Space Battery Market Analysis

Global Space Battery Market Overview

Space Battery Market Size was valued at USD 1.5 billion in 2022. The Space Battery market industry is projected to grow from USD 1.6065 Billion in 2023 to USD 2.42447 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2023 - 2030). To reduce fleet expenses, fleet managers and vehicle owners are the key market drivers enhancing the market growth.

 Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Battery Market Trends

• To reduce fleet expenses, fleet managers and vehicle owners to boost the market growth

In recent years, the growth rate of the  market for space batteries has significantly increased. The market's expansion is primarily attributable to the rise in the use of other batteries for space applications and space heater batteries. Another important factor driving the market's growth is the expanding applications in various public and private space missions. Factors like rising lithium-ion space battery usage, private sector businesses, technological advancements in space batteries, and an increase in space expeditions are anticipated to affect the market's growth over the assessment period positively.

A fleet of advanced all-terrain vehicles and smart cars is available for engineers to use and test. The company plans to use the lithium-ion battery technology developed by NASA for spacecraft and satellite-powered vehicles for the superior battery-management system in the cars. Also, the track record of Saft in creating lithium-ion batteries for space exploration speaks for itself.

Additionally, the track record of Saft in creating lithium-ion batteries for space exploration speaks for itself. They are used on demanding missions like GEO telecommunication and MEO positioning satellites. Space experiments, launchers, space transfer vehicles, rovers, planetary landers, astronaut tools, space object study, and deep space probes are a few other applications that Saft's space-qualified batteries can support has enhanced the Space Battery market CAGR across the globe in the recent years.

Space Battery Market Segment Insights

Space Battery Orbit Type Insights

Based on Orbit type, the Space Battery market segmentation includes Low Earth Orbit, Medium Earth Orbit, Geosynchronous Orbit and Others. The Low Earth Orbit, Space Battery segment held the majority share in 2022 concerning the Space Battery market revenue. In the presence of the sun, Low Earth Orbit (LEO) satellites use solar energy for propulsion, computation, and communication. Any extra energy is used to recharge the batteries on board. However, satellites only use the power in their batteries when they are in an area without sunlight, also known as an eclipse area.

For instance, August 2022 Modern Amperex Technology Co. A 100 GWh battery plant will be built in Debrecen, east Hungary, by, Limited (CATL), with a USD 7.4 billion investment. The plant will produce battery cells and modules for European automakers.

Space Battery Material Insights

The Space Battery market segmentation based on the Material market is segmented into Nickel-based Battery, Lithium-based Batteries, Silver-Zinc Battery, and Others. The Nickel-based Battery segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2022-2030. Innovation that aims to produce highly dependable, high-performing, and cost-effective technology by reducing the battery’s SWaP drives the segment’s growth. It is also anticipated to grow fastest throughout the projection period.

Space Battery Platform Insights

The Space Battery market data has been bifurcated by Platform into Communication, Earth Observation, Military Surveillance, Science, Navigation and Others. The Military Surveillance surgery segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is driven by the need to monitor and combat growing terrorist activity and the value of surveillance systems in fourth-generation warfare. Due to the increasing demand for GPS and other navigation systems, particularly in developing Asian nations, another promising area is expected to grow at the fastest rate in the market during the forecast period.

Space Battery Energy Insights

Based on Energy, the Space Battery industry has been segmented into Less than 100 WH/KG, 100-150 WH/KG, and More than 150 WH/KG. Less than 100 WH/KG held the largest segment share in 2022 because small-cell batteries are inexpensive. Designs in comparison to competing for large cell energy storage technologies. The design concept's maturity, and as a result. Low risk of use makes Proto-flight programs adaptable for all but the most specialized applications. Because a dedicated qualification battery is not required, a proto-flight program is a less expensive unit and test program.

Space Battery Functions Insights

Based on Functions, the Space Battery industry has been segmented into Primary Batteries and Secondary Batteries. The primary Batteries held the largest segment share in 2022 as these batteries excel at being recharged or reused through electrical current. It is necessary to charge rechargeable batteries before using them. The electric current drive can stop the chemical reactions that these batteries go through.

Figure 1  Space Battery Market, by Functions, 2022 & 2030 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Battery Applications Insights

Based on Functions, the Space Battery industry has been segmented into Satellites, Launch Vehicles and Others. The Launch Vehicles held the largest segment share in 2022, as when a payload (spacecraft or satellites) needs to be transported from the surface of the Earth to space, a launch vehicle is typically a rocket-powered vehicle. The carrier rocket is typical, but the term is more inclusive and includes things like the Space Shuttle.

