Space Battery Market Research Report—Global Forecast till 2030

Space Battery Market: Information by Orbit Type (Low Earth Orbit, Medium Earth Orbit, Geosynchronous Orbit and Others), By Material (Nickel-based Battery, Lithium-based Battery. Silver-Zinc Battery Others), By Platform (Communication, Earth Observation, Military Surveillance, Science, Navigation and Others), By Energy Type (Less than 100 WH/KG, 100-150 WH/KG, More than 150 WH/KG), By Function (Primary Battery, Secondary Battery), By Application (Satellite, Launch Vehicles and Others) and Region (North America, Europe, Asia-Pacific, Middle

ID: MRFR/A&D/6950-CR | October 2022 | Region: Global | 110 Pages         

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Space Battery Market

Space Battery Market is projected to reach $ 2.1 Billion by 2030, registering a CAGR of 7.1% During 2021-2030

Segmentation
By Type Portable and Non-Portable
By Source Batteries Engine Generators Fuel Cells Solar Power and Energy Harvesters
By Platform Air Marine and Ground
By Wattage Low Power Tactical Medium Power and High Power
Key Players
Companies Profiled   Eagle-Picher Technologies LLC (US)    GS Yuasa Corporation (Japan)    EnerSys (US)    Saft Groupe SA (France)    Mitsubishi Electric Corporation (Japan)    Arotech Corporation (US)   Bren-Tronics    Inc. (US).
Drivers
Market Driving Forces   Space Battery Market has many positive drivers of growth acting on it in the present    The increased use of space batteries in different private and public space missions
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Space Battery Market Overview


Space Battery market Size is anticipeted to reach USD 390.52 million and is expected to grow at a CAGR of 4.7%. 2020-2030


Space battery is used for emergency systems and power backup, starting the engine and auxiliary power units, and flight preparation in the aerospace & defense industry. Space batteries play a very important role as they supply power to the aircraft when the power fails. Batteries in the aircraft are durable, reliable, have low maintenance, low cost of ownership, low weight, and extended life. There are two types of batteries mostly used in the aerospace & defense industry such as nickel-cadmium, lead-acid, and lithium-ion.


There are several applications of space batteries, such as MEO global positioning satellites, LEO defense satellites, launchers, space vehicles, space experiments, rovers, planetary landers, astronaut tools, space object study, planetary/deep space probes, and others. In addition, Li-ion batteries have become the preferred choice because of their high energy & power density, reliability, robustness, and long cycle life.


COVID-19 Impact and Opportunities for Global Space Battery Market:


The global economy is rapidly recovering, owing to rapid vaccine rollout in some major economies, an increase in global business, and a return to normalcy in consumer behavior. The outlook for growth in the region's large economies, such as Japan, the US, the UK, and China, remains positive. With COVID-19 cases still on the rise in some developing economies and a slow vaccine rollout, their economic growth is likely to be lower. The number of space battery companies with collaboration contracts with space battery solution providers is expected to grow. As a result, the space battery market in large conomies is showing signs of rapid recovery. The space battery market, on the other hand, is expected to struggle with slower growth.


These days, electric vehicles are becoming increasingly common on highways around the world, and many carmakers have gotten into the game. This increase is largely due to advancements in lithium-ion batteries, which enable cars to travel further on a single charge. Thus, the increasing procurement of usage of space batteries for electric vehicles is anticipated to provide opportunities for the space battery market to grow.


Market Dynamics:


Drivers:

The US Space Force is collaborating with the UK on military space projects and exploring new areas of collaboration, such as small satellites, space deterrence, and reducing on-orbit space debris, satellite communications, and launch. As a result, rising defense spending and frequent satellite launches for military applications are expected to drive the growth of the global space battery market during the forecast period.


Opportunities:


Engineers can utilize and test a fleet of smart automobiles and high-performance all-terrain vehicles provided by the corporation. For the automobiles' superior battery-management system, the business intends to utilize NASA's battery technology, which is utilized for space vehicles and satellite lithium-powered vehicles.


Restraint:


The increasing use of composite materials for space battery components raises the overall cost of satellites. As a result, the high costs associated with the development and manufacturing of space batteries are expected to hamper market growth during the review period.


Challenge:


Temperature changes, radiation levels, and vacuum conditions in orbit are unlike anything on Earth. The batteries are at risk of failing due to the severe environment. While Li-ion's high energy density can achieve a smaller size and lower weight, combined with flammable material in the batteries, it can be hazardous. Similarly, if the batteries are overcharged, incorrectly balanced, or suffer a short, they might be dangerous. Thus, designing small batteries for various space applications is anticipated to be a challenge for the space battery market.


Value Chain Analysis

The space battery market is growing at a significant rate and is likely to continue to grow in the future. The market growth is attributed to the factors such as the rise in adoption of the digital twin in the shipbuilding industry rise in international seaborne trade. This allows vendors operating in the space battery to make considerable investments to provide solutions to enhance the end-user experience. The value chain analysis for the space battery market comprises four primary levels, which start with design & development, system/component supply, system integration, and end-use.


Segment Overview


The global space battery market has been segmented into Orbit Type, Material, Platform, Energy Type, Function, Application, and Region.


On the basis of orbit type, the market has been segmented into Low Earth Orbit, Medium Earth Orbit, Geosynchronous Orbit, and Others. the Low Earth Orbit segment dominated the market in 2021.


