There has been a drastic growth in satellites to serve various purposes such as Earth observation, communication, navigation, weather forecasting, space telescopes, space science, and human space explorations activities since the launch of Sputnik into space in 1957. With the advancement of technology, satellites have gotten less expensive, smaller, and ever more sophisticated. The demand for satellites in low Earth orbit (LEO) is also growing by leaps and bounds due to their capability to complement the 5G terrestrial network by delivering higher bandwidth and lower latency than other orbits. This technological advancement has placed high demands on space power supply systems as it plays a crucial role for the satellite to remain operational in harsh conditions throughout the projected duration of the mission.

Read Report Overview: Space Power Supply Market

The global space power supply market is estimated to reach $5,174.6 million in 2032 from $2,624.6 million in 2021, at a growth rate of 1.66% during the forecast period 2022-2032. The growth in the space power supply market is majorly attributed to the growing number of satellite launches and the development of reusable launch systems.

Current state-of-the-art power systems are too large, bulky, or inefficient for future space mission needs, and some are unable to operate in harsh environments. These rapidly growing technologies and the rising need for new materials to reduce the mass of these systems are putting pressure on the supply chain as well. Understanding the performance requirements of space power subsystems for various applications is critical for material procurement and shorter lead times. Hence there is huge traction toward the development of power systems with significant mass and volume reductions, increased efficiency, and capability for operation across a broad temperature range and in intense radiation environments to meet future requirements.

North America to Dominate Space Power Supply Market

North America is expected to dominate the global space power supply market during the forecast period. The factor attributing to the growth of this region is the high presence of the key companies highly engaged in developing and providing space power supply solutions. Another factor contributing to the growth of the satellite industry is the constant advancement of technology by key space power supply solution providers. In addition to this, the companies in this region are associated with space agencies through several mutual programs, which will further contribute to the market’s growth.

Recent Developments in Global Space Power Supply Market

• In May 2020, EaglePicher Technologies was selected by NASA to supply a variety of batteries for its Perseverance mission. During its launch, Atlas V used ten silver-zinc batteries. Atlas V's main power system, pryo system, and flight termination system were powered by these batteries. The rover's main power system was powered by two rechargeable lithium-ion batteries.
• In May 2021, NASA chose Honeybee Robotics and mPower Technology to design and develop a vertically deployable solar array for the Lunar Array Mast and Power System (LAMPS) project.
• In January 2021, NASA awarded a contract to Boeing's Spectrolab to provide six more solar arrays for International Space Station (ISS). The new solar array would provide a 20% to 30% increase in power.
• In January 2022, the U.K.-based Space Forge awarded AAC Clyde Space a $0.4 million contract to provide space products to be used by a demonstration spacecraft. This spacecraft is designed to perform multiple trips to space and to utilize the space environment for production and scientific experimentation.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

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The top segment players leading the market include established players providing space power supply solutions and constitute 70% of the presence in the market. Other players include start-up entities, which account for approximately 30% of the presence in the market.