Space-Based Solar Power Market Forecast
The Space-based Solar Power Market was valued at USD 0.6 billion in 2023 and is anticipated to grow from USD 0.75 billion in 2024 to USD 1.376 billion by 2032. This represents a compound annual growth rate (CAGR) of 9.00% during the forecast period (2024 - 2032). Key factors driving this growth include rising investments in sustainable power generation and the implementation of stringent government regulations aimed at reducing environmental pollution.
The global space-based solar power market is expanding because of the increase in investment in clean energy and the enforcement of strict government regulations to reduce pollution. However, the high costs and other drawbacks associated with space-based solar power are impeding the global market's growth. On the other hand, research and development directed at reducing the cost of space solar missions via enhanced technologies is anticipated to provide lucrative growth opportunities for major participants in the global space-based solar power market in the next few years.
Segment Analysis
The global space-based solar power market has been segmented into beam type, application, and end users.
On the basis of beam type, the market is segmented into Microwave Power Transmission and Laser Beam Power Transmission. The microwave power transmission segment was attributed to holding the largest market share in 2023 because of the scalability and flexibility of microwave power transmission. This has increased investors' and organizations' faith in them. Additionally, they enable the nearly energy-neutral, dependable transmission of electricity across long distances. As such, they present an optimal strategy for meeting the global need for renewable energy. It doesn't matter what time of day or night they operate in inclement weather.
Based on application, the global space-based solar power market has been segmented into Terrestrial and Space. The space segment was expected to hold the largest market share in 2023. It gives satellites in orbit a reliable and constant power source. Satellites require electricity for a variety of functions, including data collection, navigation, communication, and research instrumentation. These satellites' dependency on onboard batteries is reduced by the SBSP systems that give them a constant power source. Moreover, a wide range of space infrastructures, such as residences, research centers, and stations, rely significantly on solar energy produced in orbit.
Based on end users, the global space-based solar power market has been segmented into Government & Defense and Commercial. The government & defense segment was expected to hold the largest market share in 2023 because governments are making significant financial investments and taking the required steps to guarantee a steady supply of electricity and improve energy security. In addition, defense organizations require robustness and dependability, as well as a continuous energy source, to perform essential functions in challenging or isolated locations. Additionally, a number of nations' governments recognize the significance and promise of SBSP in addressing climate change by reducing reliance on oil and other fossil fuels. By doing this, the carbon footprint left by outdated power generation techniques will be decreased.
Regional Analysis
The global space-based solar power market share, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe space-based solar power market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The space-based solar power market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World space-based solar power market comprises the Middle East, Africa, and Latin America.
The largest market share for space-based solar power was maintained by the North American regional sector. The expansion of the market is attributed to an increase in the amount of money and resources spent on research and technological advancement. The participation of commercial companies and governmental agencies such as NASA promotes the global growth of the space-based solar power market. Ongoing partnerships and acquisitions in the US support potential market expansion.
Moreover, the Europe market has been persistently growing over the forecast period. The expansion of clean energy installation projects is expected to propel the European industry. European countries—especially those in Scandinavia—have come a long way in developing their renewable energy stocks. Furthermore, it is projected that throughout the projection period, the European market will rise due to increased knowledge of solar energy and its benefits over earth-based solar power in terms of obtaining solar electricity from space.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period due to the region's substantial consumer base and growing funding for research and development of space-based solar power. Moreover, China, Japan, and India have developed into significant hubs for solar energy production and space exploration, which will drive the Asia Pacific space-based solar power market to previously unheard-of heights.
Furthermore, the rest of the world's space-based solar power market is divided into the Middle East, Africa, and Latin America. Due to rising R&D and investment in space-based solar power, as well as the region's huge customer base, the rest of the world region held a sizable proportion of the space-based solar power market. Additionally, the rest of the world has become a major hub for solar power generation and space missions, driving growth in regional markets.
MRFR recognizes the following companies as the key players in the global space-based solar power market - Airborne, Japan Aerospace Exploration Agency, AZUR SPACE Solar Power GmbH, Fralock LLC, SpaceTech GmbH, Northrop Grumman, Solaren Corporation, Borrego Energy, LLC, Space Canada, and DHV Technology.
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