The Global Energy Storage for Satellites Market size is expected to grow from USD $8.2 billion in 2020 to USD $14.6 billion by 2028, at a CAGR of 6.2% during the forecast period (2021-2028). The growth can be attributed to the growing need for satellite communications and increasing demand for power on spacecrafts due to increased frequency of commercial launches and government missions.
Energy storage for satellites is a process that stores solar energy generated from the photovoltaic panels on board in batteries or by converting it to chemical form. The stored power can be released at night when there are no incoming rays of light and once daytime arrives, this stored energy gets converted back into usable electric current.
The global satellite market has witnessed exponential growth over the past few years owing to advancements in space technology which has led to increased commercial demands as well as government missions such as Earth observation, military reconnaissance, remote sensing, etc. In addition, the rising demand for broadband internet services and mobile data usage has also contributed massively towards growing needs for satellite communications across geographies. Rising environmental awareness coupled with increasing population and urbanization has led to the rise of satellite-based services for disaster management, agriculture monitoring, climate change, etc.
On the basis of Type, the market is segmented into batteries and fuel cells. The market is witnessing a shift in demand from the traditional battery system to the more efficient, long-lasting, and cost-effective fuel cell systems which have led to strong growth prospects for this segment over the forecast period.
Battery-based energy storage for satellites can provide a long-term power supply to the satellite. The battery charges and discharges during different phases of the solar cycle, which is important because direct access to sunlight varies with seasons. It also reduces dependence on ground stations that transmit electrical power from Earth, reducing risks involved in transmission failures.
Fuel cells based energy storage for satellites can be used in various applications. It is a perfect solution to meet the power requirements of low earth orbit communication satellites and enables them to stay operational even during periods when they are not receiving solar power from the sun. Fuel Cells also provide efficient conversion between chemical, electrical and thermal energies with a reduced environmental footprint as it does not produce carbon dioxide emissions and hazardous waste products that could pollute soil or water resources around Earth. The cost of fuel cells has declined significantly recently due to improving economies of scale have led to increased production volumes which led to lower prices per unit volume at the producer level.
On the basis of Application, the market is segmented into Geosynchronous satellites and Geostationary satellites.
Geosynchronous satellites are typically used in applications such as telecommunications or broadcasting across long distances whereas geostationary satellites provide communication coverage over a broader area with low operational costs. Geostationary orbits have become popular after some countries banned telecommunication companies from using them owing to their potential interference with radio signals on earth. The global energy storage market for Satellites is witnessing rapid growth due to increasing demand-supply gaps which can be fulfilled by these systems as well as advancements in technology which will help reduce production cost hence improving affordability factor all this coupled with rising investments towards innovation leading up towards the 2030s will make it a lucrative market. Geostationary satellites provide communication coverage over a broader area with low operational costs which has made them popular after some countries banned telecommunication companies from using them owing to their interference with radio signals on earth.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The global energy storage for the satellite market in APAC has been witnessing strong growth for some time owing to increasing investments in this region leading up towards the 2030s which should make it a very lucrative market during the forecast period. North America also holds significant potential with countries such as U.S., Canada among others gaining prominence due to huge demand from key end-users like telecommunication companies along with increased government support towards innovation activities all these coupled with advancements in technology that will help reduce production cost hence improving affordability factor are expected to drive demand over next few years.
Up Market Research published a new report titled “Energy Storage for Satellites Market research report which is segmented by Types (Batteries, Fuel Cell), By Applications (Geosynchronous satellites, Geostationary satellites), By Players/Companies EaglePicher Technologies, EnerSys, GS Yuasa Lithium Power, Mitsubishi Electric, Saft”.
|Report Attributes||Report Details|
|Report Title||Energy Storage for Satellites Market Research Report|
|By Type||Batteries, Fuel Cell|
|By Application||Geosynchronous satellites, Geostationary satellites|
|By Companies||EaglePicher Technologies, EnerSys, GS Yuasa Lithium Power, Mitsubishi Electric, Saft|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||210|
|Number of Tables & Figures||147|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Batteries, Fuel Cell and By Application Geosynchronous satellites, Geostationary satellites.
Some of the companies that are profiled in this report are:
Energy Storage for Satellites Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Energy Storage for Satellites Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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