Space-Based Solar Power Market to Hit $902.2 Million by 2030 with 7.8% CAGR Growth

The space-based solar power market size was valued at $425.7 million in 2020, and is projected to reach $902.2 million by 2030, growing at a CAGR of 7.8% from 2021 to 2030. Space-based solar power generation involves the use of solar power generation system, which requires solar panels in space to produce solar power and transmit it to earth using microwave and laser transmitting satellite systems. Multiple benefits have been associated with space-based solar power such as it helps in generation of clean baseload electricity, does not emit nuclear radiations, and does not cooling systems.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/A07358

Significant development of the end-use industries such as chemical, mining, manufacturing, construction, and automotive propels the demand for electricity, which, in turn, is expected to drive the growth of the space-based solar power market, globally. In addition, surge in demand for power from space applications such as satellites and space vehicles notably contribute toward the growth of the market. However, high cost associated with launching, maintenance, and installation of space-based solar power systems is the key factor hampering the growth of the global space-based solar power market.

Depending on the solar satellite type, the laser transmitting solar satellite segment garnered the largest share of about 53.97% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to increase in demand for space-based solar power systems for providing power for satellites during eclipse, for orbital transfer vehicles, for solar array on the moon, and for electricity generation.

On the basis of application, the electricity generation segment holds the largest share, in terms of revenue, and is expected to continue this trend during the forecast period, owing to rise in energy demand along with cleaner generation of electricity across the globe.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest share contributor in 2020, and is anticipated lead during the forecast period, due to increase in investment & R&D toward space-based solar power and presence of large consumer base in the region.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/28695546acdb68bfbc7f196f12b2e46b

In addition, China and India have emerged as key hubs for space missions and solar power generation, thereby propelling the growth of the Asia-Pacific space-based solar power market from 2021 to 2030. Moreover, rise in awareness toward solar energy and its benefits in extracting solar power from space rather than earth-based solar power is expected to drive the growth of market in Asia-Pacific.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

In 2020, the microwave transmitting solar satellite segment accounted for about 46.0% of the share in the global space-based solar power market, and is expected to maintain its dominance during the forecast period.
In 2020, the laser transmitting solar satellite segment acquired share of 53.97% in 2020, and is anticipated to register CAGR of 8.3% during the global space-based solar power market forecast period.
The space applications segment is estimated to register the highest CAGR of 8.8% during 2021-2030.
North America is expected to grow at a CAGR of 9.1% throughout the forecast period.
In 2020, Asia-Pacific dominated the global space-based solar power market with more than 37.9% of the share, in terms of revenue.

The global market analysis covers in-depth information of the major space-based solar power industry participants. The key players operating and profiled in the report include Airborne, Azur Space Solar Power GmbH, CESI SpA, Fralock Innovative Materials Manufacturing & Automation, Japan Aerospace Exploration Agency, Northrop Grumman Corporation, Solaero Technologies Corporation, Solaren Corporation, SpaceTech GmbH, and the Boeing Company. Other players in the value chain include Solar Space Technologies, Space Canada Corporation, and DHV Technology and others.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A07358

The key players are adopting numerous strategies such as product launch, agreement, and business expansion to stay competitive in the space-based solar power market.

For instance, in May 2021, Northrop Grumman Corporation signed an agreement with Airbus Defense and Space for the design, develop, and produce 24 ship sets of solar arrays to support the OneSat satellite product line. The solar arrays will power the OneSat communication satellites in geosynchronous orbit.

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