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Future of the Space-Based Solar Arrays Market: Strategic Analysis and Forecast to 2034
Space-Based Solar Arrays
Space-Based Solar Arrays Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market for solar arrays in space has experienced a rapid expansion in recent years. Its growth is projected to increase from $2.94 billion in 2024 to $3.31 billion in 2025, with a compound annual growth rate (CAGR) of 12.5%. The notable growth during the historic period is linked to the growing energy demands for space outings, gains in military and strategic positioning, enhancements in the efficiency and materials of solar cells, rising apprehensions about fossil fuels and climate alterations, as well as the International Space Station (ISS) and sizeable space structures.
Space-Based Solar Arrays Market Size Forecast: What's the Projected Valuation by 2029?
It is anticipated that the market size for space-based solar arrays will experience a quick expansion in the forthcoming years. The market's worth will elevate to $5.25 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 12.2%. The predicted expansion during the forecast period can be linked to the increase in demand for satellite power systems, investments made by governments and defense sectors in space infrastructure, incremental private sector space launches and mega-constellations, potentials in renewable energy and off-planet power, and enhancements in launch economics and system performance. Notable trends within the forecast period encompass CIGS thin-film solar modules, integrated power and propulsion systems, progress in solar energy conversion, smart, self-deploying array systems, and the use of 3D printing and in-space manufacturing of arrays.
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What Are the Drivers Transforming the Space-Based Solar Arrays Market?
The space-based solar arrays market is predicted to expand, propelled by increasing interest in sustainable energy solutions. These solutions encompass energy systems and technologies which fulfill current needs without jeopardizing the capacity of future generations to meet theirs - a drive fueled by heightened awareness of climate change prompting both consumers and businesses to turn towards cleaner, renewable energy options. Space-based solar arrays contribute to this advancement by harnessing the almost limitless solar energy in space, where sunlight is undiminished and significantly more potent than on Earth's surface, before wirelessly conveying this energy back to Earth for use as clean electricity. In fact, as reported by the U.S. Energy Information Administration, a semi-independent US agency, total regional solar electricity production in the U.S. was at 217.3 billion kilowatt-hours in 2024 with an estimation to escalate to 350.4 billion kilowatt-hours by the year 2026. Thus, the increasing preference for sustainable energy solutions is contributing to the expansion of the space-based solar arrays market.
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What Long-Term Trends Will Define the Future of the Space-Based Solar Arrays Market?
Leading businesses in the sphere of space-based solar arrays are prioritizing technological innovation like space-based solar power (SBSP) transmission simulation examinations to elevate the creation of clean power by wirelessly sending solar energy from space to the Earth, conceivably transforming the worldwide renewable energy field. SBSP transmission simulation test denotes a methodical test or experiment established to mimic the procedure of harnessing solar power in space and wirelessly sending it, generally using microwave or laser beams, to a receiving device on the Earth. For example, in June 2022, Xidian University, a public institution in China, created and tested a terrestrial system for sending solar power from space to Earth, with the aspiration to inaugurate a comprehensive space-based solar power plant by 2028 under the OMEGA project. External experts verified the test, signifying a substantial development in vital technologies like light concentration, microwave transmission, and beam control. This achievement propels the objective of setting up space-based solar energy by 2030.
Which Segments in the Space-Based Solar Arrays Market Offer the Most Profit Potential?
The space-based solar arrays market covered in this report is segmented -
1) By Component: Solar Panels, Power Transmission Systems, Energy Storage Systems, Other Components
2) By Deployment: Low Earth Orbit, Medium Earth Orbit, Geostationary Orbit, Other Deployments
3) By Application: Commercial, Defense, Other Applications
4) By End-User: Government, Private Sector, Other End-Users
Subsegments:
1) By Solar Panels: Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-Film Solar Panels, Multi-Junction Solar Cells
2) By Power Transmission Systems: Microwave Transmission Systems, Laser Transmission Systems, Wireless Power Transmission (WPT) Modules
3) By Energy Storage Systems: Lithium Ion Batteries, Solid State Batteries, Capacitor Based Storage, Thermal Energy Storage
4) By Other Components: Deployment Mechanisms, Control and Monitoring Systems, Antenna Systems, Structural Support Materials
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Which Firms Dominate the Space-Based Solar Arrays Market by Market Share and Revenue in 2025?
Major Companies operating in the space-based solar arrays market are The Boeing Company, Airbus SE, Northrop Grumman Corporation, Thales Alenia Space SAS, OHB SE, Rocket Lab USA Inc., Spectrolab Inc., GomSpace A/S, NanoAvionics LLC, SolAero Technologies Corp., Innovative Solutions In Space B.V. (ISISPACE), DHV Technology S.L., Pumpkin Inc., MMA Design LLC, Virtus Solis, ARTEMIS Innovation Management Solutions LLC, Orbital Composites Inc., 3K SpaceTech Pvt Ltd., Aetherflux Inc., lvior Technologies Inc.
Which Regions Offer the Highest Growth Potential in the Space-Based Solar Arrays Market?
North America was the largest region in the space-based solar arrays market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space-based solar arrays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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