How Has the Space Battery Market Size Evolved in Recent Years?
The space battery market has seen considerable growth due to a variety of factors.
• Over the past few years, the space battery market has seen a substantial increase in size. It is projected to expand from $3.71 billion in 2024 to $3.99 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%.
This growth during the historical period is mainly due to the escalation of research and development undertakings by NASA, increased military expenditure for reconnaissance missions, the surge in demand for tailored products, escalating utilization of space batteries, and the enlarged application of space science and research.
What Is The Forecast For The Space Battery Market Size?
The space battery market is expected to maintain its strong growth trajectory in upcoming years.
• The market for space batteries is predicted to experience significant expansion in the coming years, with its value projected to reach $5.25 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.1%.
The anticipated growth during the forecast period can be linked to factors such as increased space expeditions, changing laws and protocols for space missions, a rise in the count of satellite launches, a growing focus towards the development of green and sustainable battery technologies, and advancements in thermal management. The forecast period is expected to witness noteworthy trends such as technological enhancements in batteries, investments from both government and private sectors, miniaturized batteries, bettered battery management systems, and amplified attention towards thermal management.
What Are The Essential Drivers Behind The Growth Of The Space Battery Market?
The upward trend in space exploration demand is predicted to fuel the expansion of the space battery market in the future. This heightened curiosity towards space exploration is typically spurred on by technological advancements, escalated spending on space missions, and the broadening range of activities related to space. Space batteries play an essential role in storing energy vital for operating spacecraft systems and instruments during space exploration missions, particularly in situations where solar power isn't accessible. For example, according to an April 2024 report by the World Economic Forum, a non-governmental organization based in Switzerland, the worldwide space economy is estimated to reach $1.8 trillion by 2035, increasing from $630 billion in 2023, at an average annual growth rate of 9%, significantly outperforming the global GDP growth rate. Consequently, the growth in space exploration activities is fueling the expansion of the space battery market.
How Is The Global Space Battery Market Divided Into Key Segments?
The space batterymarket covered in this report is segmented –
1) By Type: Nickel-Based Battery, Lithium-Based Battery, Silver-Zinc Battery, Other Type
2) By Platform: Communication, Earth Observation, Military Surveillance, Science, Navigation, Other Platforms
3) By Energy Type: Less Than 100 Wh/kg, 100–150 Wh/kg, More Than 150 Wh/kg
4) By Orbit Type: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geosynchronous Orbit (GEO), Other Orbit Types
5) By Application: Satellite, Launch Vehicle, Other Applications
Subsegments:
1) Nickel-Based Battery: Nickel-Cadmium Battery, Nickel-Metal Hydride Battery
2) Lithium-Based Battery: Lithium-Ion Battery, Lithium-Polymer Battery
3) Silver-Zinc Battery: Primary Silver-Zinc Battery, Rechargeable Silver-Zinc Battery
4) Other Type: Lead-Acid Battery, Solid-State Battery, Flow Battery
Pre-Book The Space Battery Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Space Battery Market?
Leading firms in the space battery market are forging strategic partnerships aimed at offering ground-breaking solutions and enhancing their technological abilities, thus guaranteeing dependable and efficient energy provision for space missions. Strategic partnerships are about companies combining their strengths and resources to achieve shared success and benefits. In February 2022, an example was demonstrated by the Japan Aerospace Exploration Agency (JAXA), Japan's national air and space agency. They joined forces with Hitachi Zosen Corporation, an industrial and engineering firm based in Japan, to start the Space AS-LiB project, involving the all-solid-state lithium-ion battery on-orbit experimental apparatus. This cooperation bolsters the progress of high-tech space battery technology projected to function over a wide temperature span from -40°C to 120°C and employ fire-resistant substances, thereby substantially lowering the dangers of ignition, fuming, and rupture. The goal of the innovation is to decrease equipment volume, weight, and power consumption, while remaining resilient to challenging space situations like cosmic vacuum and radiation.
Who Are the Key Players In The Space Battery Market?
Major companies operating in the space battery market are:
• Lockheed Martin Corporation
• Airbus SE
• Northrop Grumman Corporation
• Mitsubishi Electric Corporation
• NEC Corporation
• Teledyne Technologies Incorporated
• GS Yuasa International Ltd.
• Enersys
• Moog Inc.
• Aerojet Rocketdyne Holdings.Inc.
• Blue Origin LLC
• Saft Groupe S.A.
• Eagle-Picher Technologies LLC
• HBL Power Systems Limited
• Arotech Corporation
• Lyten Inc.
• Space Vector Corporation
• Nanoavionics Ltd.
• AAC Clyde Space AB
• E-One Moli Energy Corp.
• Epsilor Electric Fuel Ltd.
• Berlin Space Technologies GmbH
What Are The Regional Insights Into The Space Battery Market?
North America was the largest region in the space battery market in 2024. The regions covered in the space battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
