Satellite Solar Cell Materials Market: Supporting Rising Space Exploration Operations
Polaris Market Research & Consulting, Inc.
Market Research | Industry Analysis
Satellites rely on solar cells for their power supply. As satellites operate in the hostile space environment, the material of their solar cells must be strong, light weight and resistant to space radiation. Today, we bring to you our latest insights on the rapidly growing Satellite Solar Cell Materials Market.
Quick Overview of Satellite Solar Cells
Solar cells on satellites supply power for two main purposes. They power the satellite’s sensors, cooling, active heating and telemetry. Also, they offer energy from the propulsion of electrically-powered spacecrafts. Gallium arsenide (GaAs) and copper indium gallium selenide (CIGS) are the two most common material types for satellite solar cells.
Market Analysis
The market for satellite solar cells is projected to witness rapid growth. It was valued at USD 37.21 million in 2023 and is projected to reach USD 111.46 million by 2032, exhibiting a CAGR of 13.2% during the forecast period, 2024 - 2032.
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Growth Drivers
The satellite solar cell materials market growth is primarily fueled by: ? Increasing space exploration and deployment of satellites ? Development of space technology ? Growing need of satellites for scientific research and communication
Segmental Analysis
? The market for satellite solar cell materials is primarily segmented based on material types, orbit, application and region.
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? By material type analysis, the Gallium Arsenide (GaAs) segment is projected to grow at the fastest CAGR owing to its increased efficiency.
? By orbit analysis, the low earth orbit (LEO) segment is expected to grow significantly over the forecast period owing to its strategic advantages.
Regional Overview
To offer an in-depth market understanding, the research report covers all the major regions and sub-regions of the market. North America leads the market for solar cell materials owing to its strong presence in satellite deployments and space technology. The Asia Pacific region is expected to be the fastest growing region owing to increased investment in space technology in the region.
Key Points Covered in the Report:
? Includes profiling of major players operating in the market ? Sales, strategies and technical capabilities of key industry players have been covered
? Elucidates important application segments of the industry to readers
? Performs a SWOT analysis to help readers understand the strengths and weaknesses of their competitors.
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From growth drivers to recent developments and segmental analysis, our satellite solar cell materials market report covers everything stakeholders need to know to make strategic decisions. Download the full research study from our website today!