Space Battery Market is Likely to Experience Healthy Growth Over the Next Five Years and Reach $146.1 Million in 2023, Lithium-based Battery to Remain the Most Preferred Choice During the Forecast Period, Says Stratview Research

DETROIT, June 6, 2018 /PRNewswire/ --

Stratview Research  announces the launch of a new market research report on Space Battery Market by Platform Type (Satellite, Launch Vehicle, and Others), by Function Type (Primary Battery, Secondary Battery, and Reserve Battery), by Material Type (Nickel-based Battery, Lithium-based Battery, Silver-Zinc Battery, and Others), by Platform Mission Type (Communication, Earth Observation, Military Surveillance, Science, Navigation, and Others), by Specific Energy Type (<100 Wh/kg, 100-150 Wh/kg, and >150 Wh/kg) and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.

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This market report, from Stratview Research, studies the space battery market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023. The research report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The Space Battery Market: Highlights 

Batteries are used in a variety of space applications, such as satellites, launch vehicles, crew return vehicles, landers, rovers, astronomers' equipment, and International Space Station. It may be used either as an energy storage device or as an instant source of power. Space batteries have witnessed an impactful, significant evolvement over the past five decades in which lithium-based batteries have acted as a disruptive agent. Lithium, being the lightest and the most electropositive metal, offers significant weight savings compared to traditionally used metals, such as silver and nickel. Due to this, lithium-based batteries have become a perennial choice in battery manufacturing. In an era, where the space industry is rapidly shifting towards miniaturization of spacecraft components, the demand for miniaturized space battery is also increasing.

As per Stratview Research, the global space battery market is projected to grow at a healthy rate over the next five years to reach US$ 146.1 million in 2023. Organic growth of satellite industry is the primary driver of the sustainable demand for batteries in spacecraft. One Web, a satellite constellation, has projected to launch 648 satellites in near future, which is expected to start in 2018. Space X, another satellite constellation, is working towards high-speed internet facilities across the world by deploying dedicated satellites. The company plans to launch 4,425 satellites by 2024 with an aim of deploying most of them by 2019. Such developments are likely to create high-growth opportunities for both existing as well as new players in the space battery market.

The research's findings suggest that satellite segment is likely to remain the growth engine of the market during the forecast period. Increasing participation of private space companies, such as Space X, OneWeb Satellites, and Sky and Space Global Ltd, and an expected launch of more than 4,000 satellites during 2018-2023 would propel the demand for batteries in the satellite segment in years to come.

Based on the function type, secondary batteries segment currently dominates the market and is likely to maintain its growth momentum over the next five years as well, driven by continuous innovation towards lithium-ion chemistry. Secondary battery has significant applications in satellite platforms as it is the only source of power for the latter during eclipses. Thus, increase in number of satellites being launched into space is another significant driver of growth for this segment. Both, primary lithium and secondary Lithium-ion batteries, are poised to remain the most popular batteries in their respective segments.

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In terms of the battery type, lithium-based battery is likely to remain the most preferred choice of the space industry during the forecast period, driven by the innovation towards production of highly reliable, high performing, and cost-effective technology by reducing SWaP of the battery. It is likely to exhibit the highest growth rate during the forecast period as well. 

As per the study, North America is projected to remain the largest market during the forecast period, driven by the presence of major spacecraft OEMs and tier players. The USA is the growth engine of the region's market and its space budget is highest across the world, which is almost six times the second highest country's space budget. Europe and Asia-Pacific are also likely to offer good growth opportunities in the coming years. Europe will be driven by space investments by ESA and Russia. Asia-Pacific is likely to be the fastest-growing region, driven by a host of factors, including the emergence of India and China in the space sector, investments in small satellite projects, and an increased number of start-ups involved in space activities across the region.

Major space battery manufacturers are Saft Groupe S.A., Eagle-Picher Technologies LLC, GS Yuasa Corporation, Enersys, and Mitsubishi Electric Corporation. Key end users are NASA, Orbital ATK, European Space Agency, Lockheed Martin, ISRO, Roscosmos, Space X, JAXA etc.

Report Features 

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

This report studies the global space battery market and has segmented the market in six ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the six ways in which the market is segmented:

Space Battery Market, By Platform Type 

• Satellite (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Launch Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Battery Market, By Function Type 

• Primary Batteries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Secondary Batteries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Reserve Batteries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Battery Market, By Battery Type 

• Nickel-based Battery (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Lithium-based Battery (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Silver-Zinc Battery (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Battery Market, By Platform Mission Type 

• Communication (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Earth Observation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Military Surveillance (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Science (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Navigation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Battery Market, By Specific Energy Type 

• <100 Wh/kg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 100-150 Wh/kg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• >150 Wh/kg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Battery Market, By Region 

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, Germany, the UK, Spain, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Latin America, the Middle East, and Others)

Stratview Research has number of high value market reports in the global aerospace & defense industry. Please refer to the following link to browse through our reports:  

Aerospace & Defense Battery Market by Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, Very Large Aircraft, Regional Aircraft, General Aviation, Helicopter, and Military Aircraft), by Battery Type (Nickel-Cadmium Battery, Lithium-Ion Battery, and Lead-Acid Battery), by Sales Channel (Direct Sales and Distributors), and by Region (NA, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.

Click Here for Other Reports from Stratview Research in the Aerospace & Defense Industry

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