Press release
Space Battery Market Anticipated To Reach USD 6.03 Bn by 2030, Growing at 9.5% CAGR from 2024-2030
Space Battery Market
Space Battery Market Overview:
The global space battery market is experiencing significant growth, driven by the escalating demands of space exploration and satellite deployments. Batteries are indispensable in powering various space applications, including earth-orbiting spacecraft, launch vehicles, space shuttles, and planetary missions. The market was valued at approximately USD 3.88 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 6.48% through 2030.
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Space Battery Market Dynamics
Several factors are propelling the expansion of the space battery market. The surge in satellite launches for communication, meteorology, and global internet services has heightened the need for reliable energy storage solutions. Technological advancements, particularly in lithium-based batteries, have enhanced energy density and performance, making them the preferred choice for space missions. Additionally, the increasing involvement of private sector companies in space exploration has intensified competition and innovation within the market.
Space Battery Market Outlook and Future Trends :
The future of the space battery market appears promising, with projections indicating growth to USD 6.56 billion by 2032, reflecting a CAGR of 6.70%. Emerging trends include the development of solid-state batteries offering higher energy densities and improved safety profiles. Furthermore, the emphasis on sustainable and reusable space technologies is expected to drive innovations in battery design and manufacturing processes.
Key Recent Developments
In the United States, startup Lyten announced plans to invest over $1 billion in constructing a lithium-sulfur battery gigafactory in Nevada, aiming for an annual production capacity of up to 10 gigawatt-hours starting in 2027. This initiative seeks to develop more affordable electric vehicle power sources and reduce dependency on foreign battery materials.
In Europe, China's CATL and Stellantis are collaborating to build a €4.1 billion lithium battery factory in Zaragoza, Spain, set to commence production by late 2026. This joint venture underscores Europe's efforts to expand battery production amid the financial challenges of its own battery ventures.
Space Battery Market Segmentation
by Type
Nickel-based Battery
Lithium-based Battery
Silver-Zinc Battery
Others
by Platform
Communication
Earth Observation
Military Surveillance
Science
Navigation
Others
To Gain More Insights into the Market Analysis, Browse Summary of the Research Report : https://www.maximizemarketresearch.com/market-report/global-space-battery-market/31284/
Some of the current players in the Space Battery Market are:
1.EnerSys
2. Arotech Corporation
3. EaglePicher Technologies
4. Bren-Tronics Inc.
5. Saft Groupe
6. A123 Systems Inc.
7. Automotive Energy Supply Corporation (AESC)
8. Aviation Industry Corporation of China (AVIC)
9. BYD Company Ltd.
10. CBAK Energy Technology Inc.
11. Hitachi Chemical Co
12. GS Yuasa Corporation
13. Mitsubishi Electric Corporation
14. VARTA AG
15. EXIDE Technologies (US)
16. Bren-Tronics, Inc.
17. Hitachi Chemical Co
For additional reports on related topics, visit our website:
♦ Disposable Batteries Market https://www.maximizemarketresearch.com/market-report/disposable-batteries-market/66824/
♦ Fuel Injection Systems Market https://www.maximizemarketresearch.com/market-report/global-fuel-injection-systems-market/77631/
♦ Compressed Air Energy Storage Market https://www.maximizemarketresearch.com/market-report/compressed-air-energy-storage-market/77551/
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