Space Battery Market – Latest Trends, Forecast, and Opportunity Analysis
The Space Battery Market: Highlights
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.
However, the catch is that higher specific energy
usually comes with the sacrifice of specific power, a parameter, which is of
utmost importance to launch vehicles. Thus, space battery manufacturers have to
find a right balance between these two. The bottom line is that space battery
manufacturers need to maintain value as well as to generate the maximum
returns; thus, wanting a battery that is not only as light as possible but also
having sufficient power as well. Battery manufacturers have to undergo tedious
qualification and certification process since there is no margin of error for
these batteries. There is no one to replace them if they get damaged and they
have to sustain in extreme environmental conditions, such as extreme
fluctuating temperatures, hard vacuum, shocks, and radiations.
Space batteries have witnessed an impactful,
significant evolvement over the past five decades in which lithium-based
batteries have acted as a disruptive agent. Lithium, being the lightest and the
most electropositive metal, offers significant weight savings compared to
traditionally used metals, such as silver and nickel. Due to this,
lithium-based batteries have become a perennial choice in battery
manufacturing. Further, it also offers longer life cycle and lower
self-discharge rate.
In an era, where the space industry is rapidly
shifting towards miniaturization of spacecraft components, the demand for
miniaturized space battery is increasing. The space industry is moving today
with the purpose of reduction of SWaP, i.e. Size, Weight, and Power consumed by
the battery. Some of the most noticeable movements are the gradual replacement
of nickel-based batteries with lithium counterparts. Another movement is
increasing the dominance of satellite platforms in the space industry marked by
the CubeSat Revolution.
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 projected increase in the global government
expenditures in space is further propelling the growth of the space battery
market. Also, the space industry enters a new investment cycle after some years
of sluggish growth. Increase in space budgets of governments will be mainly due
to increasing civil space programs and high focus on human space flight.
Increasing space budget of emerging Asian countries with an aim to have their
own independent space programs will also play a crucial role in setting the dynamics
of the future space industry.
Growing global private sector companies in the space
community are acting as a catalyst towards the growth of the space battery
market. There were over 150 new firms identified which increased investment in
the space-based activities. Space X, One Web satellites LLC, Planet Labs Inc.,
Kymeta corporation, and Spire are some of the major private players in the
industry.
Technological advancement in space batteries is
another factor that is boosting the demand for advanced batteries in the
industry. Existing market players are striving hard for continuous innovation,
which has resulted in the development of batteries with a specific energy of
500 Wh/kg. The futuristic outlook of space battery technology would seek ways to
reduce associated disadvantages of existing batteries like poor performance of
lithium-ion batteries in extremely low temperatures and a phenomenon associated
with it called Thermal Runaway, which is caused by overcharging.
Global Space Battery Market: by Platform Type
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.
Global Space Battery Market: by Function Type
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.
Global Space Battery Market: by Battery Type
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.
Global Space Battery Market: by Platform mission Type
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.
Global Space Battery Market: by Region
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.
Europe and Asia-Pacific are also likely to offer
good growth opportunities in the coming years. Europe will be driven by space
investments by ESA and Russia. Asia-Pacific is likely to be the fastest-growing
region, driven by a host of factors, including the emergence of India and China
in the space sector, investments in small satellite projects, and an increased
number of start-ups involved in space activities across the region.
The supply chain of this market comprises raw
material suppliers, space battery manufacturers, distributors/part brokers, and
End users which include spacecraft OEMs, space agencies, and space research
institutes. Major space battery manufacturers are Saft Groupe S.A.,
Eagle-Picher Technologies LLC, GS Yuasa Corporation, Energy’s, and Mitsubishi
Electric Corporation. Key end users are NASA, Orbital ATK, European Space
Agency, Lockheed Martin, ISRO, Roscosmos, Space X, JAXA etc.
For more information, contact
Stratview Research
Email: sales@stratviewresearch.com
Direct: +1-313-307-4176
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