Global Satellite Solar Cell Materials Market 2024-2031

Overview

Global Satellite Solar Cell Materials Market reached US$ 44.1 million in 2023 and is expected to reach US$ 124.0 million by 2031, growing with a CAGR of 13.8% during the forecast period 2024-2031.

Recognizing the strategic importance of space exploration, communication and Earth observation, countries have given significant resources to satellite programs. Solar cells, which convert sunlight into electricity, are essential components of satellite systems, driving up demand for minerals used in solar cells. The global satellite solar cell materials industry is expanding rapidly, owing by large part to government assistance and investments around the globe.

According to Japan's proposed budget for 2022, the space budget would exceed US$ 1.4 billion, which includes the construction of the H3 rocket, Engineering Test Satellite-9 and the country's Information Gathering Satellite program. The estimated spending plan for India's space activities in FY22 was US$ 1.83 billion. In 2022, South Korea's Ministry of Science and ICT planned a space budget of US$ 619 million for producing satellites, rockets and other critical space equipment.

In 2023, North America is expected to be the dominant region with over 35% of the global satellite solar cell materials market. The market growth is due to North America's status as the epicenter of space innovation and research, as well as the presence of NASA, the world's largest space agency. In 2022, U.S. government spent about US$ 62 billion on space programs, making it the world's largest spender. In U.S., federal agencies receive funding from Congress of US$ 32.33 billion per year, called budgetary resources, for its subsidiaries.

Dynamics

Rising Advancements for Satellite Miniaturization

Satellite improvements in design like downsizing, increased power efficiency and longer mission durations necessitate the use of more efficient and long-lasting solar cell materials. The capacity of small satellites to perform virtually all of the duties of a typical satellite at a fraction of the cost has made it more feasible to develop, launch and operate small satellite constellations.

Manufacturers are constantly looking for materials that can resist the harsh conditions of space while increasing energy conversion efficiency. The demand in North America is mostly driven by U.S., which produces the most small satellites each year. Between 2017 and 2022, several participants in North America launched 596 nanosatellites into orbit. NASA participates in programs aiming at building these satellites.

Rising Government Investments

Government space agencies continue to fund satellite missions for scientific research, national security, monitoring the environment and disaster relief. The programs greatly increase the need for satellite solar cell materials, as solar electricity is required to maintain satellite operations in orbit. UK government plans to upgrade the armed forces' satellite telecommunication capability by US$ 7.5 billion.

In July 2020, UK Ministry of Defence granted Airbus Defence and Space a contract worth US$ 630 million to build a new telecommunications satellite as a stopgap to improve military capabilities. In November 2022, ESA recommended a 25% increase in space funding for the next three years to preserve Europe's dominance in Earth observation, enhance navigation services and continue to collaborate with U.S. on exploration. ESA urged its 22 states to adopt a budget of approximately EUR 18.5 billion for 2023-2025.

High Costs and Limited Material Efficiency

Developing and fabricating high-quality solar cell materials for space applications necessitates significant R&D spending. Furthermore, the creation of materials that fulfill the demanding standards for space settings frequently necessitates specialized facilities and methods, resulting in increased manufacturing costs.

Despite advances in material science, solar cells' efficiency at converting sunlight into power remains restricted. Furthermore, the extreme conditions of space, like as radiation exposure, temperature fluctuations and micrometeoroid impacts, can damage the performance and longevity of solar cell materials over time. The restrictions restrict the broad implementation of satellite solar cells, requiring continued research to enhance efficiency and durability.

Segment Analysis

The global satellite solar cell materials market is segmented based on material, orbit, application and region.

Rising Number of Satellite Launches Drives the Segment Growth

Satellite is expected to be the dominant segment with over 30% of the market during the forecast period 2024-2031. The increasing frequency of satellite launches for a variety of purposes, including communication, navigation, earth observation, scientific research and defense, is a major driver of satellite solar cell materials. Each satellite requires solar cells to power its operations, resulting in a steady demand for these components.

