Space Battery Market Report 2024

This Space Battery market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The space battery market size has grown strongly in recent years. It will grow from $3.47 billion in 2023 to $3.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth during the historic period can be attributed to several factors, increased research and development activities by NASA, rising military spending on surveillance missions, growing demand for customized space products, an expanded use of space batteries, and a broader range of applications in space science and research.

The space battery market size is expected to see strong growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth during the forecast period can be attributed to several factors, an increase in space exploration missions, evolving regulations and standards for space missions, a higher number of satellite launches, a growing emphasis on environmentally friendly and sustainable battery technologies, and advancements in thermal management. Major trends expected to influence this period include advancements in battery technology, increased investments from both government and private sectors, miniaturization of batteries, enhanced battery management systems, and a focus on thermal management.

The growing demand for space exploration is expected to drive the expansion of the space battery market. This surge in interest is fueled by technological advancements, increased investments in space missions, and the broadening scope of space-related activities. Space batteries are essential for energy storage, powering spacecraft systems and instruments during missions, particularly in areas where solar power is not available. For example, a report from the World Economic Forum, a Switzerland-based non-governmental organization, projected that by 2035, the global space economy will reach $1.8 trillion, up from $630 billion in 2023, with an average annual growth rate of 9%, significantly outpacing global GDP growth. As a result, the rise in space exploration is driving the growth of the space battery market.

Companies in the space battery market are forming strategic partnerships to advance their technology and provide innovative solutions for space missions. Strategic partnerships involve companies collaborating to leverage each other's strengths and resources for mutual benefits. For example, in February 2022, the Japan Aerospace Exploration Agency (JAXA) teamed up with Hitachi Zosen Corporation to launch Space AS-LiB, an all-solid-state lithium-ion battery on-orbit experiment. This partnership aims to advance space battery technology that can operate in extreme temperatures from -40°C to 120°C and uses flame-retardant materials to minimize risks like ignition, smoking, and rupture. The goal is to reduce equipment size, weight, and power consumption while withstanding harsh space conditions such as cosmic vacuum and radiation.

In April 2024, Advik Hi-Tech Pvt Ltd, an India-based automotive and power unit company, acquired Aceleron Energy Ltd's business assets for an undisclosed sum. This acquisition expands Advik's presence in the electric vehicle (EV) and energy storage system (ESS) sectors. By integrating Aceleron's assets, Advik aims to enhance its product offerings and grow its customer base, focusing on developing advanced energy storage solutions. Aceleron Energy Ltd. is a UK-based company specializing in advanced lithium-ion battery technology.

Major companies operating in the space battery market are Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Mitsubishi Electric Corporation, NEC Corporation, Teledyne Technologies Incorporated, GS Yuasa International Ltd., Enersys, Moog Inc., Aerojet Rocketdyne Holdings, Inc., Blue Origin LLC, Saft Groupe S.A., Eagle-Picher Technologies LLC, HBL Power Systems Limited, Arotech Corporation, Lyten Inc., Space Vector Corporation, Nanoavionics Ltd., AAC Clyde Space AB, E-One Moli Energy Corp., Epsilor Electric Fuel Ltd., Berlin Space Technologies GmbH.

North America was the largest region in the space battery market in 2023. The regions covered in the space battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the space battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A space battery is a high-performance power source engineered for use in space missions. It provides reliable energy storage for spacecraft and satellites and is designed to endure the extreme conditions of space. Space batteries often utilize advanced technologies, such as lithium-ion or cutting-edge solid-state designs, to ensure dependable performance.

The primary types of space batteries include nickel-based batteries, lithium-based batteries, silver-zinc batteries, and others. Nickel-based batteries are rechargeable and use nickel compounds in their electrochemical reactions, including types like nickel-cadmium (NiCd) and nickel-metal hydride (NiMH). These batteries are used in various applications, such as communication, Earth observation, military surveillance, scientific research, and navigation. They come in different energy densities, including less than 100 Wh/kg, 100-150 Wh/kg, and more than 150 Wh/kg, and are suitable for various orbits such as low Earth orbit (LEO), medium Earth orbit (MEO), and geosynchronous orbit (GEO). Their applications include powering satellites, launch vehicles, and other space systems.

The space battery market research report is one of a series of new reports that provides space battery market statistics, including the space battery industry's global market size, regional shares, competitors with a space battery market share, detailed space battery market segments, market trends and opportunities, and any further data you may need to thrive in the space battery industry. This space battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The space battery market consists of sales of nickel-cadmium (NiCd) batteries, lithium-sulfur (Li-S) batteries, and silver-zinc (Ag-Zn) batteries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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