Global Space Based Solar Power Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2022 –2029 |
 Market Size (Base Year) |
USD 455.00 Million |
 Market Size (Forecast Year) |
USD 848.43 Million |
 CAGR |
% |
| Major Markets Players |
Global Space-based Solar Power Market, By Solar Satellite Type (Microwave Transmitting Solar Satellite, Laser Transmitting Solar Satellite), Application (Electricity Generation, Space Applications) – Industry Trends and Forecast to 2029
Space-based Solar Power Market Analysis and Size
The space-based solar power market is anticipated to witness significant growth during the forecast period. Solar power is available in vast amounts in space contrary to terrestrial solar power plants, which appear to be irregular due to the lack of sunshine and the presence of cloud in varying climatic conditions. Furthermore, the “laser transmitting solar satellite” is the highest growing satellite segment due to increase in the demand for space-based solar power from applications such as powering orbital transfer vehicles, providing power for satellites during an eclipse, power to solar array on the moon, and for electricity generation over the forecast period of 2022-2029.
Global space-based solar power market was valued at USD 455.00 million in 2021 and is expected to reach USD 848.43 million by 2029, registering a CAGR of 8.10% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.
Report Scope and Market Segmentation
|
Report Metric |
Details |
|
Forecast Period |
2022 to 2029 |
|
Base Year |
2021 |
|
Historic Years |
2020 (Customizable to 2014 - 2019) |
|
Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
|
Segments Covered |
Solar Satellite Type (Microwave Transmitting Solar Satellite and Laser Transmitting Solar Satellite), Application (Electricity Generation and Space Applications) |
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Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
|
Market Players Covered |
AIRBORNE (U.S.), ZUR SPACE Solar Power GmbH (Germany), Fralock Holdings, (U.S.), JAPAN AEROSPACE EXPLORATION AGENCY (Japan), NORTHROP GRUMMAN (U.S.), Borrego Energy, LLC (U.S.), SOLAREN CORPORATION (U.S.), SPACETECH GmbH (Germany), Space Canada (Canada), DHV Technology (Spain) |
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Market Opportunities |
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Market Definition
Space-based solar power generation includes the use of solar power generation system that involves solar panels in space for the generation of solar power and transmit it to earth by using laser and microwave transmitting satellite systems. Several benefits have been associated with the space-based solar power. For example, it does not emit nuclear radiation, it helps in generating clean baseload electricity and does not cooling systems.
Space-based Solar Power Market Dynamics
Drivers
- Rising awareness towards solar energy
Increase in awareness toward the use of solar energy and its benefits to extracting solar power from space instead of earth-based solar power is anticipated to drive the growth of the space-based solar power market
- Acceleration of eco-friendly and sustainable source
The space–based solar power harness the power of the sun to produce electricity. This energy-producing technology is one of the most environmentally friendly. They are providing power for satellites during power to solar array on the moon, eclipse, powering orbital transfer vehicles for electricity generation and offer a variety of advantages. Consequently, these environment-friendly features boost the demand for space-based solar power, which directly impacts the market growth during the forecast period.
Moreover, the utilization of renewable energy sources will encourage the expansion of industry. Also, the factors such as rapid urbanization along with the rising awareness regarding the profits of using solar energy will further foster the market's growth.
Opportunities
- Increasing technological advancements
Furthermore, the technological advancements in the design of wind turbine materials, such as glass composites, to reduce the cost of maintenance and installation will further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Smaller, less expensive, and simpler to carry and assemble components are built using contemporary glass composites. These parts are additionally simple to install and fix. As a result, installation and upkeep costs decrease, aiding the market expansion.
- Many favourable government policies
Government stringent regulations for controlling environmental pollution are projected to boost the growth rate of the space-based solar power market during the forecast period. Furthermore, governments provide various incentives that lower the prices of targeted product, which is projected to improve the market for space-based solar power. As a result, the favorable government regulations and policies associated with greener energy initiatives and the reduction of carbon footprint will create immense opportunities for the space-based solar power market.
Moreover, research and development activities towards lowering the price of space solar mission by improving technologies is also expected to offer lucrative growth opportunities for the major market players to strengthen their position in the global market in the upcoming years.
Restraints/Challenges.
- High costs
The space-based solar power growth rate is slowed due to its high capital cost. Moreover, there are some additional logistical challenges associated with space-based solar power. The high space-based solar power cost, installation and maintenance expenses, and transportation costs. As a result, the cost limitations will create significant challenge to the market expansion for space-based solar power.
This space-based solar power market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the space-based solar power market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Space-based Solar Power Market
The outbreak of COVID-19 pandemic has affected several industries and nations due to this imposed lockdowns, temporary ban on import, export, manufacturing and processing activities across the globe. Furthermore, funding for R&D activities and space missions on the development of space-based solar power were on hold. This resulted in a decrease in the growth of the market in the second, third, and fourth quarters of 2020. However, the space-based solar power market is anticipated to recover by the second quarter of 2021 as COVID-19 vaccination began in many economies overall the globe, which is anticipated to recover the global economy, manufacturing operations and restart R&D facilities.
Recent Developments
- In May 2021, Northrop Grumman Corporation signed a contract with Airbus Defense and Space for develop, design and produce 24 ship sets of solar arrays to support product line of OneSat satellite. These solar arrays will power OneSat communication satellites in geosynchronous orbit.
- In January 2021, Boeing had signed a contract with NASA to supply solar arrays for International Space Station (ISS). The installation of this solar arrays will begin in 2021. This new solar arrays will offer power supply to orbiting laboratory.
Global Space-based solar power Market Scope
The space-based solar power market is segmented on the basis of solar satellite type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Solar Satellite Type
- Microwave Transmitting Solar Satellite
- Laser Transmitting Solar Satellite
Application
- Electricity Generation
- Space Applications
Space-based solar power Market Regional Analysis/Insights
The space-based solar power market is analyzed, and market size insights and trends are provided by country, solar satellite type and application as referenced above.
The countries covered in the space-based solar power market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the space-based solar power market in terms of market share and revenue due to increased awareness towards the use of solar energy and its profits in extracting solar power from space rather than earth-based solar power in this region.
North America, on the other hand, is projected to show lucrative growth during the forecast period of 2022 to 2029 due to increasing investments in research and development activities by government organizations such as NASA with the participation of private organizations in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Space-based solar power Market Share Analysis
The space-based solar power market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to space-based solar power market.
Some of the major players operating in the space-based solar power market are
- AIRBORNE (U.S.)
- ZUR SPACE Solar Power GmbH (Germany)
- Fralock Holdings, (U.S.)
- JAPAN AEROSPACE EXPLORATION AGENCY (Japan)
- NORTHROP GRUMMAN (U.S.)
- Borrego Energy, LLC (U.S.)
- SOLAREN CORPORATION (U.S.)
- SPACETECH GmbH (Germany)
- Space Canada (Canada)
- DHV Technology (Spain)
SKU-
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available
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