DUBLIN, June 16, 2022 /PRNewswire/ — 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 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.
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 Panel, 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 …….