Space-Based Solar Power Market Forecasts to 2030 - Global Analysis By Satellite Type, End User and By Geography

According to Stratistics MRC, the Global Space-Based Solar Power Market is accounted for $577.8 million in 2023 and is expected to reach $1,222.4 million by 2030 growing at a CAGR of 11.3% during the forecast period. Space-based solar power generation refers to the usage of solar power-generating systems that use solar panels to generate solar power in orbit and then use laser and microwave-transmitting satellite systems to send the energy back to Earth. It utilizes satellites equipped with solar panels to capture solar energy unhindered by atmospheric interference, SBSP can help mitigate the environmental impacts associated with traditional energy sources by reducing greenhouse gas emissions and reliance on finite resources.

According to the National Space Society, space-based solar panels can generate 2,000 GW of power constantly, or about 40 times more energy than a solar panel would generate on Earth.

Market Dynamics:

Driver:

Increasing global requirement for energy consumption

SBSP involves capturing solar energy in space and transmitting it wirelessly to Earth, offering the potential for continuous power generation without the constraints of weather or location. As terrestrial solar farms face challenges like land availability and intermittency, SBSP presents an appealing alternative by harnessing sunlight in orbit and beaming it down as a consistent power source. With advancements in space technology and growing investments in renewable energy, the SBSP market is experiencing a surge in attention and development. As nations seek to meet their energy needs while mitigating carbon emissions, the prospect of space-based solar power offers a promising avenue for sustainable energy generation on a global scale

Restraint:

High initial investment

Developing, launching, and maintaining satellites equipped with solar panels and the necessary transmission infrastructure entails substantial costs. These expenses include research and development, manufacturing, rocket launches, and deployment logistics, making SBSP an expensive endeavor. The cutting-edge technology involved in converting solar energy in space into a usable form on Earth adds to the overall cost. Consequently, the daunting financial barrier deters potential investors and governments from fully committing to SBSP projects, slowing down the market's expansion.

Opportunity:

Increasing awareness regarding solar energy

As societies increasingly seek sustainable energy solutions, SBSP presents a promising avenue for generating clean and renewable electricity. Unlike terrestrial solar power systems, SBSP harnesses sunlight in space, where it is abundant and uninterrupted by atmospheric conditions or nighttime darkness. This heightened awareness of SBSP's potential benefits has spurred investment and research in the field, driving technological advancements and reducing costs associated with launching and maintaining solar power satellites.

Threat:

Spacecraft orbital slots are limited

Spacecraft orbital slots are finite resources governed by international agreements and regulatory bodies such as the International Telecommunication Union (ITU). These slots are essential for positioning satellites, including those intended for space-based solar power (SBSP) initiatives. The scarcity of orbital slots restricts the number of satellites that can be deployed, hindering the expansion of the SBSP market. However, competing demands from various industries, such as telecommunications and Earth observation, further intensify the competition for these slots.

Covid-19 Impact:

The pandemic disrupted supply chains, delayed manufacturing, and hindered workforce mobility, causing setbacks in project timelines and investments. This led to a slowdown in the development and deployment of space-based solar power systems. However, the pandemic also highlighted the vulnerabilities of traditional energy sources and emphasized the need for resilient and sustainable alternatives. As governments and industries worldwide sought to recover from the economic downturn while addressing climate change concerns, interest and investments in renewable energy, including space-based solar power, saw a resurgence.

The microwave transmitting solar satellite segment is expected to be the largest during the forecast period

Microwave Transmitting Solar Satellite segment is expected to be the largest during the forecast period. These satellites, positioned in space, capture solar energy with high efficiency and transmit it to receiving stations on Earth via microwave beams. This technology addresses key limitations of terrestrial solar power generation, such as weather dependency and limited daylight hours. Additionally, by operating in space, MTSS can continuously capture solar energy regardless of weather conditions or time of day, ensuring a consistent and reliable power supply.

The commercial segment is expected to have the highest CAGR during the forecast period

Commercial segment is expected to have the highest CAGR during the forecast period. Commercial involvement brings expertise in space exploration, satellite technology, and renewable energy, offering valuable resources to overcome technical challenges. Commercial ventures often operate with greater agility and flexibility compared to governmental entities, enabling faster iteration and adaptation of SBSP concepts. Moreover, partnerships between commercial companies and government agencies facilitate the sharing of knowledge and resources, further stimulating market growth.

Region with largest share:

Asia Pacific region commanded the largest share of the market over the extrapolated period. By leveraging advanced robotics and automation technologies, countries in the Asia Pacific region can efficiently deploy, maintain, and repair space-based solar power infrastructure. This enhances the region's competitiveness in the SBSP market by reducing operational costs, increasing reliability, and minimizing human intervention in space missions. Additionally, the integration of robotics allows for more precise construction and assembly of solar power satellites, optimizing their performance and lifespan in the region.

Region with highest CAGR:

Europe region is projected to hold profitable growth during the forecast period. With increasing concerns about climate change and the need for clean energy sources, governments in the region are implementing policies and regulations to promote renewable energy technologies like SBSP. In Europe, initiatives such as the European Green Deal and various national energy strategies emphasize the importance of transitioning towards sustainable energy sources. These regulations in the region provide incentives, subsidies, and funding opportunities for research and development in SBSP technologies, thereby fostering innovation and market expansion.

Key players in the market

Some of the key players in Space-Based Solar Power market include National Aeronautics and Space Administration, AZUR SPACE Solar Power, Borrego Energy, China Aerospace Science and Technology Corporation, DHV Technology, Fralock, Japan Aerospace Exploration Agency, Northrop Grumman, Raytheon Technologies, Sierra Nevada Corporation, Solaren Corporation and Spacetech GmbH.

Key Developments:

In July 2023, Thales Alenia Space was chosen by European Space Agency (ESA) to do a feasibility study for the SOLARIS initiative, which will determine the viability of a project to provide clean energy from spaceborne solar power plants to meet requirements down on Earth.

In January 2023, Japan has recently joined the ranks of countries interested in developing space-based solar power technology. Their plan involves launching solar panels into orbit and transmitting the generated electricity back to the ground using microwave beams. Prior to this, the UK and China have also expressed their interest in exploring this innovative technology.

In January 2023, The Space Solar Power Demonstrator (SSPD) was launched into orbit by the California Institute of Technology. This ambitious project aims to wirelessly transmit electricity over long distances, with the goal of providing power to regions that currently suffer from unreliable access to electricity.

In December 2022, Researchers at Airbus' X-Works Innovation Factory in Germany achieved successful electrical power transmission using microwaves from a photovoltaic panel to a receiver. The beamed energy illuminated a model city and powered a hydrogen engine and a fridge with alcohol-free beer. Airbus' wireless transmission system currently reaches approximately 100 feet (30 meters). Engineers express confidence in extending this range to space within the next decade, reflecting ongoing advancements in energy transmission technology.

Satellite Types Covered:

• Laser Transmitting Solar Satellite
• Microwave Transmitting Solar Satellite
• Other Satellite Types

End Users Covered:

• Commercial
• Government & Defense
• Electricity Generation
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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