Emerging Trends to Drive Space Power Supply Market Growth at 8.1% CAGR Through 2029

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Space Power Supply Market Size Growth Forecast: What to Expect by 2025?
The market size for space power supply has experienced robust growth over the past few years. It is projected to increase from $2.68 billion in 2024 to $2.90 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to the growth observed in the historical period include heightened investment in low earth orbit satellites, escalating demand for satellite-based communication services, growth in commercial satellite launches, increased dependency on space-based navigation systems, and a surge in government funding for space exploration.

How Will the Space Power Supply Market Size Evolve and Grow by 2029?
In the coming years, the space power supply market is likely to experience robust growth, reaching a $3.96 billion valuation by 2029, with a Compound Annual Growth Rate (CAGR) of 8.1%. The growth in the predicted period may be due to a rise in the deployment of satellite mega-constellations, growing interest in lunar and Mars missions, an uptick in small satellite launches, increased need for uninterrupted power in space stations, and expanded private sector involvement in space exploration. Key trends to watch in the forecast period comprise advancements in high-efficiency solar panels, innovations in long-lasting battery systems, incorporation of nuclear power into spacecrafts, the emergence of hybrid energy storage solutions, and progress in applications of thermoelectric generators.

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What Drivers Are Propelling the Growth of Space Power Supply Market Forward?
The growth of the space power supply market is predicted to be fueled by an escalating number of satellite launches. These launches, which involve the positioning of artificial satellites into orbit around Earth or other celestial bodies through rockets or launch vehicles, are vital for functions like navigation, communication, Earth monitoring, or scientific investigation. The gradual increase in satellite launches is predominantly due to the expansion of satellite constellations, which aim to improve worldwide communication, navigation, and Earth observation capabilities. The role of space power supply is crucial in these launches, as it offers dependable energy to run onboard systems, maintain communication, and ensure payload functionality throughout the mission. For instance, reports from the United States International Trade Commission, a federal agency in the US, in November 2023 show that the number of annual space launches globally increased from 186 in 2022 to 197 in 2023. Thus, the rising number of satellite launches plays a significant role in driving the growth of the space power supply market.

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Which Emerging Trends Are Transforming the Space Power Supply Market in 2025?
Leading firms in the space power supply market are making strategic moves towards the creation of inventive products, like modules specifically designed for power supply in space, aiming to provide compact, effective, and dependable power solutions to satellites, unmanned aerial vehicles, and other space-oriented platforms, thereby extending the duration of missions and decreasing the necessity for thermal management. A module for power supply in space is a compact, highly effective device for power conversion meant to give consistent electrical power while also curbing the size, weight, and thermal emissions. For instance, in July 2025, Frontgrade Technologies Inc., an American aerospace and defense company, introduced the PSM28 Power Supply Module, a power supply module precisely designed for space. This compact, robust, high-capacity power solution is ideally suited for SWaP-limited platforms such as small satellites, unmanned aerial systems, and electronic warfare systems, providing as much as 150W of consistent, regulated voltages with a flexible distribution system for multiple outputs, real-time telemetry, temperature sensing, and capabilities for predicting maintenance requirements, all designed to be effortlessly incorporated into modular mission systems as part of the MAMBA initiative.

What Are the Key Segments in the Space Power Supply Market?
The space power supply market covered in this report is segmented as

1) By Product Type: Power Management Systems, Power Distribution Units, Power Generation Units, Energy Storage Systems
2) By Technology Type: Solar Power Systems, Nuclear Power Systems, Chemical Batteries, Fuel Cells, Thermal Energy Systems
3) By Form Factor: Standalone Power Units, Modular Power Systems, Integrated Power Systems, Portable Power Supply Units
4) By Application: Satellite Systems, Space Exploration Missions, International Space Station (ISS), Space Rovers And Landers, Orbital Platforms
5) By End User: Government Agencies, Private Space Companies, Aerospace Manufacturers, Research Institutions

Subsegments:
1) By Power Management Systems: Battery Management Systems, Power Conditioning Units, Voltage Regulators, Load Controllers, Energy Management Controllers
2) By Power Distribution Units: Switchgear Units, Circuit Breakers, Busbars, Power Relays, Distribution Panels
3) By Power Generation Units: Solar Panels, Fuel Cells, Radioisotope Thermoelectric Generators, Thermal Generators, Dynamic Power Generators
4) By Energy Storage Systems: Lithium Ion Batteries, Nickel Hydrogen Batteries, Supercapacitors, Flywheel Energy Storage, Solid State Batteries

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Who Are the Key Players Shaping the Space Power Supply Market's Competitive Landscape?
Major companies operating in the space power supply market are Airbus Group SE, Raytheon Technologies Corporation Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Mitsubishi Electric Corporation, BAE Systems plc, L3Harris Technologies Inc., Jinko Solar Holding Co. Ltd., Teledyne Technologies Incorporated, GS Yuasa International Ltd., Thales Alenia Space S.p.A., Maxar Technologies Inc., Rocket Lab USA Inc., Spectrolab Inc., ISISPACE Group Ltd., GomSpace AB, NanoAvionics UAB, AAC Clyde Space Ltd., DHV Technology Ltd., EnduroSat Ltd., mPower Technology Inc.

What Geographic Markets Are Powering Growth in the Space Power Supply Market?
North America was the largest region in the space power supply market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in space power supply report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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