PUBLISHER: Market Research Future | PRODUCT CODE: 1559087
PUBLISHER: Market Research Future | PRODUCT CODE: 1559087
Global Space Battery Market Research Report Information by Orbit Type (Br Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geosynchronous Orbit (GEO), and Others), by Material (Nickel-Based Battery, Lithium-Based Battery, Silver-Zinc Battery, and Others), by Platform (Communication, Earth Observation, Military Surveillance, Science, Navigation, and Others), by Energy Type (Less than 100 Wh/kg, 100-150 Wh/kg, and More than 150 Wh/kg), by Function (Primary Battery and Secondary Battery), by Application (Satellite, Launch Vehicle, and Others), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) -Forecast Till 2032
The Space Battery market is expected to increase from USD 289.03 million in 2023 to USD 427.13 million by 2032, with a compound yearly growth rate (CAGR) of 4.7% over the forecast period (2023-2032). In the aerospace and defense industries, space batteries are utilized for emergency systems and power backup, engine and auxiliary power unit start-up, and flight preparation. Space batteries serve a crucial function in providing electricity to the aircraft when the power fails. Aircraft batteries are sturdy, dependable, require little maintenance, have a cheap cost of ownership, are light in weight, and have a long lifespan.
IoT can be utilized to improve operational efficiency in space-related industrial facilities. This is due to the improved insights provided by the Internet of Things, which allows manufacturers to quickly address inefficiencies. Smart meters equipped with Internet of Things capabilities, for example, can transmit data about energy consumption via satellite. Significant cost savings and environmentally friendly operations may result from this. IoT data analytics examines usage and recommends energy-saving strategies that could result in a 20% reduction in energy consumption.
Market Segment insights
The Space Battery Market is segmented by orbit type, which comprises Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geosynchronous Orbit (GEO), and Others.
The market is segmented by material, which comprises nickel-based batteries, lithium-based batteries, silver-zinc batteries, and others.
Communication, Earth Observation, Military Surveillance, Science, Navigation, and Others are the platform-specific market segments.
The market is segmented based on energy type: less than 100 Wh/kg, 100-150 Wh/kg, and more than 150 Wh/kg.
The space battery market is divided into two segments based on function: primary batteries and secondary batteries.
The Space Battery Market is segmented by application, including Satellite, Launch Vehicle, and Others.
Regional insights
The study covers North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. In 2022, the North American space battery market accounted for around 49.9%. NASA's increased R&D operations, as well as increased military spending for surveillance missions, are driving the regional small satellite market. For example, in July 2020, the NASA CubeSat Launch Initiative launched the 109th CubeSat (miniature satellite) from the International Space Station. Growing demand and product introductions in the small satellite industry drive up demand for space batteries in North America. To improve the quality and efficacy of satellite communication, the US government is heavily investing in revolutionary tiny satellite technology.
In Europe, there will be an increase in demand for microsatellites from commercial organizations and defense forces in the space battery industry in coming years. The lower cost of electronic components has facilitated the creation of small satellites, particularly in the commercial sector of Europe. Budget restrictions have also driven numerous governments and businesses to select low-cost tiny satellite systems, boosting demand for space batteries in Europe. The United Kingdom is the first country in Europe to launch small satellites into space, drawing innovative enterprises from all over the world, accelerating the development of new technologies, and creating hundreds of high-skilled jobs across the country.
The market's major players include Saft Groupe SA, Eagle-Picher Technologies LLC, GS Yuasa Corporation, EnerSys, Mitsubishi Electric Corporation, Redwire Corporation, Space Vector Organization, Hitachi Zosen, Lyten, Inc., AAC Clyde Space, Berlin Space Technologies GmbH, C.E. Technology, and Arotech Corporation Industries Corporation.