Space Battery Market Size, Future Growth, Scope, Price, and Forecast 2030
Market overview
The global space battery market report presents the focus of key players on the research and development of the reduction of size and weight of batteries for keeping the low cost. The total market value had been valued for the year 2022 at USD 1.5 billion and is estimated to grow at a registered CAGR of more than 7.10% for the forecast period for 2023 to 2030. The report has been prepared with the help of historical data and future forecast for the global space battery market.
Space batteries are used for space applications such as the launching of vehicles, crew return vehicles, equipment, landers, rovers, and on the International Space Station. The space batteries are used as the energy storage devices or as a secondary source of power. There are a number of space missions that demand the use of space batteries. The companies are working towards the growth of high-speed Internet across the world by deploying satellites.
The lithium-ion batteries that are present in the space batteries that are durable and reliable. There has been a rise in the number of space missions around the world with companies that are planning to launch thousands of satellites by the year 2030, that have been deployed in the end of 2022. The designing of small batteries and the various space applications are some of the challenges that are faced by the market players in the global space battery market size.
Major players in the space battery market are Eagle-Picher Technologies LLC (US), GS Yuasa Corporation (Japan), EnerSys (US), Saft Groupe SA (France), Mitsubishi Electric Corporation (Japan), Arotech Corporation (US), and Bren-Tronics Inc. (US).
Market segmentation
As per the report, the global space battery market can be segmented on the basis of application, into:
- Launch vehicle
- Satellite
- Others
The satellite segment dominated the global market for the year 2022. The rising number of space missions in the countries of Asia-Pacific and North America is growing the market for space batteries.
And based on the platform, the global space battery market can be divided into:
- Earth observation
- Communication
- Military surveillance
- Science
- Navigation
- Others
And based on the orbit type, the global market has been classified into:
- Medium earth orbit (MEO)
- Low earth orbit (LEO)
- Geostationary earth orbit (GEO)
And according to the trends of the materials segment, the global space battery market can be categorized into:
- Silver-zinc battery
- Nickel-based battery
- Lithium-based battery
- Others
Regional analysis
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa are the major regions that dominate the market share of the overall space battery market research. According to this report, North America has played an important role in the global space battery market for the year 2022, attributing to the rise in demand for space equipment for space missions by the developed economies of US and Canada. Moreover, the market in Asia-Pacific is also fast growing at a rapid rate during the aforementioned forecast period. The participation of major players in the global market and the technological advancements and researches is also propelling the growth of the global space battery market.
Industry news
Mitsubishi Electric Europe has acquired Swedish Air-Conditioning Distributor named AQS for strengthening Mitsubishi Electric’s air conditioning and IT cooling systems business in Sweden. The company is expanding its scope on to the Sweedish market for complementing its existing portfolio for creating high market demand for innovative and energy saving chiller technology.
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