization, and significantly reduced costs resulting from design and manufacturing advancements.

More prominent constellations and swarms of small satellites are employed to enhance surveillance capabilities, increase orbits, and fill the gaps between the high-precision data provided by large satellites. Missions are emerging in which small satellites are fractionated so that each satellite performs a specific function, such as imaging, processing, or transmission.

Study Period 2018-2030 CAGR 1.7%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 2.7 Billion
Forecast Year 2030 Forecast Year Market Size USD 3.14 Billion
Largest Market North America Fastest Growing Market Asia Pacific
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Regional Analysis

The global space power supply market is divided into three regions, namely North America, Europe, and Asia-Pacific.

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.

Asia-Pacific will hold steady as the market's second-largest regional segment. The space budget for this region is almost equal to one-half of that for all of North America. Other vital countries include China and India, each holding a sizeable portion of the international market.

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Segmental Analysis

The global space power supply market is segmented by product and application.

By Product

Based on product, 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. The launch of small satellite mega-constellations by companies like SpaceX and OneWeb is the primary contributor to this expansion.

By Application

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. The increasing demand for solar arrays to power multiple satellite missions is one of the primary factors contributing significantly to this expansion.

Market Size By Product

Market Size By Product
  • Launch Vehicles
  • Satellites
  • Deep Space Exploration

  • Impact of covid-19

    Covid-19 had some profound adverse impacts on the global advanced ceramics market.

    COVID-19 spread across the world from China, making the whole world stand still and to a complete lockdown situation. Covid-19 is an infectious disease that was caused by a newly discovered coronavirus. During the time, the fatality rate among the population above 40 was also high globally. The disease causes severe illness for people suffering from medical conditions like diabetes, cardiovascular disease, chronic respiratory disease, etc.

    Considering the situation during that time, it was declared a pandemic which led to numerous countries, including the major economies like China, the United States, India, and others, implementing lockdowns which adversely affected the global economy.

    In the first two quarters of 2020, the economic and industrial operations temporarily halted. Almost every manufacturing unit where advanced ceramics is used, such as electrical and electronics, transportation, industrial, chemical, and other End-user Industries (except medical), reduced their manufacturing capacities due to the lack of workers. The lockdown implemented put a halt to global supply chains. This resulted in repercussions in terms of both production and demand for advanced ceramics.

    Market Recovery Timeline and Challenges

    With time the lockdowns were uplifted, and relaxation was made to the public. Gradually, the economy picked up the pace and started its operations, bringing the demand in the global advanced ceramics market and increasing among various industries. As the situation improved during the initial months of 2021, the economies also strengthened their fiscal policies and initiated their development process; the end-user industries began their activities, bringing the overall ceramics market back on track.


    List of key players in Space Power Supply Market

    1. AAC Clyde Space
    2. Airbus S.A.S.
    3. AZUR SPACE Solar Power GmbH
    4. Northrop Grumman Corporation
    5. Sierra Nevada Corporation
    6. Rocket Lab
    7. mPower Technology, Inc.
    8. EaglePicher Technologies
    9. GS Yuasa Lithium Power
    10. GomSpace
    11. Skylabs
    12. NanoAvionics
    13. ISISPACE GROUP
    14. Teledyne Technologies Incorporated

    Space Power Supply Market Share of Key Players

    Space Power Supply Market Share of Key Players

    Recent Developments

    • In January 2023, The European Defence Fund chose a partnership to build a sub-100 kilogram satellite for space situational awareness that will be placed in geostationary orbit (GEO), which includes A.A.C. Clyde Space's subsidiary A.A.C. Hyperion. The Naucrates satellite is not supposed to be visible to ground radar, optical telescopes, or radio telescopes. The Space Situational Awareness (S.S.A.) satellite is expected to be the first European GEO satellite.
    • In February 2023, The Science Based Targets initiative (SBTi) gave Airbus certification for its short-term reduction goals for greenhouse gas emissions.
    • In February 2023, With a rigorous wind tunnel testing program, Northrop Grumman validates the Sentinel Missile design.
    • In December 2022, the Second RAPCON-XTM Aerial I.S.R. Jet from S.N.C. Advances the Company.

    Space Power Supply Market Segmentations

    By Product (2018-2030)

    • Launch Vehicles
    • Satellites
    • Deep Space Exploration

    By Application (2018-2030)

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

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the Space Power Supply Market?
    Space Power Supply Market size will grow at approx. CAGR of 1.7% during the forecast period.
    Some of the top prominent players in Space Power Supply Market 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, etc.
    North America has been dominating the Space Power Supply Market, accounting for the largest share of the market.
    The Asia Pacific region is projected to exhibit the highest rate of growth in the Space Power Supply Market.
    The global Space Power Supply Market report is segmented as follows: By Product, By Application


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