Space Battery Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Space Battery market, accounted for USD 0.687 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. An increased focus on research and ongoing improvements in the planning and design of space missions are primarily responsible for the regional market's expansion. Another important factor driving the regional market expansion is Canada's growing investment in space technologies focused on resource management, environmental monitoring, national security and safety, and sovereignty.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2  SPACE BATTERY MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Space Battery market accounts for the second-largest market share because of the main factor promoting the expansion of the regional market is the existence of top industry players like Surrey Satellite Technology (the United Kingdom; owned by Airbus), Thales Alenia Space (France), and Airbus Defense and Space (France). Further, the Germany Space Battery market held the largest market share, and the UK Space Battery market was the fastest-growing market in the European region.

The Asia-Pacific Space Battery Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to several factors, including the expansion of China and India's space industries, funding for small satellite projects, and an increase in the number of start-up companies engaged in space activities throughout the region. The future dynamics of the space industry will also be heavily influenced by how much money emerging Asian nations invest in space to create their independent space projects. These consequently cause the market for space batteries in the Asia-Pacific region to grow. Moreover, the China Space Battery market held the largest market share, and the India Space Battery market was the fastest-growing market in the Asia-Pacific region.

Space Battery Key Market Players & Competitive Insights

Major market players are spending much money on R&D to increase their product lines, which will help the Space Battery market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Space Battery industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the  Space Battery industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The Space Battery industry has provided medicine with some of the most significant benefits in recent years. In the Space Battery market, major players such as Eagle-Picher Technologies LLC (US), Arotech Corporation (US), Bren-Tronics Inc. (US), and others are working on expanding the market demand by investing in research and development activities.

 Eagle-Picher Technologies LLC (US) The beginning of EaglePicher Technologies as a battery manufacturer was in 1922. The business started supplying batteries to the U.S. S. Silver-zinc batteries for missiles, and rockets were provided by the government in the 1940s and 1950s, respectively. The range of products available today results from the company's long history as an industry pioneer in battery production.

Also, Arotech Corporation (US) is a leader in creating analytical models and simulations of tactical air and land warfare systems for the Department of Defense and its associated industrial contractors. Pilot decision-making support software for fighter aircraft, Aerial Refueling Boom Arm simulators, and convoy trainers are a few of these systems.

Key Companies in the Space Battery market include

• 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).

Space Battery Industry Developments

For instance, March 2022 One of the top 1000mAh solid-state batteries in the market was unveiled by Hitachi Zosen Corporation.

For instance, November 2022 Techshot, Inc. has been acquired by Redwire Corporation, the company has announced, a pioneer in the biotechnology fields of microgravity, bioprinting, and on-orbit production required for industrial space research and development. This acquisition is consistent with Redwire's growth strategy, which involves using strategic investments to scale in-space manufacturing in low-Earth orbit (LEO), which will significantly affect the long-term viability of human spaceflight and produce optimized products for industries on Earth. Techshot is a value-adding acquisition that will enhance Redwire's disruptive innovation by offering a complementary line of products.

Space Battery Market Segmentation

Space Battery Orbit Type Outlook (USD Billion, 2022-2030)

• Low Earth Orbit


• Medium Earth Orbit


• Geosynchronous Orbit


• Others

Space Battery Material Outlook (USD Billion, 2022-2030)

• Nickel-based Battery


• Lithium-based Battery


• Silver-Zinc Battery


• Others

Space Battery Platform Outlook (USD Billion, 2022-2030)

• Communication


• Earth Observation


• Military Surveillance


• Science


• Navigation


• Others

 Space Battery Energy Type Outlook (USD Billion, 2022-2030)

• Less than 100 WH/KG


• 100-150 WH/KG


• More than 150 WH/KG

Space Battery Function Outlook (USD Billion, 2022-2030)

• Primary Battery


• Secondary Battery

Space Battery Application Outlook (USD Billion, 2022-2030)

• Satellite


• Launch Vehicles


• Others

Space Battery Regional Outlook (USD Billion, 2022-2030)

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe


• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe


• Asia-Pacific


• China


• Japan


• India


• Australia


• South Korea


• Australia


• Rest of Asia-Pacific


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America