The Space Battery Market to experience an impressive growth to reach to reach US$ 146.1 million in 2023

Addressing the most sought-after questions that occupy the minds of entrepreneurs and decision makers, the new report of "Stratview Research" on the Space Battery Market, answers all the important questions.

Getting to the bare bones of the issues and factors which are sculpturing the market, Stratview Research brings out the best actionable market intelligence for the global Space Battery Market.
The analysts have scrupulously studied the trend and cautiously forecasted the future market developments for 2018-2023.
The important questions the report answers are:
1. What will be the market growth rate in the near future?
2. What are the major developments in the market wrt regulations, acquisitions and innovations?
3. What are the growth drivers as well as the constraints?
4. What are the regional growth hotspots?
5. What are the segmental growth forecasts?
These questions and many more, big and small, are all discussed in the report in great detail.

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Space Battery Market Insights:
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.

The strategic Market dissection
The dissection of the market is done to enlighten the aspects which are of interest to firms across the value chain.
Dissection by Segments
Platform Type Satellite, Launch, Others
Function Type Primary Batteries, Secondary Batteries etc.
Battery Type Nickel-based Battery, Lithium-based Battery etc.
Platform mission Type Communication, Earth Observation etc.
Specific Energy Type 150 Wh/kg
by Region North America, Europe, Asia-Pacific, and RoW

The Growth Prognosis & its Drivers
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.

The Hegemony of Mitsubishi Electric Corporation.
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.

Table Of Contents: https://www.stratviewresearch.com/toc/337/Space-Battery-Market.html

The undisputed Dominance of the North America
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.

Emerging Trends: Increasing in a number of satellites being launched
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.

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This release was published on openPR.