Space-Based Solar Power Market Forecast - 2030
The global space-based solar power market size was valued at $425.7 million in 2020, and is expected to reach $902.2 million by 2030, registering a CAGR of 7.8% from 2021 to 2030. Space-based solar power is the solar power extracted from space by using solar power satellite and subsequently transmitting it to receiving station on earth. This space-based solar power is used in applications such as electricity generation and space applications. Space-based solar power major finds it application in satellites, space vehicles, rovers, and to power space infrastructure. Its key benefit of is that it harnesses more solar energy than earth-based solar power stations.
The growth of the global space-based solar power market is driven by rise in investment toward sustainable power generation and implementation of stringent government regulations toward environment pollution. However, high cost and some disadvantages associated with space-based solar power are the key factors hampering the growth of the global market. On the contrary, R&D toward lowering the cost of space solar mission by improving technologies is anticipated to provide lucrative growth opportunities for the key players to strengthen their position in the global space based solar power market in the upcoming years.
The global space-based solar power market is segmented into solar satellite type, application, and region. Depending on solar satellite type, the market is bifurcated into microwave transmitting solar satellite and laser transmitting solar satellite. As per application, it is classified into electricity generation and space applications. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Other players in the value chain of include Solar Space Technologies, Space Canada Corporation, and DHV Technology.
The report includes the study of the space-based solar power market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Global space-based solar power market, by solar satellite type
By solar satellite type, the laser transmitting solar satellite segment held the largest market share in global space based solar power market in 2020, owing to increase in demand for space-based solar power from applications such as providing power for satellites during eclipse, powering orbital transfer vehicles, power to solar array on the moon, and for electricity generation.
By Solar Satellite Type
Laser Transmitting Solar Satellite segment is projected as the most lucrative segment.
Global space-based solar power market, by application
On the basis of application, the electricity generation segment dominated the global space based solar power market in 2020, in terms of share. This growth is attributed to rise in energy demand along with cleaner generation of electricity across the globe. In addition, rise in demand for power generation from the economic growth perspective is expected to drive the growth of the market during the analyzed timeframe.
By Application
Electricity Generation is projected as the most lucrative segment.
Space-based solar power market, by region
Asia-Pacific garnered the highest share in the space based solar power market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to rise in investment and R&D toward space-based solar power and the presence of huge 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, 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 during the forecast period.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
COVID-19 impact on the market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for electricity from these consumers. In addition, funding for space missions and R&D activities on development of space-based solar power were on hold. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the space-based solar power market is expected to recover by the second quarter of 2021 as COVID-19 vaccination began in various economies across the globe, which is expected to improve the global economy and restarts R&D facilities and manufacturing operations.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative global space-based solar power market analysis of the current market trends and future estimations from 2021 to 2030 to determine the prevailing space-based solar power market opportunities.
- A comprehensive analysis of the factors that drive and restrict the global space-based solar power market growth is provided.
- Global space based solar power market estimations are based on factors impacting the market growth, in terms of value.
- Profiles of leading players operating in the space based solar power market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable global space based solar power market growth.
Space-Based Solar Power Market Report Highlights
| Aspects | Details |
 By SOLAR SATELLITE TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | CESI SPA, FRALOCK INNOVATIVE MATERIALS MANUFACTURING & AUTOMATION, THE BOEING COMPANY, SPACETECH GmbH, JAPAN AEROSPACE EXPLORATION AGENCY, NORTHROP GRUMMAN CORPORATION, SOLAREN CORPORATION, AZUR SPACE SOLAR POWER GmbH, AIRBORNE, SOLAERO TECHNOLOGIES CORPORATION |
Analyst Review
As per the insights of CXOs of the leading companies, Asia-Pacific and North America exhibit high growth potential, owing to rise in demand for electricity from various industries rapid industrialization. Asia-Pacific is further expected to provide lucrative opportunities to leading space-based solar power product manufacturers, owing to its huge potential to set up manufacturing plants and surge in R&D activities toward space-related solar power generation operation.
Advantages associated with space-based solar power such as high solar power extraction, 24/7 power availability and no requirement for cooling system as compare to earth-based solar power are the key factor driving the growth of the global space-based solar power market during the forecast period. In addition, implementation of stringent government regulations toward environmental pollution owing to the use of conventional fuel sources such as coal, oil, nuclear and others for power generation is expected to drive the growth of the market during the analyzed time frame. However, challenges associated with making lower weight, low cost, and more efficient space-based solar system is expected to hamper the market growth from 2021-2030. On the contrary, R&D & rise in attention towards SBSP and partnerships/collaborations for SBSP missions among key economies across the globe are anticipated to provide remunerative opportunity for the key players to maintain the pace in the space-based solar power market in the upcoming years.
Renowned global market leaders such as Azur Space Solar Power GmbH, Northrop Grumman Corporation, the Boeing Company, and Airborne are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on agreement, business expansion, and product launch to cater to the increasing demand for space-based solar power.
Surge in demand for electricity from developed and developing economies and better alternative to other power generating sources are key factors drives the space-based solar power market growth during the forecast period.
R&D & rise in attention towards SBSP and partnerships/collaborations for SBSP missions among key economies across the globe are expected to be the key trend in the space-based solar power market.
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The potential customers of the space-based solar power market are electricity consumers, space vehicles, space infrastructure and others.
On the basis of solar satellite type, laser transmitting solar satellite segment will drive the space-based solar power market growth during the forecast period. On the basis of application, electricity generation segment will drive the growth of the space-based solar power market.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
The key growth strategies adopted by space-based solar power market players are product launch, business expansion, and agreement.
Top players in the space-based solar power market are 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.
In terms of revenue, the market size of space-based solar power market is anticipated to reach $902.3 million by 2030, growing at CAGR of 7.8% from 2021 to 2030.
Asia-Pacific will provide business opportunities for space-based solar power market during the forecast period. This is attributed to the huge 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, 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.
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