Space Power Supply Market | BIS Research

According to BIS Research, The space power supply market includes a broad range of solutions, such as solar power systems, batteries, energy storage devices, and power management technologies, all crucial for space applications.The growing need for more dependable and efficient power sources for satellites, spacecraft, and space stations has been the main driver of this market. The increasing demand for sustainable energy solutions in space exploration is being met by advancements in space power technology, including sophisticated solar panels and high-capacity energy storage devices. Key companies like Airbus and Rocket Lab USA dominate the fiercely competitive space power supply business. Additionally, industry and consumer preferences are being shaped by the increased focus on sustainability, cost-effectiveness, and long-duration space missions, which is driving businesses to invest in cutting-edge technology and creative power solutions. In order to satisfy the needs of satellite operations and space exploration, this dynamic market is always changing.

The Space Power Supply Market was valued at $9,449.9 million in 2024 and is projected to reach $14,787.0 million by 2034, growing at a CAGR of 4.58% during the forecast period (2024–2034).

Industrial Impact

The space power supply market plays a crucial role in driving innovation and economic activity across aerospace, energy, and satellite sectors. The market supports a broad network of suppliers and encourages developments in power management, batteries, and solar technologies since big businesses like Airbus, Boeing, and Lockheed Martin engage in R&D and manufacture. These developments impact the larger electronics and energy sectors in addition to improving satellite and space mission capabilities. By promoting the development of renewable energy sources, the increased focus on sustainability is lessening its negative effects on the environment. Additionally, this market encourages cooperation with research institutes and space agencies, which advances the space economy and makes it more sustainable.

Market Segmentation

1. By Application:

• Satellites

• Space Exploration and Deep-Space Missions

• Space Stations and Habitats

• Launch Vehicles

2. By Satellite Orbit:

• Low Earth Orbit (LEO)

• Geostationary Earth Orbit (GEO)

• Medium Earth Orbit (MEO)

• Beyond Earth Orbit

3. By Satellite Type:

• Small Satellites (CubeSats, NanoSats) (1-10 kW)

• Medium Satellites (10-15 kW)

• Large Satellites (Above 15 kW)

4. By Component Type:

• Solar Power Systems

• Power Management and Distribution (PMAD) Systems

5. By Region:

• North America

• Europe

• Asia-Pacific

• Rest of the World

Recent Developments

• 5N Plus Inc. has announced that its subsidiary, AZUR SPACE Solar Power GmbH, successfully completed its 2024 production capacity expansion, increasing output by 35%, surpassing the original 30% target. By the end of 2025, AZUR plans to further boost solar cell production by an additional 30%, with minimal extra investment. This expansion will help meet the rising demand for space power supply solutions, enhancing AZUR's role as a key player in the space power supply market, particularly in advanced solar cell technology.

• On June 11th, 2024, Rocket Lab announced that it had signed a preliminary agreement to receive up to $23.9 million in funding under the CHIPS Act to expand the production of space-grade solar cells. This investment will enhance Rocket Lab's manufacturing capacity for semiconductors used in spacecraft and satellites, creating over 100 new jobs in Albuquerque, New Mexico. The space-grade solar cells, crucial for national defense and space exploration programs such as NASA’s Artemis and the James Webb Space Telescope, position Rocket Lab as a key player in the space power supply market.

• On January 31, 2022, Ascent Solar Technologies announced that it was selected by Momentus, Inc. to produce flexible CIGS photovoltaic (PV) modules for a demonstration deployable PV array. These modules will provide power to the Vigoride spacecraft, scheduled for a Low Earth Orbit flight in 2022. This collaboration highlights Ascent Solar’s role in advancing space power supply solutions with lightweight, flexible PV technology for space applications.

• EaglePicher announced that its batteries are critical to NASA's Artemis I mission, providing power for both the Orion spacecraft crew module and the Space Launch System (SLS) flight termination system. The company supplied two 32-volt, 10 Ah silver-zinc batteries to ensure flight safety by powering the SLS’s flight termination system, which turns off propulsion in case of an emergency. This collaboration highlights EaglePicher’s role in advancing battery technology for space power supply and supporting deep space exploration missions.

Who are the major players in the space power supply market?

• AZUR SPACE Solar Power GmbH

• Spectrolab

• Rocket Lab USA

• SHARP CORPORATION

• Shanghai Institute of Space Power-Sources

• MicroLink Devices, Inc.

• Mitsubishi Electric Corporation

• Bharat Electronics Limited (BEL)

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Conclusion

The space power supply market is experiencing steady growth driven by increasing demand for efficient and reliable power solutions across satellites, space exploration missions, and launch vehicles. Thanks to developments in energy storage and solar power technology, satellites continue to be the largest application segment. The market serves a wide range of space missions and technological requirements with its varied segmentation by orbit, satellite type, and components. To satisfy the increasing demands of the industry, major firms from all over the world are actively developing. The market is anticipated to keep growing as space missions get more intricate and sustainability becomes more of a priority, becoming increasingly important to satellite operations and space exploration in the future.