Space Solar Cells Market : Revenue Share, Insights & Future Outlook

What Is Driving Growth in the Global Space Solar Cells Market?

The global market for Space Solar Cells was valued at US$ million in the year 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of % during the forecast period.

From the very beginning of the space satellite industry, most of the spacecraft rely on the use of photovoltaic solar energy as the main power supply: to run the sensors, to active heating, to telemetry, to the cooling system, etc. and even in some cases to propulsion the spacecraft.

Download Free Data: https://reports.valuates.com/request/sample/QYRE-Auto-17Q8026/Global_Space_Solar_Cells_Market_Insights_Forecast_to_2028?utm_source=Openpr&utm_medium=Referral

How Are Government Policies Worldwide Impacting the Space Solar Cells Industry?

Solar power generation is the predominant method of power generation on small spacecraft. As of 2020, approximately 85% of all nanosatellite form factor spacecraft were equipped with solar panels and rechargeable batteries. Photovoltaic cells, or solar cells, are made from thin semiconductor wafers that produce electric current when exposed to light.

While single junction cells are cheap to manufacture, they carry a relatively low efficiency, usually less than 20%, and are not included in this report. Modern spacecraft designers favor multi-junction solar cells made from multiple layers of light-absorbing materials that efficiently convert specific wavelength regions of the solar spectrum into energy, thereby using a wider spectrum of solar.

China has implemented the Renewable Energy Law since 2006, in which Article 4 clearly states that the State gives first priority to the exploration of renewable energy. Over the years, various departments of the Chinese government have successively issued a large number of policies, covering production, sales, taxation, subsidies and other aspects. After setting the carbon neutrality goal in 2021, from a national perspective, the upgrading of the energy structure is ever imperative, and therefore the optoelectronic industry has great potential.

The European Commission released the Net-Zero Industry Act in 2023. This bill aims to stimulate local manufacturing in Europe, reduce import dependence on China, and ensure that at least 40% of the EU's clean energy demand can be met by 2030. The EU targets an installed solar capacity of 600 GW. Overall, the European market still has a lot of room for development.

The US 2022 release of the Inflation Reduction Act includes $369 billion for energy security and climate change investments. For the photovoltaic industry, the bill stimulates its development from multiple aspects such as corporate and individual tax credits, production subsidies, and loans throughout the industry chain, and revitalizes the domestic manufacturing industry in the United States.

Japanese authorities plan to make solar panels mandatory for new residential buildings in Tokyo from 2025 onwards. It is estimated that by 2030, photovoltaic power generation will account for 14%-16% of Japan's total power generation, and the cumulative installed capacity of photovoltaic systems will be about 117.342 GW.

Which Companies Are Leading Innovation in the Space Solar Cells Market?

Segmentation of the Space Solar Cells Market

By Type
• Triple Junction Solar Cell
• Quadruple Junction Solar Cell

By Application
• Space Solar Panel
• Space Solar Array

Key Companies in the Space Solar Cells Market
• Rocket Labs (SolAero Technologies): Specializes in advanced solar cell technologies tailored for space applications, powering satellites and spacecraft with innovative multi-junction solutions.
• Spectrolab: A leader in high-efficiency multi-junction solar cells designed for demanding aerospace missions and long-duration space programs.
• Azur Space: Known for manufacturing space-grade solar cells and arrays optimized for extreme space environments with proven performance in satellite platforms.
• Sharp: A pioneer in photovoltaic technology with strong expertise in space solar panel production, delivering reliable solutions for global space missions.
• CETC Solar Energy Holdings: Focuses on high-performance solar energy solutions, with specialized products for aerospace and defense applications.
• MicroLink Devices: Specializes in epitaxial lift-off solar cells for high-efficiency lightweight applications, making them ideal for advanced nanosatellites.
• CESI: Provides cutting-edge photovoltaic technologies and testing services for space missions, ensuring durability and efficiency in orbit.
• Bharat Heavy Electricals Limited (BHEL): Offers advanced solar cell modules, with proven expertise in energy and aerospace projects across India and international markets.
• O.C.E Technology: Specializes in supplying high-reliability space-grade components, including solar technologies that meet stringent aerospace standards.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-17Q8026/global-and-china-space-solar-cells?utm_source=Openpr&utm_medium=Referral

Email Id:
Please reach us at sales@valuates.com

Address:
Valuates,
4th Floor,
Balaraj's Arcade,
Whitefield Main road,
Bangalore 560066

Valuates offers an extensive collection of market research reports that helps companies to take intelligent strategical decisions based on current and forecasted Market trends.

This release was published on openPR.