By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa, Latin America. The North America Space Battery market accounted for ~49.9% in 2022. The increasing R&D activities by NASA and the growing military spending for surveillance mission drives the small satellite market across the region. For instance, in July 2020, the NASA CubeSat launch initiative deployed 109th CubeSat (miniature satellite) from the international space station. Such growing demand and product launches in the small satellite market boost the demand for space batteries in the North America region.
To improve the quality and efficacy of satellite communication, the US government is actively investing in innovative small satellite technology. The growing investment in small satellite equipment to improve the armed forces' defence and surveillance capabilities, as well as the modernization of existing communication in military platforms, critical infrastructure, and law enforcement agencies that use small satellite systems, are expected to drive the space battery market in the US.
The Canadian Space Agency, Environment and Climate Change Canada, and Natural Resources Canada led a whole-of-government effort to seek input from industry and academia to develop this long-term satellite Earth observation strategy.
FIGURE 3: SPACE BATTERY MARKET SIZE BY REGION 2022 VS 2032 (USD Million)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, Australia, and South Korea.
In Europe, the rising demand for microsatellites among commercial organizations and defense forces in the space battery market in the coming years. The decrease in the cost of electronic components has aided the development of small satellites, particularly in the commercial sector in Europe. Budget constraints have also prompted several governments and manufacturers to choose low-cost small satellite platforms that bolster the demand for space batteries across Europe.
The UK is the first country in Europe to launch small satellites into orbit, attracting innovative businesses from around the world, accelerating the development of new technologies, and creating hundreds of high-skilled jobs across the country." Smallsats and CubeSats, which have much shorter lifespans than traditional large geostationary satellites, are driving a new market for cheaper launches to lower orbits, allowing new players to enter the market, thereby improving the demand for space batteries in the region. The country is an important economy in the world. Germany has a highly skilled and educated working class.
The country is a major exporter of cars and vehicle parts which employs a huge portion of the country's population.
