Space Power Supply Market Forecasts to 2030 – Global Analysis By Type (Solar Panels, Batteries, Fuel Cells, Thermal Energy Systems, Nuclear Power Sources, Radioisotope Thermoelectric Generators (RTGs), and Other Types), Power Source, Battery Shape, Platfo

Space Power Supply Market Forecasts to 2030 – Global Analysis By Type (Solar Panels, Batteries, Fuel Cells, Thermal Energy Systems, Nuclear Power Sources, Radioisotope Thermoelectric Generators (RTGs), and Other Types), Power Source, Battery Shape, Platform, Voltage Type, Application, End User and By Geography

According to Stratistics MRC, the Global Space Power Supply Market is accounted for $3.13 billion in 2024 and is expected to reach $5.08 billion by 2030 growing at a CAGR of 8.4% during the forecast period. The systems and technologies that supply energy to satellites and spacecraft to ensure their proper operation during missions that might last anywhere from a few minutes to several years are referred to as space power supplies. Power supply systems for space applications are developed, manufactured, and distributed by the space power supply market. Nuclear power sources, fuel cells, batteries, and solar panels are important parts.

Market Dynamics:

Driver:

Increasing space exploration activities

Growing space exploration efforts by both public and private organizations to investigate celestial bodies and carry out scientific research are major factors driving the space power supply market. The need for sophisticated power supply systems that can sustain extended space missions is increasing as a result of programs like NASA's Artemis program, which aims to send humans back to the Moon, and other Mars missions. New technologies are being made possible by the explosion of space exploration investments and partnerships, which is fostering innovation and expansion in the power supply industry.

Restraint:

High development costs

Space mission manufacturers and organizations face major obstacles due to the high development costs in the space power supply market. Smaller businesses may not be able to afford the specialized materials and technology needed for the complex design and manufacturing of modern power systems. Costs are further increased by the need for intensive testing and quality assurance due to strict regulatory requirements. Since only well-funded organizations may be able to pay the required investments in research and development, these financial obstacles may impede innovation and competitiveness. As a result, these exorbitant expenses may hinder the rate of progress in space power supply solutions, which could affect the expansion of the market as a whole.

Opportunity:

Rising demand for satellites

The increasing demand for satellites for communication, navigation, Earth observation, and remote sensing applications worldwide is a major factor propelling the space power supply market. Reliable power supply systems are becoming increasingly important as governments and business organizations increase satellite constellations to improve connectivity and data collection. These technologies guarantee that satellite operations, such as payload management, telemetry, and propulsion, continue uninterrupted. Innovation in power solutions is also being fuelled by developments in satellite technology, such as CubeSats and tiny satellites.

Threat:

Limited availability of resources

The development of advanced power systems is severely hampered by the space power supply market's limited resource availability. As demand for innovative materials and technologies rises, the supply chain faces strain, making it difficult to source the necessary components for efficient power generation and storage. Furthermore, a lot of current power systems are inefficient or too large to handle the demanding needs of upcoming space missions. This lack of enough resources might cause project schedule delays and expense increases, which will ultimately impede the development of space power supply systems.

Covid-19 Impact

The interruptions in global supply chains caused by the COVID-19 epidemic had a significant effect on the space power supply market. Lockdowns and restrictions caused major delays in the production and delivery of critical components, which affected project timetables and raised space mission costs. These issues were made worse by a shortage of workers, which resulted in a decrease in manufacturing facilities' operational capacity.

The solar panels segment is expected to be the largest during the forecast period

The solar panels segment is estimated to be the largest. Spacecraft weight and complexity are decreased by their capacity to capture energy straight from the sun, eliminating away with the requirement for fuel or other onboard energy storage. Furthermore, solar panels have a high power-to-weight ratio, which makes them perfect for missions requiring prolonged operation. Solar panels are growing increasingly appealing for space applications as solar cell technology advances, providing increased efficiency and reduced costs. Additionally, the need for solar power supply is being driven by the expansion of satellite constellations and the rising demand for space-based services.

The satellites segment is expected to have the highest CAGR during the forecast period

The satellites segment is anticipated to witness the highest CAGR during the forecast period, because of increased connection for broadband internet, telephony, and disaster management, the growing need for global communication and data services, and developments in satellite technology, including miniaturization and small satellites. Demand for satellites is also fuelled by the increased emphasis on Earth observation for urban planning, agriculture, and climate monitoring. Reliable, effective power systems are essential for satellite operations as countries make investments in space capabilities.

Region with largest share:

Asia Pacific is expected to have the largest market share during the forecast period due to as a result of growing expenditures on satellite deployment and exploration as well as improvements in space technology. China, India, Japan, and other nations are growing their space programs, emphasizing both private sector participation and government-led projects. The market is expanding due to the need for communication, navigation, and Earth observation satellites; capabilities are being improved through partnerships and more investment for R&D.

Region with highest CAGR:

Europe is projected to witness the highest CAGR over the forecast period. Government programs and cooperation amongst European space organizations are driving the European space power supply market. The region's communications, navigation, and Earth observation capabilities are being enhanced by investments in satellite technology and space exploration initiatives. The need for sophisticated power supply systems is being driven by the European Union's commitment to a competitive space industry and the increasing participation of the private sector in space endeavours.

Key players in the market

Some of the key players profiled in the Space Power Supply Market include Lockheed Martin Corporation, Airbus Defense and Space, Northrop Grumman Corporation, Boeing Company, Maxar Technologies, OHB SE, Ball Aerospace & Technologies Corp., Mitsubishi Electric Corporation, Thales Alenia Space, Honeywell International Inc., L3Harris Technologies, Inc., BAE Systems, Sierra Nevada Corporation, SpaceX, Leonardo S.p.A., Safran Power Units, Teledyne Technologies, Rocket Lab, Astronics Corporation, and Astrodyne TDI.

Key Developments:

In September 2023, Northrop Grumman secured contracts to supply power systems for upcoming defense and communication satellites, focusing on enhanced resilience and sustainability.

In January 2021, NASA awarded Boeing’s Spectrolab a contract for six additional solar arrays for the International Space Station, aimed at increasing power by 20% to 30%.

Types Covered:
• Solar Panels
• Batteries
• Fuel Cells
• Thermal Energy Systems
• Nuclear Power Sources
• Radioisotope Thermoelectric Generators (RTGs)
• Other Types

Power Sources Covered:
• Solar Power
• Chemical Power
• Nuclear Power

Battery Shapes Covered:
• Cylindrical Batteries
• Prismatic Batteries
• Pouch-Type Batteries

Platforms Covered:
• Satellites
• Spacecraft
• Space Stations
• Launch Vehicles

Voltage Types Covered:
• Low Voltage Power Supply
• Medium Voltage Power Supply
• High Voltage Power Supply

Applications Covered:
• Earth Observation Satellites
• Communication Satellites
• Navigation Satellites
• Scientific Exploration
• Manned Space Missions
• Other Applications

End Users Covered:
• Commercial
• Military & Defense
• Government & Research Organizations
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements