Global Space Power Electronics Market Insights Forecasts to 2033

• The Global Space Power Electronics Market Size was Valued at USD 279.48 Million in 2023
• The Market Size is Growing at a CAGR of 16.09% from 2023 to 2033
• The Worldwide Space Power Electronics Market Size is Expected to Reach USD 1242.41 Million by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Space Power Electronics Market Size is Anticipated to Exceed USD 1242.41 Million by 2033, Growing at a CAGR of 16.09% from 2023 to 2033.

Market Overview

Space power electronics refers to using electronics in satellites, spacecraft, open vehicles, space stations, and rovers to control and transfer electrical energy from one form to another. It is in charge of handling high voltages and currents to provide power regarding applications. The energy supply system encompasses all aspects of space-based energy generation, storage, conditioning, distribution, and conversion. Space missions last products from a few minutes to decades, therefore it is critical to discover the finest main and secondary sources and develop a system that maximizes their utility. Power electronics facilitate the development of energy-efficient appliances and devices in the consumer electronics industry. Power management circuits improve battery life and energy efficiency in a wide range of devices, from laptops and smartphones to home appliances, providing consumers with longer-lasting and more environmentally responsible products. To provide electricity that meets a range of needs, it is in charge of processing high voltage and currents. An integrated modular power electronic subsystem (PESS) is capable of being connected to a source and supplied into the inlet and outlet power holes of a power system, respectively, as per the National Aeronautics and Space Administration.

For instance, in July 2024, Elon Musk's business, SpaceX, launched successfully its Falcon 9 rocket in 2024, carrying four astronauts to the International Space Station. There is high anticipation that the Falcon 9 is about to make frequent trips to the ISS.

The major market key players include Renesas Electronics Corporation, Texas Instrument Incorporated, BAE Systems, Cobham Limited, Microchip Technology Inc., RUAG Group, STMicroelectronics, Mitsubishi Electric Corporation, and others.

Report Coverage

This research report categorizes the market for the space power electronics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the space power electronics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the space power electronics market.

Driving Factors

The complexity of space exploration programs is driving a reduction in weight and miniaturization of space electronics. These specifications are driving space innovations and supporting the development of the industry. High mechanical developments in microprocessors, extensive investment in the satellite manufacturing sector, and the expanding prevalence of space operations around the world constitute significant explanations expected for the industry expansion. Furthermore, rising demand for wide bandgap materials such as silicon carbide and gallium nitride for the fabrication of space cables that provide significant enhancements and acquires in performance is predicted to be another major element driving growth.

Restraining Factors

The most modern power systems on the market currently are too massive, too complex, or too inefficient to satisfy the power requirements of future space exploration programs. Some of them are completely incapable of functioning in dangerous conditions.

Market Segmentation

The space power electronics market share is classified into device type, application, platform type, and voltage

• The power IC segment is expected to hold a significant share of the space power electronics market during the forecast period.

Based on the device type, the space power electronics market is categorized into power discrete, power module, and power IC. Among these, the power IC segment is expected to hold a significant share of the space power electronics market during the forecast period. Power ICs are integrated circuits that include several power rails in addition to power management characteristics on a single chip. Power-integrated circuits are often utilized to power compact, battery-operated devices because the integration of several functionalities into a single chip produces more efficient use of space and system power.

• The satellites segment is expected to hold the highest market share through the forecast period.

Based on the application, the space power electronics market is categorized into satellites, spacecraft & launch vehicles, space stations, rovers, and others. Among these, the satellites segment is expected to hold the highest market share through the forecast period. Satellites are increasingly applied in modern communication technology. The launch of wireless satellite internet and the development of small hardware systems are capitalizing on several potentials in the field of satellite-enabled connectivity.

• The command and data handling segment accounted for the largest revenue share over the forecast period.

Based on the platform type, the space power electronics market is categorized into power, command and data handling, ADCS, propulsion, TT&C, structure, and thermal system. Among these, the command and data handling segment accounted for the largest revenue share over the forecast period. Advanced command and control systems are needed for NASA's robotic and sample-return missions, orbiters, landers, flyby spacecraft, and space-based observatories. Technological developments in the areas of instrument electronics and command and data management are required to support NASA's objectives and active missions and projects.

