Space Based Solar Power Market Forecast to Reach $0.85 Billion by 2025

The Global Market for Space-based solar power (SBSP) is forecast to reach $0.85 Billion by 2025, growing at a CAGR of 7.2% from 2020 to 2025. Solar power in space is available in vast amounts in contrary to terrestrial solar power plants that appears to be irregular owing to the lack of sunshine due to the presence of cloud in varying climatic conditions. Space based solar power can operate irrespective of cloud cover, sunshine, or wind direction as unobstructed sunlight is available in the space. This is set to pave the way for Space based solar power (SBSP) Market during the forecast period 2020-2025. With the growing installations of ground-based or floating solar farms is estimated to result in controversies related to the land use and environmental protection in the future. This is set to shift the focus of researchers to explore the unknown potential of space based solar power generation in the future as well

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Space Based Solar Power (SBSP) Market Segment Analysis - By Satellite Design Type

Laser transmitting satellite segment is anticipated to witness the significant Market growth during the forecast period 2020-2025. Laser transmitting satellite travels only in a low Earth orbit (LEO) which around 400 km above the earth surface. These types of satellite have less weight in comparison to microwave transmitting satellite and the option is more cost-effective in terms of launch as well as operation, which is estimated around $500 million. In addition, the satellite can be launched with only a single rocket, minimizing the expense and time of development substantially. These types of satellite work with the solar power beaming method using a diode-pumped beam alkali laser. These lasers are small with an incredible high performance and are efficient enough to beam electricity to the planet. In particular, the first demonstration of this satellite took place in 2002 at Lawrence Livermore National Laboratory (LLNL) and is still being built today. It is a smaller satellite with a correspondingly smaller capacity of around 1 to 10 megawatts. This satellite can be used as the strongest part of a network of identical satellites. With advancements in laser technology in the future the laser transmitting satellite-based space solar power is set to gain more traction.

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Space Based Solar Power (SBSP) Market Segment Analysis - By Geography

North America region held the highest Market share in 2019 and is anticipated to witness significant Market growth during the forecast period 2020-2025. The Market growth is attributed to factors including rising investments in research and development activities by the government bodies such as NASA along with the participation of private organizations. In addition to it, ongoing alliances, and acquisitions in the U.S contributes towards the Market growth in this region. The development of the idea of the SPS-ALPHA Mark-II (Solar Power Satellite by means of Arbitrarily Large Phased Array) is under way. Succession of this project will allow massive systems to be installed in space that would transmit tens of thousands of megawatts of electricity to earth remotely through wireless power transmissions. This will also allow earth and space project missions to have inexpensive electricity. Furthermore, deployment of reusable launch vehicles would reduce the expense of space transportation and the total cost of solar power centred in space. For instance, SpaceX, currently working on recycled launch vehicles that can be deployed for space transport. Moreover, among the APAC region key players in SBSP Market including China and Japan have shown progress in terms of technological advancements, partnerships, and launch plans. The China Aerospace Science and Technology Corporation is preparing to launch small to medium solar satellites in the stratosphere that will tap energy in space. China has plans to produce one megawatt of electricity from space-based solar panels and to run a solar space station that will be economically feasible in the years ahead. Researchers in Japan have successfully wirelessly distributed electric power using microwaves. Researchers converted 1.8 kW of electrical power into microwaves and transmitted it reliably into a 55-meter-distance receiver. Japan has also integrated space-based solar systems into its futuristic view of space exploration. Thus, the progression of the key player in the APAC countries towards the space based solar power projects it set to drive the Market during 2020-2025.

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Space Based Solar Power (SBSP) Market Drivers

SBSP being a better alternative to other power generating sources

Space based solar power is poised to be a better alternative to other power generating sources on earth including coal-based power plant, nuclear power plant, solar power plant and others. SBSP has the capacity to produce and provide a constant supply of power to the world owing to the lack of any environmental issues in the space. It operates independent of the temperature, speed of the wind, daylight, and seasons. In addition, SBSP has a wireless power distribution system that makes it easier to transmit electricity across the world. These benefiting factors are set to boost the Market during the forecast period 2020-2025.

Space Based Solar Power (SBSP) Market Challenges

Higher Launch Cost

The cost of space based solar power systems is several times more than any other land-based power generation system. The deployment of mono-crystalline silicon solar cells with 14 percent efficiency as compared to triple junction gallium arsenide solar cells with 28 percent efficiency are very costly. The significantly high product development time, satellite cost, launch and operation cost owing to the complexities of space-based systems is analyzed to be the major challenge impeding the Market growth currently. However, with time and particularly with growing commercialization in the space industry, more launch missions will decrease the launching and operational costs.

Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Space based solar power (SBSP) Market. As of 2019, the Market for Space based solar power (SBSP) Market is consolidated with the top players including Space Energy, Inc., Solaren, Inc, Northrop Grumman Corporation, Space Exploration Technologies Corp., Blue Origin Federation, LLC, Jaxa, and among others.

Acquisitions/Technology Launches/Partnerships

In December 2019, Northrop Grumman Corporation has partnered with Caltech to build up the 'Space Solar Power Initiative' project for space solar power. The total investment made amounts to $17.5 million. The aim of the initiative was to build scientific and technological advances that would allow a space-based solar energy system to produce electricity at a price comparable to current electricity sources.

Key Takeaways

Laser transmitting satellite segment is anticipated to witness the significant Market growth during the forecast period 2020-2025. This growth is due to lower weight and cost of the satellite in comparison to microwave transmitting satellite.

North America region is estimated the attribute for the largest share in 2019 and is also set to witness significant Market growth during the forecast period 2020-2025. The Market growth in this region is attributed to factors including presence of developed countries, technological advancements, investments from key Market players and others.

Related Reports :

A. Floating Solar Farm Market
https://www.industryarc.com/Report/19361/floating-solar-farm-market.html

B. Africa Solar Energy Market
https://www.industryarc.com/Report/19053/africa-solar-energy-market

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