Power electronics is a difficult discipline to master since the power levels being generated and managed span numerous orders of magnitude, with a wide range of functions for an infinite number of applications. For all forms of space applications, power systems cover all areas of energy production, storage, conditioning, distribution, and conversion. Interplanetary probes or the International Space Station (ISS) missions can last anything from a few minutes to decades and require anywhere from a few watts to tens of kilowatts of power (large space vehicles for telecommunications such as for the ISS). Because the power system is the spacecraft's main source of energy, it must be protected from malfunctions that could cause it to degrade or possibly shut down, especially in short-circuit circumstances.

Market Growth Drivers:

•     Growing adoption of small satellites 
•     Increasing developments of advanced power electronic components
•     Increasing investments in space exploration activities
•     Advancements in power semiconductor switch technology

Market Restraints:

• High cost of designing and developing these systems
• Complex design and integration process

Market Opportunities:

·         Miniaturization of space DC-DC converters

• Robust demand from R&D activities in the space power sector

Market	Space Power Electronics Market
Market Size 2021	US$ 203 Mn
Market Forecast 2030	US$ 770 Mn
CAGR	16.4 % During 2022 - 2030
Analysis Period	2018 - 2030
Base Year	2021
Forecast Data	2021 - 2028
Segments Covered	By Device Type , By Platform Type, By Voltage, By Current, By Application And By Geography
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Infineon Technologies, Texas Instrument Incorporated, STMicroelectronics, Onsemi, and Renesas Electronics Corporation.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Customization Scope	10 hrs of free customization and expert consultation

Market Dynamics

The rising number of space exploration activities is the primary factor that is creating robust demand for the space power electronics industry. Space exploration and the innovation it implies are critical drivers for expanding space science and technology into new sectors. They generate new prospects for addressing global concerns by triggering new alliances and developing capabilities. Over the years, space sciences and planetary missions have progressed significantly, with new players joining the fray. This trend may be seen in the existing and proposed robotic exploration missions of the solar system, which include the US, China, Europe, Japan, and India. Adding to that, the growing number of investments in space exploration activities is also fueling the market demand. Private investment in space companies in 2020 set a new annual record, defying industry uncertainties that COVID-19 would discontinue the past decade’s momentum. With $8.9 billion in private investment in space enterprises it set a new annual record in 2020.

However, the high cost of designing and developing space power systems, as well as the complex design and integration process, are some of the factors limiting the growth of the global space power electronics market. On the other hand, the increasing number of R&D activities in the space sector is likely to attain a significant growth rate throughout the forecast period 2022 – 2030. Space power electronics, which can resist the harsh conditions of space, are essential for a satellite's long-term operation. Space companies have been researching and creating space-qualified parts for satellite development with two goals in mind: keeping their country’s space programs independent and making future satellites more competitive. Moreover, advancements in power semiconductor switch technologies, and miniaturization of space power devices, are some of the aspects that will generate certain growth prospects for the market in the coming years.

Market Segmentation

The global space power electronics market is segmented based ondevice type, platform type, current, voltage, application, and geography.

Market by Device Type

·         Power Module

·         Power Discrete

·         Power IC

Among the device types, the power IC segment occupied a significant amount of share in 2021, followed by the power module segment. Power IC solutions, designed to complement rad-hard and regular hermetic MOSFETs, satisfy the demanding requirements of deep spaceand other severeenvironments. Power IC solutions ensure that power systems perform at optimal power levels,peak efficiency, and higher power density by focusing on creative design, robust packaging methods, and superior dependability.

Market by Platform Type

• Command and Data Handling
• Power
• ADCS
• Propulsion
• TT&C
• Structure
• Thermal System

The command and data handling sub-segment is one of the significant elements of space power electronics. For instance, NASA's space-based observatories, orbiters, landers, flyby spacecraft, and robotic and sample-return missions all require sophisticated command and control systems. To support NASA's aims and various missions and projects under progress, advancements in technology related to command and data handling, as well as instrument electronics, are needed.

Market by Voltage

• Medium Voltage
• High Voltage
• Low Voltage

Based on voltage, the high voltage sub-segment is expected to gain a significant market share in the coming years. With the rapid advancement of aerospace technology around the world, latest generation of applications, such as deep space exploration, space welding, high power electric propulsion, and space solar power stations, demands a high-power and high-reliability space high-voltage power supply. Due to the severity of the space environment and the performance constraints of current aerospace-grade electronic gears, it is difficult for the space power supply to directly achieve high-voltage output from the bus.

Market by Current

• Up To 25A
• 25-50A
• Above 50A

Almost every segment in this category plays a crucial role in their specific range. The electrical power subsystem, which contains two solar panels and two nickel-hydrogen batteries, is in charge of generating, storing, and delivering electricity to the orbiter systems. Up to 25A current range is used for miniature power devices that run on a small amount of current. However, the above 50A current range is utilized by huge power devices that carry very critical operations in satellites, rovers, space stations, etc.

Market by Application

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

In 2021, the satellite segment held a noteworthy amount of share in the application segment as they are increasingly being adopted in modern communication technologies. Advancements in technologies, commercialization in the industry, and private investments have fueled an explosion of activity in the small satellite world over the last decade. Furthermore, the development of tiny hardware systems and the launch of wireless satellite internet are making use of significant prospects in the sector of satellite-enabled communication.

Space Power Electronics Market Regional Overview

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Mexico

·         Brazil

·         Rest of Latin America

Asia-Pacific

·         India

·         Japan

·         China

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         South Africa

·         GCC

·         Rest of Middle East & Africa