Global Space Based Solar Power Market Size, Share & Trends Analysis Report, By Satellite Type, By Application, By Region Forecasts, 2024 – 2032

Global Space Based Solar Power Market Size, Share & Trends Analysis Report, By Satellite Type, By Application, By Region Forecasts, 2024 – 2032

Global Space Based Solar Power Market was valued at US $ 425.7 million in 2023 and is expected to reach US $ 902.2 million by 2032 growing at a CAGR of 7.8 % during the forecast period 2024 – 2032.

Solar power in space (SBSP) employs solar power satellites to gather solar energy and relay it back to ground-based receiving stations. The use of solar technology extends beyond Earth's atmosphere because sunlight is always available, stronger, and unaffected by the weather. Second, the energy that has gathered in orbit is brought back to Earth via laser and microwave beams, where it is once more transformed into electrical energy that can be used in homes. When delivering automation, two of the main factors to be considered are reliability and operation optimisation. Additionally, automation lowers the total cost of solar power systems installed in space. Clean, green, and eco-friendly renewable energy sources are generating a lot of buzz in this development area and are predicted to significantly accelerate its growth in the near future. Given the increased interest in sustainable technology around the world as a means of meeting energy needs and also cutting carbon emissions, space-based solar power systems are appealing.

This suggests that SBSP may be able to help with a number of issues pertaining to space missions and infrastructure. Essentially, the primary purpose of SBSP is to provide electrical power to spacecrafts, satellites, and rovers. These devices make use of the plentiful solar energy that originates from space. As a result, they depend on finite energy resources and can function for extended periods of time without needing to be refilled. For space missions requiring extended space travel or excursions into deep space, SBSP can provide a dependable and persistent energy source. Future expeditions to the Moon and Mars, where dependable power is essential, would benefit from SBSP. This means fewer supply flights will be required, and space exploration will be more reasonably priced and prolonged. Although the energy collected by SBSP can be used in space, it can also be brought to Earth and used here as power for a variety of uses. These earthly receiving stations have the ability to transform the energy they receive into usable electricity that can power homes, businesses, and cities alike. This has the potential to drastically alter how we produce and use energy. In order to lower carbon emissions and promote cleaner fossil fuel substitutes, such a plan is essential.

“Microwave Transmitting Solar Satellite segment, by satellite type, to be dominating market from 2023 to 2030.”

Many nations are attempting to locate an alternate power source from space as the globe searches for more and more renewable energy to address the problem of global warming. Adopting solar satellites that transmit microwaves, which are arguably groundbreaking, becomes imperative. When compared to other options, solar satellites that can produce a pure and clean power source offer a superior answer. Consequently, making a major contribution to sustainability and cleanliness.

“Electricity generation segment, by application, to be dominating market from 2023 to 2030.”

The production of electricity was the major part in a global setting. This relatively big proportion is attributable mainly to the increase in sectoral energy demands and growing interest in green energy generation. This unlimited and constant supply of renewable solar energy can be used to produce electricity non-stop which will certainly mean there always is reliable and constant generation of energy at all times.

“North America to be largest and fastest growing region in space based solar power market.”

In terms of market share, North America dominated the world market. In that region, the United States now holds a significant market share for space-based solar energy. Prominent industry players who actively participated in the development of SBSP technology, such as Solaren Corporation and Northrop Grumman, made noteworthy contributions to its creation. Investigations exploring the application of this technology as a sustainable energy option are being funded by the regional administration. It encourages technological innovation in space-based energy production, which can be effectively applied to foster the expansion of new markets in the area.

APAC is also anticipated to see very high growth rates. Increased investments and research and development efforts into space-based solar power technology have been the primary forces behind the increase. Furthermore, the close proximity to a substantial client base is a contributing factor to the market's quick expansion. Furthermore, China and India have emerged as significant participants in space exploration and solar power generation, supporting the expansion of the regional industry. The introduction of space-based solar energy in this area is aided by the expansion of such facilities.

Space based solar power Competitive Landscape

The competitive landscape of the Space based solar power market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Space based solar power technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Space based solar power market is highly competitive, with numerous companies vying for market share. Prominent companies in the Space based solar power Market include:

Major Players:

Airborne, Space Canada, AZUR SPACE Solar Power, SpaceTech, Borrego Energy, Solaren Corporation, DHV Technology, Northrop Grumman, Fralock, Japan Aerospace Exploration Agency.

Recent Developments:

Japan was mentioned as one of the nations interested in developing space-based solar energy equipment in January 2023. They intend to launch solar panels that will use microwaves to reflect the energy produced back to Earth. China and the UK have expressed a strong desire to test this cutting-edge technology.

The California Institute of Technology launched the Space Solar Power Demonstrator (SSPD) into orbit in January 2023. The goal of this enormous project is to provide long-distance, dependable wireless transmission for power delivery to areas that are currently unreliable in their access to electricity.

By 2028, as planned for June 2022, China wants to install a new solar power station in Space. The main objective of the solar is to collect solar energy and transform it into an electric energy that is later translated either into lasers or microwaves.