According to Fortune Business Insights™, the global space power supply market size was valued at USD 3.19 billion in 2024 and is projected to grow from USD 3.46 billion in 2025 to USD 5.72 billion by 2032, exhibiting a CAGR of 7.4% during the forecast period. North America dominated the market in 2024 with a share of 47.02%, supported by strong investments from NASA, the U.S. Department of Defense, and leading aerospace companies.
Space power supplies are essential components of spacecraft and satellite systems, ensuring reliable and efficient energy distribution for mission-critical operations. The rising adoption of satellite-based services—such as telecommunications, remote sensing, navigation, and weather forecasting—is driving the expansion of this market.
1. Surge in Satellite Constellations Boosts Market Growth
The growing deployment of satellite constellations for Earth observation, communication, navigation, and space exploration is fueling demand for high-performance space-grade power supplies. For instance, SpaceX expanded its Starlink satellite network in May 2025 by launching 28 new satellites, bringing its total to over 7,200 in low Earth orbit (LEO). This development highlights the increasing need for reliable power systems to support large-scale connectivity solutions.
2. Rising Demand for Small Satellites
The global shift toward small satellites (smallsats) is a major growth driver. Lightweight, cost-effective, and efficient, smallsats are increasingly used for communication, navigation, Earth observation, and defense missions. Between 2024 and 2032, nearly 18,500 small satellites are expected to be launched, underscoring the market potential for compact and efficient power systems.
High Costs and Supply Chain Disruptions
The market faces challenges such as raw material shortages, regulatory complexities, and high costs of designing space-grade electronics. Stringent quality and safety certifications add to manufacturing expenses, while geopolitical tensions contribute to supply chain disruptions, affecting production timelines.
Deep Space Exploration and Commercial Space Missions
Rising investments in lunar and Mars missions, coupled with In-Situ Resource Utilization (ISRU), present significant opportunities. Governments and private players are investing in sustainable space missions, with projects such as NASA’s Fission Surface Power Project and India’s upcoming 52 satellite launches strengthening market potential.