Based on material the market has been segmented into, Nickel-based batteries, Lithium-based batteries. Silver-Zinc batteries Others.


On the basis of the platform, the market has been bifurcated into Communication, Earth Observation, Military Surveillance, Science, Navigation, and Others.


Based on energy type the market has been segmented into Less than 100 WH/KG, 100-150 WH/KG, and More than 150 WH/KG.


On the basis of function, the market has been segmented into, Primary batteries, Secondary batteries.


On the basis of region, the market has been studied across North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.


Regional Analysis


The global Space Battery market has been studied across Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America.


North America is the biggest market for the global satellite battery market in 2021. The increasing R&D activities by NASA and the growing military spending for surveillance mission drives the small satellite market across the region. For instance, in July 2020, the NASA CubeSat launch initiative deployed 109th CubeSat (miniature satellite) from the international space station. Such growing demand and product launches in the small satellite market boost the demand for space batteries in the North American region.


Asia-Pacific is the fastest growing region in 2021. due to a number of factors such as the rise of India and China in the space sector, investments in small satellite projects, and an increase in the number of start-ups involved in space activities across the region. Increasing emerging Asian countries' space budgets in order to develop their own independent space projects will also be critical in determining the future dynamics of the space industry. Thus, these lead to a rise in the space battery market in the Asia-Pacific region.


Competitive Landscape


The global market for fuel cards is projected to witness healthy growth during the forecast period, owing to an increase in the number of satellite launches, growing demand for small satellites, increase in demand for earth observation and communication, and significant investment by venture firms and the government in the space industry.


Key players operating in the global Space Battery market include Saft (France), EaglePitcher Technologies (US), GS Yuasa International Ltd. (Japan), ENERSYS. (US), Mitsubishi Electric Corporation (Japan), Arotech Corporation. (US), Redwire Corporation (US), Space Vector Corporation (US), Hitachi Zosen Corporation (Japan), Lyten, Inc. (US), AAC Clyde Space. (Scotland), Berlin Space technology GmbH. (Germany), and OCE Technology (Ireland).


Recent Developments


Hitachi Zosen Corporation unveiled a solid-state battery, one of the highest capacities of 1000mAh in the industry. On March 2021


Redwire Corporation has announced that it has acquired Techshot, Inc., a leader in biotechnology in microgravity, bioprinting, and on-orbit manufacturing needed for commercial space-based research and development. This acquisition is in-line with Redwire's growth strategy of leveraging strategic investments to scale in-space manufacturing in low-Earth orbit (LEO), which will directly impact the long-term viability of human spaceflight and deliver optimized products for Earth-based industries. Techshot is a value-adding acquisition that will add to Redwire's disruptive innovation by providing a complementary suite of products. On November 2021


Report Overview


As per MRFR, the global Space Battery market has been growing significantly over the past few years. The global Space Battery market has been segmented on the basis of Orbit Type, Material, Platform, Energy Type, Function, Application, and Region. Based on region, the space battery market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.


Objective of the Study



  • To provide a comprehensive analysis of the Space Battery market and its sub-segments, thereby providing a detailed structure of the industry

  • To provide detailed insights into factors driving and restraining the growth of the global Space Battery market

  • To estimate the size of the global fuel cards market where 2018 to 2020 would be the historical period, 2021 shall be the base year, and 2022 to 2027 will be the forecast period for the study.

  • To analyze the global space battery market in five main regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America

  • To provide country-wise market value analysis for various segments of the Space Battery market

  • To provide strategic profiling of key companies present across the globe and comprehensively analyze their competitiveness/competitive landscape in this market

  • To provide a value chain for the Space Battery market


Scope of the Report


The scope of the global Space Battery market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The global Space Battery market has been segmented on the basis of orbit type, material, platform, energy type, function, application, and region.


Intended Audience



  • Space Battery Administrators

  • Space Battery manufacturers and providers

  • Fuel stations

  • Automobile industry

  • Software integrators

  • IT enterprises

  • Technology investors

  • Regulatory industries

  • Government bodies



Report Scope:

Report Attribute/Metric Details
  Market Size    2021: USD 256.15 Million 2030: USD 390.52 Million
  CAGR   4.7%
  Base Year    2021
  Forecast Period    2022-2030
  Historical Data    2012 - 2020
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered    Orbit type, material, platform, energy type, function, application, and region.
  Geographies Covered    North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America
  Key Vendors    Saft (France), EaglePitcher Technologies (US), GS Yuasa International Ltd. (Japan)
  Key Market Opportunities   â€¢ Growing adoption of digitization and the Internet of Things (IoT)
  Key Market Drivers   â€¢ Increasing demand for cashless transactions • Growing need among fleet managers and vehicle owners to optimize fleet expenses tasks


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Frequently Asked Questions (FAQ) :

The US region is expected to drive the market during the forecasted period.

The global Space Battery market has been growing rapidly from the past few decades and is expected to reach USD 390.52 Million by 2030, at a CAGR of 4.7% during the forecast period.

Saft (France), EaglePitcher Technologies (US), and GS Yuasa International Ltd. (Japan) are expected to be the major competition in the Space Battery market during the projected period.

The Asia-Pacific region is expected to be the fastest-growing region.

High-cost od deployment may slow the growth of the Space Battery market during the forecast period.