Space Power Supply Market Growth, Size, Share, Analysis, Insights and Forecast, 2025–2032

According to Fortune Business Insights™, the global space power supply market size was valued at USD 3.19 billion in 2024 and is projected to grow from USD 3.46 billion in 2025 to USD 5.72 billion by 2032, exhibiting a CAGR of 7.4% during the forecast period. North America dominated the market in 2024 with a share of 47.02%, supported by strong investments from NASA, the U.S. Department of Defense, and leading aerospace companies.

Space power supplies are essential components of spacecraft and satellite systems, ensuring reliable and efficient energy distribution for mission-critical operations. The rising adoption of satellite-based services—such as telecommunications, remote sensing, navigation, and weather forecasting—is driving the expansion of this market.

MARKET DYNAMICS

Market Drivers

1. Surge in Satellite Constellations Boosts Market GrowthThe growing deployment of satellite constellations for Earth observation, communication, navigation, and space exploration is fueling demand for high-performance space-grade power supplies. For instance, SpaceX expanded its Starlink satellite network in May 2025 by launching 28 new satellites, bringing its total to over 7,200 in low Earth orbit (LEO). This development highlights the increasing need for reliable power systems to support large-scale connectivity solutions.

2. Rising Demand for Small SatellitesThe global shift toward small satellites (smallsats) is a major growth driver. Lightweight, cost-effective, and efficient, smallsats are increasingly used for communication, navigation, Earth observation, and defense missions. Between 2024 and 2032, nearly 18,500 small satellites are expected to be launched, underscoring the market potential for compact and efficient power systems.

Market Restraints

High Costs and Supply Chain DisruptionsThe market faces challenges such as raw material shortages, regulatory complexities, and high costs of designing space-grade electronics. Stringent quality and safety certifications add to manufacturing expenses, while geopolitical tensions contribute to supply chain disruptions, affecting production timelines.

Market Opportunities

Deep Space Exploration and Commercial Space MissionsRising investments in lunar and Mars missions, coupled with In-Situ Resource Utilization (ISRU), present significant opportunities. Governments and private players are investing in sustainable space missions, with projects such as NASA’s Fission Surface Power Project and India’s upcoming 52 satellite launches strengthening market potential.

Market Trends

• Adoption of Lithium-Ion Batteries: High energy density, long cycle life, and compact size are making lithium-ion the preferred choice for space power. In October 2024, EnerSys launched its ABSL™ lithium-ion space battery onboard NASA’s Europa Clipper mission.

• Advancements in Nuclear Power: The development of Radioisotope Thermoelectric Generators (RTGs) and Nuclear Fission Reactors is accelerating. For instance, NASA and DOE are collaborating on a 40-kilowatt fission power system for lunar operations in the 2030s.

Information Source:

https://www.fortunebusinessinsights.com/space-power-supply-market-108383

SEGMENTATION ANALYSIS

By Power Source: Solar Power, Nuclear Power, Battery Power/Storage

• Battery Power held the largest market share in 2024, driven by demand for satellite-based communication and navigation.

• Solar Power is projected to grow at a significant CAGR, with advancements in space-based solar energy transmission.

By Battery Shape: Cylindrical, Prismatic, Pouch-Type

• Cylindrical Batteries dominated in 2024 due to space efficiency, safety, and reliability.

By Battery Capacity: Low (<100 Wh), Medium (100–500 Wh), High (>500 Wh)

• Medium Capacity Batteries (100–500 Wh) are expected to record the highest growth, supported by rising deployment of small and medium satellites for defense and research.

By Product Type: Solar Panels, Power Management Devices, Power Converters, Energy Storage, Others

• Solar Panels dominated in 2024 due to their cost-effectiveness and environmental benefits.

• Power Management Devices are projected to grow at the highest CAGR, holding nearly 29% market share in 2024.

By Application: Communication Satellites, Navigation Satellites, Earth Observation Satellites, Space Stations, Space Probes & Rovers, Launch Vehicles & Rockets

• Communication Satellites held the largest share in 2024 and are projected to grow fastest, driven by demand for global connectivity.

By End-User: Government & Military, Commercial Operators, Research Institutions

• Government & Military dominated in 2024 due to regulatory oversight and national defense projects.

• Commercial Operators are anticipated to grow rapidly, fueled by private investments in satellite internet and Earth observation services.

REGIONAL INSIGHTS

• North America: Valued at USD 1.50 billion in 2024, the region dominates due to the presence of NASA, CSA, and major OEMs.

• Asia Pacific: Expected to grow at the highest CAGR, driven by ISRO, China’s space expansion, and private investments in smallsat launches.

• Europe: Growth supported by technological advancements and investments in renewable and nuclear space power systems.

• Middle East & Rest of the World: Growth driven by increasing participation in space-based services and international collaborations.

COMPETITIVE LANDSCAPE

The market is consolidated with leading companies focusing on advanced battery technologies, power management systems, and global expansion strategies.

List of Key Companies:

• AAC Clyde Space (U.K.)

• Airbus S.A.S (Netherlands)

• AZUR SPACE Solar Power GmbH (Germany)

• DHV Technology (Spain)

• EaglePitcher Technologies (U.S.)

• GS Yuasa International Ltd. (Japan)

• Northrop Grumman Corporation (U.S.)

• Rocket Lab USA, Inc. (U.S.)

• Saft Groupe SA (France)

• Teledyne Technologies Inc. (U.S.)

Recent Developments:

• March 2025: Teledyne Micropac introduced a patent-pending 3U VPX power supply card for LEO satellites, delivering up to 600W output and enabling flexible satellite power management.

• September 2024: Airbus received a contract from MDA Space Ltd. to supply solar arrays for its AURORA™ satellite line, enhancing Airbus’s presence in the commercial satellite segment.