The Market of Space Battery to grow beyond US$ 146.1 million by 2023

The new report of Stratview Research analyses the Space Battery market over the trend period from 2012 to 2017 and forecast period from 2018 to 2023. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report

The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

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An overview: Market share of the space battery market

The 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.

Satellite segment: The growth engine

The global space battery market is segmented based on the platform type as Satellite, Launch Vehicle, and Others. Satellite segment is likely to remain the growth engine of the market during the forecast period. Increasing participation of private space companies, such as Space X, OneWeb Satellites, and Sky and Space Global Ltd, and an expected launch of more than 4,000 satellites during 2018-2023 would propel the demand for batteries in the satellite segment in years to come.

Dominance of: Secondary batteries and lithium-based battery

Based on the function type, 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. Secondary battery has significant applications in satellite platforms as it is the only source of power for the latter during eclipses. Thus, increase in a number of satellites being launched into space is another significant driver of growth of this segment. Both primary lithium and secondary Lithium-ion are poised to remain the most popular batteries in their respective segments.

Based on the battery type, 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 lithium-based battery is likely to remain the most preferred choice of the space industry during the forecast period, driven by innovation towards the production of highly reliable, high performing, and cost-effective technology by reducing SWaP of the battery. It is likely to exhibit the highest growth rate during the forecast period as well.

A highly/moderately/fragment consolidated Market

Major space battery manufacturers are Saft Groupe S.A., Eagle-Picher Technologies LLC, GS Yuasa Corporation, Enersys, and Mitsubishi Electric Corporation. Key end users are NASA, Orbital ATK, European Space Agency, Lockheed Martin, ISRO, Roscosmos, Space X, JAXA etc.

Regional Hegemony of North America & the dominance of military surveillance

Based on regions, North America is projected to remain the largest market during the forecast period, driven by the presence of major spacecraft OEMs and tier players. The USA is the growth engine of the region’s market and its space budget is the highest across the world, which is almost six times of the country with second highest space budget.
Also, NASA is the largest space agency in the world, which is largely involved in space-related activities located in the USA. It also has the presence of major spacecraft OEMs, such as Orbital ATK, Lockheed Martin, and Honeywell International.

Based on the platform mission type, 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. Navigation, another promising segment, is likely to grow at the highest rate in the market during the forecast period, driven by an increasing consumption of global navigation system like GPS, especially in emerging Asian countries.

Comprehensive Market Coverage

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This release was published on openPR.