Space Battery Market to Reach US$ 146.1 Million in 2023
The global space battery market is projected to grow at a healthy rate over the next five years to reach US$ 146.1 million in 2023. An organic growth of the satellite industry is the primary driver of the sustainable demand for batteries in the spacecraft. One Web, a satellite constellation, has projected to launch 648 satellites in the future, which is expected to start at 2018. Space X, another satellite constellation, is working towards high-speed internet facilities across the world by deploying dedicated satellites. The company plans to launch 4,425 satellites by 2024 with an aim of deploying most of them by 2019. The launch is expected to provide super-fast internet facilities with reduced latency as compared to existing broadband services. These such developments are likely to create high-growth opportunities for both existing as well as new players in the space battery market.