PUBLISHER: The Business Research Company | PRODUCT CODE: 1810735
PUBLISHER: The Business Research Company | PRODUCT CODE: 1810735
Space power systems encompass the technologies and equipment used to generate, store, manage, and distribute electrical energy for spacecraft, satellites, space stations, and other space missions. These systems ensure that space vehicles and instruments receive reliable and efficient power to function effectively in the challenging conditions of space.
The primary types of space power systems include solar power systems, nuclear power systems, fuel cells, and other varieties. A solar power system converts sunlight into electricity through solar panels, supported by components such as inverters, batteries, and controllers. Various power sources exist, including photovoltaic cells, radioisotope thermoelectric generators, chemical power sources, and more. These systems are employed in applications like satellites, spacecraft, rovers, space stations, and others. Key end-users include commercial, government, and defense sectors.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp hike in U.S. tariffs and the associated trade disputes in spring 2025 are notably impacting the aerospace and defense sector by raising costs for titanium, carbon fiber composites, and avionics materials largely sourced from global suppliers. Defense contractors, locked into fixed-price government contracts, absorb these added costs, while commercial aerospace firms face airline pushback on higher aircraft prices. Delays in component shipments due to customs bottlenecks further disrupt tight production schedules for jets and satellites. The industry is responding by stockpiling critical materials, seeking waivers for defense-related imports, and collaborating with allied nations to diversify supply chain.
The space power systems market research report is one of a series of new reports from The Business Research Company that provides space power systems market statistics, including the space power systems industry global market size, regional shares, competitors with the space power systems market share, detailed space power systems market segments, market trends, and opportunities, and any further data you may need to thrive in the space power systems industry. This space power systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The space power systems market size has grown strongly in recent years. It will grow from $2.40 billion in 2024 to $2.63 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. Growth during the historic period can be attributed to the rising demand for satellite launches, increased defense spending on satellite surveillance and reconnaissance, expansion of geostationary satellite applications, growth of commercial satellite constellations, and the increasing need for reliable power on crewed space stations.
The space power systems market size is expected to see strong growth in the next few years. It will grow to $3.76 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. Growth in the forecast period can be attributed to the increasing deployment of mega-constellations, rising government and private investments in lunar and Mars colonization, growing demand for electric propulsion systems that require efficient power sources, expansion of space tourism, greater emphasis on sustainability, and longer mission durations. Key trends expected during the forecast period include the development of next-generation photovoltaic materials, advanced energy storage technologies, miniaturization of radioisotope power systems, hybrid power architectures, and AI-enabled power management solutions.
The growing number of satellite launches is expected to drive the expansion of the space power systems market. Satellite launches involve deploying satellites into orbit using launch vehicles to support various applications such as communication, Earth observation, navigation, and scientific research. The increase in launches is largely fueled by the need to broaden high-speed internet access globally through mega-constellations like Starlink and OneWeb. Space power systems enable satellite missions by supplying dependable energy sources that support satellite operations, propulsion, and communication once in orbit. For example, in April 2024, the Indian Space Research Organization (ISRO) reported that in 2023, 3,143 space objects were added to orbit due to 212 launches and on-orbit break-up events, showing a notable rise compared to the 2,533 objects from 179 launches in 2022. Therefore, the rising number of satellite launches is driving growth in the space power systems market.
Key companies in the space power systems market are advancing technologies such as polymer electrolyte membrane fuel cells to improve energy efficiency, reduce system weight, and provide reliable power for extended space missions. A polymer electrolyte membrane fuel cell (PEMFC) generates electricity through an electrochemical reaction between hydrogen and oxygen, using a solid polymer membrane as the electrolyte and operating efficiently at low temperatures. For instance, in January 2024, ISRO launched a 100-watt class PEMFC power system aboard the orbital platform POEM3, carried by PSLV-C58. This technology converts hydrogen and oxygen into electricity, water, and heat, offering significant benefits over traditional power sources, including higher energy efficiency and clean operation, with water as the only byproduct, which can be used for onboard consumption or oxygen generation.
In January 2022, Rocket Lab USA, Inc., a U.S.-based end-to-end space company, acquired SolAero Holdings, Inc. for $80 million. Through this acquisition, Rocket Lab aims to strengthen its vertically integrated space capabilities by incorporating SolAero's advanced space solar power technologies to support high-volume production and provide end-to-end space solutions across civil, defense, and commercial sectors. SolAero Holdings Inc. is a US-based manufacturer of space power systems.
Major players in the space power systems market are Raytheon Technologies Corporation, Boeing Defense, Space And Security, Lockheed Martin Corporation, Airbus Defense and Space, Northrop Grumman Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, Thales Alenia Space, L3Harris Technologies, Inc., Leonardo S.p.A., SpaceX, Blue Origin, Moog Inc., Maxar Technologies Inc., Sierra Nevada Corporation, OHB SE, TERMA, Rocket Lab USA, Inc., Teledyne Energy Systems, AZUR SPACE Solar Power.
North America was the largest region in the space power systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in space power systems report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the space power systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The space power systems market consists of sales of radioisotope thermoelectric generators, radioisotope heater units, wireless power transmission devices, fuel cells and backup power systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified.
The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Space Power Systems Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on space power systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for space power systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The space power systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.