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 satellite solar cell materials market is projected to reach USD 96 million by 2030, at a CAGR of 13.7% from USD 44 million in 2024. Demand from driving factors like space exploration plays a pivotal role in fueling the satellite solar cells market. The demand for sophisticated technologies, such as satellite solar cells, arises from the necessity for efficient power generation in space missions.

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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

•  Satellite by application is projected to be the largest, in terms of value, during the forecast period

• Polar Orbit, by orbit is projected to be the largest, in terms of value, during the forecast period.

• Silicon by Material types segment is projected to be the largest, in terms of value, during the forecast period.

• Asia Pacific is expected to be the fastest growing market for satellite solar cells materials during the forecast period, in terms of value

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.

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Recent Developments

• CESI S.p.A made an agreement with Italian Space Agency (August 2023): Italian multinational CESI and the Italian Space Agency have entered into a significant agreement valued at over USD 14.06 Million to support the Space Factory project. With the agreement, CESI is poised to expand its production capacity for solar cells designed for space satellites.
• Thales Alenia Space (February 2023) launches a product: Thales Alenia Space recently concluded the assembly and testing phase for an engineering model of the solar array designed for their Space INSPIRE product line.
• ROCKET LAB USA (March 2022) launches a product: Aerospace manufacturer and small satellite launch company, Rocket Lab introduced a novel space-grade solar cell derived from the cell technology pioneered by Solero, a space solar cell manufacturer acquired by Rocket Lab.
• Airbus invests in Solestial (October 2022): Solestial, a Tempe, Arizona-based company specializing in solar energy solutions for space applications, successfully concluded a funding round, securing USD 10 million in investments with Airbus Ventures taking the lead.
• ROCKET LAB USA Acquires SolAero Holdings, Inc.  (January 2022): Rocket Lab USA, Inc. successfully finalized the previously disclosed acquisition of SolAero Holdings, Inc. (SolAero).
• AZUR SPACE Power GmbH acquired by 5N Plus (November 2021): 5N Plus, a prominent global manufacturer of specialty semiconductors and performance materials, successfully completed the acquisition of AZUR SPACE Solar Power GmbH.

The key players in this market are SPECTROLAB(US), AZUR SPACE Solar Power GmbH (Germany), ROCKET LAB USA (US), Sharp Corporation (Japan), CESI S.p.A (Italy), Thales Alenia Space (France), AIRBUS (France), MicroLink Devices, Inc. (US), Mitsubishi Electric Corporation (Japan), Northrop Grumman (US), etc. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.

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  SPECTROLAB

Spectrolab, Inc., a wholly owned subsidiary of The Boeing Company, stands as the foremost global supplier of the most efficient multijunction solar cells for spacecraft power systems. With over 65 years of space heritage, Spectrolab has earned a reputation for delivering highest-efficiency solar cells with proven reliability. The company, having produced and supplied more than 6.5 million multijunction space solar cells, has established its headquarters in the United States. The Boeing Company, which is a global aerospace and defense giant operates four main business segments. The Commercial Airplanes Segment focuses on the development, production, and marketing of commercial jet aircraft for the global commercial airline industry. The Defense, Space & Security Segment engages in research, development, production, and modification of various products and services, including strategic defense and intelligence systems, satellite systems, cyber and information solutions, and space exploration. The Global Services Segment provides services to commercial and defense customers worldwide. The Boeing Capital Segment, under Boeing Capital Corporation (BCC), plays a vital role in ensuring customers have the necessary financing for acquiring Boeing products while managing overall financing exposure. Boeing has a workforce exceeding 140,000 individuals distributed throughout the United States and spanning over 65 countries. Boeing, with its worldwide presence, in regions like North America, South America, Middle East and Africa, Europe and Asia Pacific, continues to be a prominent force in the space and defense industry.