FREMONT, Calif., May 27, 2022 /PRNewswire/ -- The global space power supply market is expected to generate huge revenues from the solar panel segment, with a share of 33% in 2032. Its market size was witnessed to be $945.1 million in 2021 and is projected to reach close to $1.7 billion by 2032, registering a CAGR of 0.28% during the forecast period 2022-2032. One of the major factors attributing to this growth is the growing demand for solar arrays for several satellite missions.
In Earth orbit, the sun provides around 1.4 kilowatts of power per square meter and is a resource that spacecraft designers strive to leverage with as much efficiency as possible. This has led to the use of solar as the predominant method for generating power for the satellite. The effectiveness of solar panels is determined by the temperature, intensity, and angle at which the sun's rays strike them.
Overall, the global space power supply market is projected to reach $5.17 billion in terms of revenue by 2032, at a CAGR of 1.66%, suggests the premium market intelligence study by BIS Research.
The research study is based on extensive primary interviews (in-house industry players, market leaders, and experts) and secondary research (a host of paid and unpaid databases), along with analytical tools to predict the forecast analysis for the study period. With the help of these, the space power supply study provides a broader perspective of the industry.
The detailed study is a compilation of 74 market data tables and 20 figures spread through 145 pages and in-depth TOC on "Global Space Power Supply – Analysis and Forecast, 2022-2032"
Demand – Drivers, Limitations, and Opportunities
Following are the drivers for the space power supply market:
- Rising demand for radiation-hardened electronic components in the communication satellite segment
- Technological advancements in microprocessor and fpga
Following are the challenges for the space power supply market:
- High-cost development and designing associated with radiation-hardened electronic components
- Impact of electronic component shortage on the global space industry
Following are the opportunities for the space power supply market:
- Adoption of new material to manufacture space electronics
Reasons to Buy This Report
This exclusive report on space power supply market will help you in the following ways:
- Quantitative analysis in terms of value and volume has been provided.
- A dedicated section on growth opportunities and recommendations.
- Cross-segmentation of applications in each region.
- 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.
Analyst's Take on the Market:
According to Arun Sampathkumar, Principal Analyst, BIS Research, "With close to 3,000 satellites to be launched every year, the demand for satellite subsystems and components is rising rapidly. The satellite manufacturing domain is migrating to an automotive-style serial production format. From a power perspective, the demand for efficient and lighter power subsystems and components is growing, especially in the micro-satellite segment. Non-space battery and associated power electronics suppliers will have new opportunities within the space industry owing to the satellite manufacturers expanding their supplier base due to the need for enhanced production capacity to enable their serial production aspirations."
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Key Companies Operating in the Market and Competitive Landscape
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 names operating 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).
Who Should Buy This Report?
The companies that manufacture and commercialize space power supply products, including solar cells, solar array/panels, primary batteries, secondary batteries, thermoelectric generators power modules, and other power electronics, should buy this report.
Key Questions Answered in the Report:
- What are the different types of processes used to harden the components to materials that are used in the space power supply?
- What are the futuristic trends in this market and how is the market expected to change over the years?
- What are the key drivers and challenges faced by the companies that are currently working in the space power supply market?
- How is the market expected to grow during the forecast period 2022-2032?
- What are the opportunities for the companies to expand their businesses in the space power supply market?
- Which region is expected to be leading the space power supply market by 2032?
- What are the key developmental strategies which are implemented by the key players to sustain in this highly competitive market?
- What is the current and future revenue scenario of this market?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
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