New York,US, June 08, 2022 (GLOBE NEWSWIRE) -- Space Battery Market Scope:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Space Battery Market Information by Application, Orbit Type, Material Type, Platform,Energy Type, and by Region - Forecast till 2030”, the market is anticipated to thrive at a healthy CAGR of over 7.1% during the review timeframe to reach USD 2.1 Billion by 2030.
Batteries are widely used in various vehicles, particularly space application vehicles and equipment. The global space battery market has a substantial aspect that has expanded in cycles with the space applications sector. As the number of expeditions rises into space, even going for private space tours with space tech companies such as SpaceX, the market has witnessed a substantial rise in demand. Space expeditions to various solar systems and planets in the universe have expanded. This has made natural growth in the global market size. The market is likely to witness enormous growth over the coming years.
In the future, too, the market will grow further. The equipment and vehicle types used in space expeditions and initiatives have also increased. There were only rockets, satellites, and telescopes in use; now, there are rovers, camera equipment, advanced landers, etc., in use. Using this high-tech equipment in various initiatives for several purposes has caused more space batteries than before. Usually, these batteries are used as a secondary source of power or as an energy storage space, which operates as a backup option for space vehicles and equipment.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 2.1 Billion |
| CAGR | 7.1% (2021-2030 ) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Orbit Type, Material Type, Platform, Energy Type Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Key Market Drivers | The increased use of space batteries in different private and public space missions |
Competitive Analysis
The global market space batteries have prominent players such as:
- Hitachi Chemical Co.
- EnerSys
- CBAK Energy Technology Inc.
- Aviation Industry Corporation of China (AVIC)
- Saft Groupe, A123 Systems Inc.
- EaglePicher Technologies
- BYD Company Ltd.
- Arotech Corporation
- Automotive Energy Supply Corporation (AESC)
- Bren-Tronics Inc.
Market USP Covered
Market Drivers
The global space batteries market has registered an enormous rise in the growth rate in the last few years. The market's growth is mainly credited to the number of uses of space heater batteries and other batteries for space applications. The growing applications in several public and private space missions are another crucial aspect causing an upsurge in the market's growth. Furthermore, factors such as increased use of lithium-ion space batteries, private sector enterprises, technological advancements in space batteries, and the growing number of space expeditions are also projected to positively impact the space battery market's growth over the assessment timeframe.
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Market Restraints
On the other hand, the factors such as high capital investment, lack of skilled professionals, and extreme environmental conditions may impede the space battery market's growth.
COVID-19 Impact
The global COVID-19 pandemic has had a significant impact on a majority of the market sectors across the globe. The space battery market is no different than others. The market faced various unexpected challenges amid the global health crisis. As a manufacturing sector, the field had to face a significant fall of an unprecedented scale in the instant aftermath of the pandemic. Various governments across the globe implemented partial or complete lockdowns to curb the spread of the disease. Given the social distancing norms and travel restrictions worldwide, challenges faced by the producers impacted the global space battery market's growth. The postponement of space exploration projects because of the pandemic became a priority and hampered the market's size.
On the other hand, the market is anticipated to get back on track and proliferate over the assessment timeframe in the post-pandemic phase. The continuation of manufacturing activity and the usage of space batteries in new initiatives is the significant aspect likely to boost the growth of the market after the pandemic period.
Segment Analysis
Among all the function types, the secondary batteries segment is dominating the global space battery market. The significant aspect driving the segment's growth is the continuous innovation toward lithium-ion chemistry. The secondary battery has various applications in satellite platforms as it is the single power source for the latter during eclipses. Therefore, with the growing number of satellites being launched into space, the market is anticipated to experience a significant surge in the growth rate.
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Considering the platform segment, the military surveillance segment is likely to secure the top position over the coming years. the growth of the segment is attributed to the factors such as the growing demand to examine & fight increasing terrorist activities and the significance of surveillance systems in fourth-generation warfare. On the other hand, the navigation segment is anticipated to witness the fastest growth over the coming years, given the increasing demand for global navigation systems such as GPS.
Among all the material types, the lithium-based battery segment is likely to dominate the global market over the assessment era, given the innovation targeted at generating highly reliable, cost-effective, and high-performing technology by reducing the battery's SWaP.
Regional Analysis
The global space battery segment is studied across five major regions: Latin America, MEA, Europe, Asia-Pacific, and North America.
As per the MRFR analysis, the North American region is anticipated to secure the top position in the global space battery market over the coming years. the regional market's growth is mainly attributed to an increased emphasis on research and ongoing developments in space missions planning and design. The growing investment by Canada's space sector in space technologies that focus on national security and safety, environmental monitoring, sovereignty, and resource management is another crucial parameter causing an upsurge in the regional market's growth.
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The European regional market for space batteries is likely to secure the second position globally. The presence of leading market players such as Surrey Satellite Technology (the United Kingdom and owned by Airbus), Thales Alenia Space (France), and Airbus Defense & Space (France) is the primary aspect driving the regional market's growth.
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