Space-Based Solar Power Market Insight

Tech Innovation to Boost Growth in the Global Space-Based Solar Power Market Through 2030

WILMINGTON, DELAWARE, UNITED STATES, May 2, 2024 /EINPresswire.com/ -- Space-based solar power generation involves the use of a 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 the generation of clean baseload electricity, does not emit nuclear radiation, and does not have cooling systems. 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/7723

Significant development of the end-use industries such as chemical, mining, manufacturing, construction, and automotive propel the electricity demand, which, in turn, is expected to drive the growth of the space-based solar power market, globally. In addition, the surge in demand for power from space applications such as satellites and space vehicles notably contributes toward the growth of the market. However, the 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 an increase in demand for space-based solar power systems for providing power for satellites during eclipse, for orbital transfer vehicles, for solar arrays on the moon, and for electricity generation.

Based on 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 a rise in energy demand along with cleaner generation of electricity across the globe.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/7723

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 to lead during the forecast period, due to an increase in investment & R&D toward space-based solar power and the presence of a large consumer base in the region.

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, a 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 the market in Asia-Pacific.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Space-Based Solar Power industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐒𝐩𝐚𝐜𝐞-𝐁𝐚𝐬𝐞𝐝 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 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
the Boeing Company

The key players are adopting numerous strategies such as product launches, agreements, 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, development, and production of 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.

In addition, in January 2021, Boeing signed an agreement with NASA to supply solar arrays for the International Space Station (ISS). These new solar arrays will provide power supply to the orbiting laboratory. The installation of these solar arrays will begin in 2021.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/7723

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 a share of 53.97% in 2020 and is anticipated to register a 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.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐏𝐄𝐑𝐂 𝐒𝐨𝐥𝐚𝐫 𝐏𝐚𝐧𝐞𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/perc-solar-panels-market-to-garner-304-9-billion-globally-by-2032-at-8-2-cagr-allied-market-research-301889264.html

𝟐. 𝐒𝐦𝐚𝐫𝐭 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/smart-solar-power-market-to-reach-47-7-bn-globally-by-2031-at-13-6-cagr-allied-market-research-301642493.html

𝟑. 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐒𝐨𝐥𝐚𝐫 𝐂𝐞𝐥𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/en/news-release/2023/03/17/2629597/0/en/Transparent-Solar-Cells-Market-Is-Expected-to-Reach-83-5-Million-by-2031-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Market Research
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