• The high voltage segment is anticipated to grow at the highest CAGR during the forecast period.

Based on the voltage, the space power electronics market is categorized into low voltage, medium voltage, and high voltage. Among these, the high voltage segment is anticipated to grow at the highest CAGR during the forecast period. High-power electric propulsion and space solar power plants require a space high-voltage power supply that is simultaneously powerful and reliable. Due to the roughness of the space environment and the performance limitations of current aerospace-grade electronic gears, it is difficult for the space power supply to deliver high-voltage output directly from the bus.

Regional Segment Analysis of the Space Power Electronics Market        

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the space power electronics market over the predicted timeframe.

North America is anticipated to hold the largest share of the space power electronics market over the predicted timeframe. This is due to the United States government's significant investment in modern space electronics to improve the quality and effectiveness of deep space research and satellite communication. Furthermore, the modernization of existing communications in military platforms, law enforcement agencies, and essential infrastructure is expected to support the growth of the regional space electronics market. The Space Power Electronics Industry in North America is anticipated to be driven by several factors, including the modernization of military platforms' communication systems, the use of satellite systems by law enforcement agencies, and the growing investment in satellite equipment to improve the armed forces' defense and surveillance capabilities. Radiation-fault-tolerant DC-DC converter power modules are commonly used in Boeing-built O3b mPOWER satellites to enhance power conversion.

Asia Pacific is expected to grow at the fastest CAGR growth of the space power electronics market during the forecast period. With increased use of cutting-edge technology, a rise in the number of businesses producing space electronics components, and increased government initiatives to strengthen the aerospace and defense industries, to efficiently convert, condition, and control electricity produced from renewable sources, power electronics play a crucial role in the renewable energy industries. Furthermore, the market share for power electronics is being supported by the rising need for sophisticated power electronics in the renewable energy industry, which is being driven by developing technologies, government regulations that are encouraging, and rising environmental consciousness.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the space power electronics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Renesas Electronics Corporation
• Texas Instrument Incorporated
• BAE Systems
• Cobham Limited
• Microchip Technology Inc.
• RUAG Group
• STMicroelectronics
• Mitsubishi Electric Corporation
• Heico Corporation
• Honeywell International Inc.
• TT Electronics
• Toshiba Corporation
• Harris Corporation
• Safran SA
• Infineon Technologies
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firms
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2024, Renesas Electronics Corporation, a leading producer of advanced semiconductor technologies, declared the completion of the purchase of Transphorm, Inc., a global leader in gallium nitride.

• In July 2023, Renesas Electronics Corporation, a leading supplier of innovative semiconductor technologies, released a space-ready reference design for the AMD Versal adaptive SoC XQRVC1902. Developed in partnership with AMD, the ISLVERSALDEMO2Z reference design incorporates critical radiation-hardened components for power management, including four new and announced products in an ultra-compact design.

• In February 2023, Infineon Technologies released an increase in its space-qualified semiconductor range. The expansion comprises new radiation-resistant microcontrollers and power management components.

Market News

• In February 2024, Northrop Grumman Corporation successfully finished tests on many critical components of the Sentinel intercontinental ballistic missile (ICBM), indicating considerable progress in the program's engineering, manufacturing, and development phases.

• In October 2023, Infineon announced a major investment of $830 million, incorporating its existing liquidity for this strategic acquisition.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the space power electronics market based on the below-mentioned segments: 

Global Space Power Electronics Market, By Device Type

• Power Discrete
• Power Module
• Power IC

Global Space Power Electronics Market, By Application

• Satellites
• Spacecraft & Launch Vehicle
• Rovers
• Space Stations

Global Space Power Electronics Market, By Platform Type

• Power
• Command and data handling
• ADCS
• Propulsion
• TT & C
• Structure
• Thermal System

Global Space Power Electronics Market, By Voltage

• Low Voltage
• Medium Voltage
• High Voltage

Global Space Power Electronics Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa