Market Highlights
The growth of the Global Space Battery Market can be attributed to a rise in the use of lightweight and high-power density batteries for space applications and high demand for lithium-ion batteries for space applications.
Market players may avail of growth opportunities presented by the development of batteries with different chemical compositions to offer improved power density, a preference for rechargeable quantum space batteries, and the increased demand for solid-state batteries. However, stringent regulations and safety issues related to the use of lead-acid space batteries and charging issues related to rechargeable batteries are the challenges for the growth of the market.
The global market has been segmented on the basis of application, orbit type, material type, platform, energy type, and region. Based on application, the global space battery market has been divided into satellite, launch vehicle, and others. The satellite segment is expected to account for the largest share of the market and register the highest CAGR between 2019 and 2025. The rise in the number of communication satellites is expected to fuel the growth of the satellite segment during the forecast period.
By orbit type, the global space battery market has been divided into low earth orbit (LEO), medium earth orbit (MEO), and geostationary earth orbit (GEO). The low earth orbit (LEO) segment is expected to be the largest and fastest-growing segment between 2019 and 2025. The rise in the number of small communication satellites operated in the LEO is expected to fuel the growth of the segment during the forecast period.
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Key Players
The key players in the global space battery market are Eagle-Picher Technologies LLC (US), GS Yuasa Corporation (Japan), EnerSys (US), Saft Groupe SA (France), Mitsubishi Electric Corporation (Japan), Arotech Corporation (US), and Bren-Tronics, Inc. (US).