Space Power Electronics Market Size (2024 - 2029)

Space Power Electronics Market Analysis

The Space Power Electronics Market size is estimated at USD 320.35 million in 2024, and is expected to reach USD 635.21 million by 2029, growing at a CAGR of 14.68% during the forecast period (2024-2029).

The development of power electronics for space applications has been driven by advancements in semiconductor technologies and the need for efficient power management systems. Wide bandgap semiconductors, for instance, have emerged as a significant innovation, offering improved performance over traditional materials. Power electronics systems in space also include modular power electronic subsystems (PESS) that connect to a source and load at their input and output power ports. These systems are integral to operating satellites, spacecraft, launch vehicles, and rovers, ensuring they have the necessary power to perform their functions.

The space power electronics market is experiencing growth due to the increasing development of low-Earth orbit (LEO) satellites and reusable launch vehicles. These advancements drive the demand for more sophisticated power management devices, batteries, and power converters, which are essential for the long-term sustainability and efficiency of space missions.

However, the market faces significant challenges, such as the high costs associated with designing and developing these complex systems and the rigorous integration and quality inspection process required for space applications. Despite these challenges, the industry's commitment to research and development is expected to overcome these restraining factors, leading to considerable growth over the forecast period.

Space Power Electronics Industry Segmentation

Space power electronics are key components in controlling and converting electrical power within spacecraft. These systems are designed to handle the unique challenges of space, such as extreme temperature fluctuations and radiation levels, which can affect the performance and reliability of electronic devices.

The space power electronics market is segmented based on type, platform, application, and geography. Based on type, the market is segmented into radiation-hardened and radiation-tolerant. The market is segmented into satellites, spacecraft and launch vehicles, and others by platform. Based on application, the market is further segmented into communication, earth observation, navigation, global positioning system (GPS) and surveillance, technology development and education, and others. The report also covers the market sizes and forecasts for across major regions. For each segment, the market sizing and forecasts were made on the basis of value (USD).