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.
In terms of material type, the market has been divided into nickel-based batteries, lithium-based battery, silver-zinc battery, and others. The lithium-based battery segment dominated the market in 2018. It is anticipated to register the highest CAGR during the forecast period due to the widening application scope for lithium-ion batteries in space; these batteries are cost-effective, reliable, and small in size.
On the basis of the platform, the market has been divided into communication, earth observation, military surveillance, science, navigation, and others. The communication segment dominated the market in 2018. It is also projected to register the highest CAGR during the forecast period due to a rise in the number of Internet users across the globe.
The energy type segments of the market are less than 100 Wh/kg, 100–150 Wh/kg, and more than 150 Wh/kg. The less than 100 Wh/kg segment dominated the market in 2018 and is projected to be the fastest-growing during the review period due to a rise in the demand for LEO and MEO satellites; less than 100Wh/kg batteries are largely used for these satellites.
By region, the global space battery market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America was a key region for this market in 2018. The presence of major battery providers such as Eagle-Picher Technologies LLC and Arotech Corporation is propelling the growth of the market in the region. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period due to the rising demand for communication and LEO satellites.
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).