Space Power Supply Market Size, Untouched by COVID-19, Clocked More than 100% Growth and Reached US$ 2.8 Billion in 2020, Says Stratview Research

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RAIPUR, India, July 6, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Space Power Supply Market by Product Type (Solar Panels & Arrays, Batteries {Primary Batteries, Secondary Batteries, and Reserve Batteries}, Power Modules, Thermoelectric Generators, and Others), by Application Type (Launch Vehicles {Small & Medium-Lift and Heavy & Super-Heavy Lift}, Satellites {LEO, MEO, and GEO}, and Space Exploration {Rovers and Others}), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's space power supply market realities and future market possibilities for the forecast period 2021 to 2026. The report estimates the current and future demand for the space power supply market at the global, regional, as well as country-level. The report also studies all the major space industry stakeholders across the globe. The vital data/information provided in the report can play a crucial role for the market participants and investors in identifying low-hanging fruits available in the market and formulating growth strategies.

Space Power Supply Market: Highlights

In space applications, the power supply system covers all aspects: generation, storage, conditioning, distribution, and conversion. Space missions can last from few minutes to decades; therefore, finding the optimum primary and secondary sources with an architecture that will make the best use remains paramount.

The space industry including space power supply is highly regulated where all parts require a rigorous quality check and legal documentation before their use in a spacecraft. Furthermore, the industry's demand for power supply products is largely impacted by new technological advancements, satellite launches, regulations (EWR 127-1, MIL-STD), etc. Major players have been hammering hard for the advancements in the existing products for meeting the changing market requirements.

SpaceX, Blue Origin, OneWeb, and Virgin Galactic were the key investment recipients in 2019, collectively embraced about US$ 3.9 billion, translating into 68% of the total investments. Despite the lingering COVID-19 pandemic, the space industry witnessed robust growth in the year 2020, making it a record year for the industry. As a result, the global space power supply market logged an impressive growth of more than 100% (year-over-year) to reach US$ 2.8 billion in 2020.

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Stratview Research has firstly segmented the space power supply market based on the application type as satellites, launch vehicles, and space exploration. Increasing investments in space start-ups are driving companies to launch several small satellites in the LEO orbit. More than 1,200 satellites were launched in 2020, of which more than 1,100 were small satellites. SpaceX's constellation "Starlink" deployed hundreds of communication satellites, which led the market to register an extraordinary growth in the year 2020. Furthermore, there are thousands of more such satellites already in the pipeline, ensuring a bright future for the industry in the coming years.

Based on the product type, the market is segmented as solar panels & arrays, batteries, power modules, thermoelectric generators, and others. Power modules dominate the market with DC convertor modules being one of the key components. The batteries segment is further classified into battery type as primary, secondary, and reserve battery as well as into material type as nickel, lithium, silver-zinc, and others. Lithium-ion batteries are likely to remain the dominant and the fastest-growing material type in the years to come.

In terms of regions, North America is likely to maintain its huge dominance in the market in the foreseen future. The USA holds huge dominance, alone capturing more than two-third share of the total market. The region is likely to offer the highest growth opportunities during the forecast period as well, with increasing investments of start-ups and aggressive launch activities by SpaceX.

Asia-Pacific to remain the second-largest region of the market during the forecast period. The region's space budget is almost half of North America's space budget. China and India are other key countries, having a conspicuous share in the global market.

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The supply chain of this market comprises raw material suppliers, space power supply product manufacturers, space agencies, research institutes, and satellite manufacturers. Key space power supply manufacturers are Airborne, Airbus SE, AZUR SPACE Solar Power GmbH, DHV Technology, EaglePicher Technologies, GS Yuasa Corporation, Northrup Grumman Corporation, Saft Groupe S.A., Sierra Nevada Corporation, SolAero Technologies, Inc., and Teledyne Technologies Incorporated. 

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 space power supply market and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:

Space Power Supply Market by Product Type

• Solar Panels & Arrays (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Batteries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Power Modules (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Thermoelectric Generators (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Power Supply Market by Application Type

• Launch Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Satellites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Space Exploration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Space Power Supply Market by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: ESA, Russia, and RoE)
• Asia-Pacific (Country Analysis: China, Japan, India, and RoAP)
• Rest of the World

Stratview Research has several high value market reports in the aerospace and defense industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Aerospace-Defense.html 

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. 

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