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.
New York, May 11, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Space Power Supply Market - A Global and Regional Analysis: Focus on Application and Product - Analysis and Forecast, 2022-2032" - https://www.reportlinker.com/p06276183/?utm_source=GNW
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.
• Segmentation 1: by Application
o Launch Vehicles
o 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.
• Segmentation 2: by Product
o Solar Panel
o Power Management Devices
o 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.
• Segmentation 3: by Region
o North America - U.S. and Canada,
o Europe - France, Germany, Russia, U.K, and Rest-of-Europe
o Asia-Pacific - China, Japan, India, and Rest-of-Asia-Pacific
In the global space power supply market, North America generated the highest revenue of $1,516.3 million in 2022, which is attributed to the high presence of the key companies highly engaged in developing and providing space power supply solutions in the region.
Recent Developments in Global Space Power Supply Market
• In May 2020, EaglePicher Technologies was selected by NASA to supply a variety of batteries for its Perseverance mission. During its launch, Atlas V used ten silver-zinc batteries. Atlas V’s main power system, pryo system, and flight termination system were powered by these batteries. The rover’s main power system was powered by two rechargeable lithium-ion batteries.
• In May 2021, NASA chose Honeybee Robotics and mPower Technology to design and develop a vertically deployable solar array for the Lunar Array Mast and Power System (LAMPS) project.
• In January 2021, NASA awarded a contract to Boeing’s Spectrolab to provide six more solar arrays for International Space Station (ISS). The new solar array would provide a 20% to 30% increase in power.
• In January 2022, the U.K.-based Space Forge awarded AAC Clyde Space a $0.4 million contract to provide space products to be used by a demonstration spacecraft. This spacecraft is designed to perform multiple trips to space and to utilize the space environment for production and scientific experimentation.
Demand - Drivers, Challenges, and Opportunities
Following are the drivers for the space power supply market:
• Increasing Development of LEO Satellites and Reusable Launch Vehicles
• Evolving Mission Requirements Leading to Demand for Enhanced Space Power Requirements
Following are the challenges for the space power supply market:
• Scalability of Space Power Solutions to Address the Increasing Serial Production of Small Satellites
• Lack of Customized Space Power Solutions
Following are the opportunities for the space power supply market:
• Entrance of Non-Space Power Solutions Provider into the Space Industry
• Increasing Demand for Mass Production of Space Power Solutions
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of space power supply products available for deployment in the industries and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different space power supply products based on applications (launch vehicles, satellites, and deep space exploration) and products (solar panels, power management devices, batteries, and power converters).
Growth/Marketing Strategy: The global space power supply market has seen major development by key players operating in the market, such as business expansions, contracts, partnerships, collaborations, and joint ventures.The favored strategy for the companies has been inorganic strategies such as contracts and partnerships to strengthen their position in the space power supply market.
For instance, in February 2022, Aerojet Rocketdyne, in collaboration with Teledyne Energy Systems Inc. to develop the MMRTG energy systems, would power upcoming NASA missions to the moons of Saturn and Neptune.
Competitive Strategy: Key players in the global space power supply market analyzed and profiled in the study involve space power supply product manufacturers that provide solar cells/arrays, batteries, and power modules.Moreover, a detailed competitive benchmarking of the players operating in the global space power supply market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as contracts, partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top segment players leading the market include established players providing space power supply solutions and constitute 70% of the presence in the market. Other players include start-up entities, which account for approximately 30% of the presence in the market.
Some of the prominent established names in this market are:
Company Type 1: Solar Cell and Solar Array Manufacturers
• AAC Clyde Space
• Airbus S.A.S.
• AZUR SPACE Solar Power GmbH
• Northrop Grumman Corporation
• Sierra Nevada Corporation
• Rocket Lab
• mPower Technology, Inc.
Company Type 2: Primary and Secondary Manufacturers
• EaglePicher Technologies
• GS Yuasa Lithium Power
Company Type 3: Others
• ISISPACE GROUP
• Teledyne Technologies Incorporated
Companies that are not a part of the previously-mentioned pool have been well represented across different sections of the report (wherever applicable).
• North America
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