Space Power Supply Industry Forecast to 2034 - Expansion of CubeSats and Small Satellites Market and Their Power Needs Presents Business Opportunities - ResearchAndMarkets.com

The "Space Power Supply Market - A Global and Regional Analysis: Focus on Application, Product, and Country Level Analysis - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.

The space power supply market has been driven by increasing demand for more efficient and reliable power sources for satellites, spacecraft, and space stations. Innovations in space power technologies, including advanced solar panels and high-capacity energy storage systems, are responding to the growing need for sustainable energy solutions in space exploration. The space power supply market is highly competitive, with key players such as Airbus and Rocket Lab USA leading the industry.

Additionally, the growing emphasis on cost-efficiency, sustainability, and long-duration space missions is shaping consumer and industry preferences, prompting companies to invest in cutting-edge technologies and innovative power solutions. This dynamic market is continuously evolving to meet the demands of space exploration and satellite operations.

Industrial Impact

The space power supply market has a significant industrial impact, driving considerable economic activity and employment in the aerospace and energy sectors. Major players such as Airbus, Boeing, and Lockheed Martin invest heavily in research, manufacturing, and distribution, supporting a wide network of suppliers, contractors, and service providers. The demand for advanced technologies such as solar panels, batteries, and power management systems fosters innovation in energy storage and power efficiency, benefiting electronics, materials science, and renewable energy industries.

The space power supply market also supports the growth of related sectors, including the satellite industry, where power solutions are critical for long-duration space missions and satellite operations. Innovations in space power systems lead to advancements in energy efficiency, which influence global energy markets and the development of cutting-edge technologies. The increasing focus on sustainability is prompting investments in renewable energy solutions and more efficient power management, reducing the environmental impact of space missions.

Moreover, the market's emphasis on supporting space exploration and communication infrastructure drives collaborations with space agencies, research institutions, and private companies, further enhancing technological advancements and creating a more sustainable space economy. Overall, the space power supply market is a key contributor to technological innovation, economic growth, and the future of space exploration.

Satellites to Dominate the Space Power Supply Market (by Application)

The space power supply market, by application, is predominantly driven by satellites. The satellite segment was valued at $8.48 billion in 2023 and is projected to reach $13.19 billion by 2034. This segment has been experiencing significant growth due to the increasing demand for more efficient and reliable power solutions for both commercial and governmental satellite operations. Additionally, advancements in solar power systems, energy storage technologies, and power management solutions have been further fueling this growth, supporting longer-duration missions and enhancing satellite performance.

Recent Developments in the Space Power Supply Market

• 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.

Key Market Players and Competition Synopsis

Profiled companies have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.

The space power supply market is characterized by a mix of established industry leaders and emerging innovators. Major companies such as Airbus and EnerSys are prominent players that offer advanced power solutions for space applications. These companies maintain their dominance by consistently investing in research and development driving technological advancements in solar power systems, batteries, and power management solutions for space missions. Emerging startups and niche players are also making notable strides in the space power supply market, focusing on cutting-edge technologies such as micro-power systems and more efficient energy storage solutions.

Some prominent names established in this market are:

• 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)
• Ascent Solar Technologies, Inc.
• CESI S.p.A.
• EaglePicher Technologies
• S.A.B. Aerospace Srl
• AIRBUS
• Saft
• EnerSys

Key Attributes

For more information about this report visit https://www.researchandmarkets.com/r/e87tfy

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506498572/en/