Market participants are forging alliances, making acquisitions and merging to enhance their position and extend their products in the market. For example, in May 2023, Arabsat, a global supplier of television and telecommunications satellites, launched its Arabsat Badr-8 with a SpaceX Falcon 9 rocket from Cape Canaveral, Florida, U.S. Badr-8 intends to provide innovative satellite services to customers.

Geographical Penetration

Rising Investments in Space Infrastructure in Asia-Pacific

Asia-Pacific is expected to be the fastest growing region in the global satellite solar cell materials market covering over 20% of the market. The market for satellite solar cell materials is expanding rapidly as a result of growing investment in space-based infrastructure. For example, in September 2023, NewSpace India Limited declared a US$ 1.2 billion investment over the following five years. The program aims to increase industry engagement and encourage commercial enterprises in the sector.

The demand for secure and efficient power generation systems to support space-related activities is increasing as governments, private corporations and international organizations invest more in them. Materials used in satellite solar cells, the primary power source for satellites in orbit, will benefit from this advancement. In addition to increasing demand for solar cell materials, funding for space-based infrastructure projects promotes innovation and technological breakthroughs in the solar cell industry.

Competitive Landscape

The major global players in the market include SPECTROLAB, AZUR SPACE Solar Power GmbH, ROCKET LAB USA, Sharp Corporation, CESI S.p.A, Thales Alenia Space, Airbus, MicroLink Devices, Inc., Mitsubishi Electric Corporation and Northrop Grumman.

COVID-19 Impact Analysis

The epidemic showed the significance of resilience and continuity in essential infrastructure, like satellite communication and observation systems. As a result, there may be more investment in satellite technology for applications like remote sensing, telecommunications and disaster management. As governments and corporations emphasize the upgrading of satellite infrastructure, it has the potential to increase long-term demand for satellite solar cells and materials.

The transition to remote work arrangements and travel constraints presented issues for satellite makers and their supply chains. Lack of in-person encounters hampered collaboration and coordination in the design, testing and production of satellite components, particularly solar cells. It caused delays in product development and distribution.

Russia-Ukraine War Impact

Ukraine is a major global source of raw materials like titanium, which is used to make satellite components like solar cells. Any interruption in the supply chain caused by the conflict could result in material shortages or price rises, affecting satellite solar cell manufacture. The dispute might cause geopolitical instability, affecting trade relations and investment decisions.

Satellite production necessitates globally collaboration and supply networks and any geopolitical friction can disrupt these partnerships, influencing the availability and cost of solar cell components. In contrast, the conflict could raise demand for satellite technology for surveillance and communication purposes, particularly for organizations and governments involved in the conflict or attempting to monitor it.

By Material

• Gallium Arsenide (GaAs)
• Silicon
• Copper Indium Gallium Selenide (CIGS)
• Others

By Orbit

• Highly Elliptical Orbit (HEO)
• Medium Earth Orbit (MEO)
• Low Earth Orbit (LEO)
• Geostationary Orbit (GEO)
• Polar Orbit

By Application

• Space Stations
• Satellite
• Rovers
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In 2024, Australia's national research agency, CSIRO, created cutting-edge printed flexible solar cell technology, which was successfully launched into space on March 5 atop Australia's largest private satellite, Optimus-1, as part of SpaceX's Transporter-10 mission. CSIRO is researching the possibilities of printed flexible solar cells as a stable energy source for future space ventures, in partnership with the Australian space transportation supplier, Space Machines Company.
• In 2023, LONGi has set the new world record for silicon-perovskite tandem solar cells by achieving 33.9 percent efficiency. The achievement has been verified by U.S. National Renewable Energy Laboratory, according to a corporate press release.

Why Purchase the Report?

• To visualize the global satellite solar cell materials market segmentation based on material, orbit, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of satellite solar cell materials market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global satellite solar cell materials market report would provide approximately 62 tables, 56 figures and 182 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies