Market Overview:
Space Battery Market 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).
Batteries are used in different vehicles, especially space application equipment and vehicles. The space battery has been a significant sector that has grown in tandem with the space applications sector. As humans increase their expeditions into space, even going for private space tours with space science giants like SpaceX, the demand for space batteries has also increased to a huge extent. Space expeditions to different planets and solar systems in the universe have increased. This has brought about a natural growth in the Space Battery Market.
The increase in the number of satellite launches, growing demand for small satellites, increase in demand for earth observation and communications, and significant investments by venture capital firms and government in the space industry are the key factors driving the space battery market CAGR.
However, issues related to the high cost of development and stringent government regulations are expected to be major restraining factors for market growth. On the other hand, the usage of space batteries for electric vehicles and reusable satellite launch vehicles is expected to present lucrative opportunities for the market players during the forecast period. Designing small batteries for various space applications is also going to be a challenge for the market during the forecast period.
Key Players:
Key players operating in the global Space Battery Market include Saft (France), EaglePitcher Technologies (US), GS Yuasa International Ltd. (Japan), ENERSYS. (US), Mitsubishi Electric Corporation (Japan), Arotech Corporation. (US), Redwire Corporation (US), Space Vector Corporation (US), Hitachi Zosen Corporation (Japan), Lyten, Inc. (US), AAC Clyde Space. (Scotland), Berlin Space technology GmbH. (Germany), and OCE Technology (Ireland).
Market Segmentation:
The global space battery market data has been segmented into Orbit Type, Material, Platform, Energy Type, Function, Application, and Region.
On the basis of orbit type, the market has been segmented into Low Earth Orbit, Medium Earth Orbit, Geosynchronous Orbit, and Others. the Low Earth Orbit segment dominated the market in 2021.
Based on material the market has been segmented into, Nickel-based batteries, Lithium-based batteries. Silver-Zinc batteries Others.
On the basis of the platform, the market has been bifurcated into Communication, Earth Observation, Military Surveillance, Science, Navigation, and Others.
Based on energy type the market has been segmented into Less than 100 WH/KG, 100-150 WH/KG, and More than 150 WH/KG.
On the basis of function, the market has been segmented into, Primary batteries, Secondary batteries.
Regional Analysis:
On the basis of region, the market has been studied across North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Asia-Pacific is the fastest growing region in 2021. due to a number of factors such as the rise of India and China in the space sector, investments in small satellite projects, and an increase in the number of start-ups involved in space activities across the region. Increasing emerging Asian countries' space budgets in order to develop their own independent space projects will also be critical in determining the future dynamics of the space industry. Thus, these lead to a rise in the Space Battery Market in the Asia-Pacific region.
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