Aerospace Industry Today
Space Battery Market in Aerospace industry is projected to reach US$ 146.1 million in 2023. – Stratview Research Market Report
As per the latest market intelligence report published by Stratview Research, the Global Space Battery Market is anticipated to reach at USD$ 146.1 million by 2023.
Published 15 March 2019
The research studies Space Battery Market in the trend period of 2012 to 2017 and forecasted period of 2018 to 2023 under given segments - 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.
The study finds –
Go through the TOC
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. Satellite is the most dominant application as the world has been gripped by what is being termed as ‘The CubeSat Revolution’. As a result of this, space battery manufacturers are facing increased demand for satellite batteries. The challenge, which the battery manufacturers face while designing satellite batteries is limiting its size. it is a parameter which is of paramount significance in the context of satellites as there is a humongous cost associated with launching anything into the orbit and satellite batteries may take up to 50% of the payload weight. Battery manufacturers are therefore relentlessly innovating to develop batteries with higher specific energy so that it may support greater payload, which, in turn, will generate higher revenues for the satellite manufacturers.
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However, the catch is that higher specific energy usually comes with the sacrifice of specific power, a parameter, which is of utmost importance to launch vehicles. Thus, space battery manufacturers have to find a right balance between these two. The bottom line is that space battery manufacturers need to maintain value as well as to generate the maximum returns; thus, wanting a battery that is not only as light as possible but also having sufficient power as well. Battery manufacturers have to undergo tedious qualification and certification process since there is no margin of error for these batteries. There is no one to replace them if they get damaged and they have to sustain in extreme environmental conditions, such as extreme fluctuating temperatures, hard vacuum, shocks, and radiations.
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. Further, it also offers longer life cycle and lower self-discharge rate.
In an era, where the space industry is rapidly shifting towards miniaturization of spacecraft components, the demand for miniaturized space battery is increasing. The space industry is moving today with the purpose of reduction of SWaP, i.e. Size, Weight, and Power consumed by the battery. Some of the most noticeable movements are the gradual replacement of nickel-based batteries with lithium counterparts. Another movement is increasing the dominance of satellite platforms in the space industry marked by the CubeSat Revolution.
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 the satellite industry is the primary driver of the sustainable demand for batteries in the spacecraft. One Web, a satellite constellation, has projected to launch 648 satellites in the future, which is expected to start at 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. The launch is expected to provide super-fast internet facilities with reduced latency as compared to existing broadband services. Such developments are likely to create high-growth opportunities for both existing as well as new players in the space battery market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum input to the entire value chain of BMI Prepreg. The key features of the report are -
Click Here for Other Reports from Stratview Research in the Aerospace & Defence Industry
The study finds –
- North America is projected to remain the largest market during the forecast period, driven by the presence of major spacecraft OEMs and tier players.
- Space battery used in platform deployed for military surveillance is the most dominant segment, driven by a rising demand to monitor and to combat the increasing terrorist activities and importance of surveillance system in the fourth-generation warfare.
- The space battery market is segmented into Lithium-based Battery, Nickel-based Battery, Silver-Zinc Battery, and Others. Others exclusively consist of Reserve (Thermal) batteries.
- The space battery market is segmented into Primary Batteries, Secondary Batteries, and Reserve Batteries. Secondary batteries segment currently dominates the market and is likely to maintain its growth momentum over the next five years as well, driven by a continuous innovation towards lithium-ion chemistry.
Go through the TOC
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. Satellite is the most dominant application as the world has been gripped by what is being termed as ‘The CubeSat Revolution’. As a result of this, space battery manufacturers are facing increased demand for satellite batteries. The challenge, which the battery manufacturers face while designing satellite batteries is limiting its size. it is a parameter which is of paramount significance in the context of satellites as there is a humongous cost associated with launching anything into the orbit and satellite batteries may take up to 50% of the payload weight. Battery manufacturers are therefore relentlessly innovating to develop batteries with higher specific energy so that it may support greater payload, which, in turn, will generate higher revenues for the satellite manufacturers.
Request a Sample here
However, the catch is that higher specific energy usually comes with the sacrifice of specific power, a parameter, which is of utmost importance to launch vehicles. Thus, space battery manufacturers have to find a right balance between these two. The bottom line is that space battery manufacturers need to maintain value as well as to generate the maximum returns; thus, wanting a battery that is not only as light as possible but also having sufficient power as well. Battery manufacturers have to undergo tedious qualification and certification process since there is no margin of error for these batteries. There is no one to replace them if they get damaged and they have to sustain in extreme environmental conditions, such as extreme fluctuating temperatures, hard vacuum, shocks, and radiations.
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. Further, it also offers longer life cycle and lower self-discharge rate.
In an era, where the space industry is rapidly shifting towards miniaturization of spacecraft components, the demand for miniaturized space battery is increasing. The space industry is moving today with the purpose of reduction of SWaP, i.e. Size, Weight, and Power consumed by the battery. Some of the most noticeable movements are the gradual replacement of nickel-based batteries with lithium counterparts. Another movement is increasing the dominance of satellite platforms in the space industry marked by the CubeSat Revolution.
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 the satellite industry is the primary driver of the sustainable demand for batteries in the spacecraft. One Web, a satellite constellation, has projected to launch 648 satellites in the future, which is expected to start at 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. The launch is expected to provide super-fast internet facilities with reduced latency as compared to existing broadband services. Such developments are likely to create high-growth opportunities for both existing as well as new players in the space battery market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum input to the entire value chain of BMI Prepreg. The key features of the report are -
- 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.
Click Here for Other Reports from Stratview Research in the Aerospace & Defence Industry
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