Space-Based Solar Power Market Size, Share & Industry Analysis By Solar Satellite Type (Microwave Transmitting Solar Satellite, Laser Transmitting Solar Satellite), By Application (Space-Based Application, Electricity Generation) And Regional Forecast, 2024-2032

Solar energy extracted from space using a solar power satellite and transmitted to a receiving station on earth is space-based solar power. Satellites, space vehicles, rovers, and powering space infrastructure are all examples of space-based solar power. Its main advantage is that it captures more solar energy than solar power installations on the ground.

The surge in investment in sustainable power generation and the implementation of stringent government rules to combat pollution are driving the growth of the space-based solar power market. Space-based solar power has several advantages, including generating clean base-load electricity, the absence of radioactive radiation, and the absence of cooling equipment. Furthermore, the spike in demand for electricity from space applications such as satellites and space vehicles contributes significantly to the market's expansion.

•   According to the National Space Society, space-based solar panels can generate 2,000 GW

 of power constantly, or about 40 times more energy than a solar panel would generate on Earth.

The excessive cost of launching, maintaining, and installing space-based solar power systems is the major stumbling block to the market's expansion. Furthermore, these systems are relatively new, they also require constant maintenance and skilled labor to solve technical problems that lag the market growth.

North America region is expected to dominate the global market. The rise in financial and physical expenditure in research and technical improvement is credited with the market's expansion. The engagement of business organizations and government organizations like NASA assists the expansion of the worldwide space-based solar power sector. In the U.S., ongoing alliances and acquisitions contribute to future market growth.

• In October 2021, Rocket Lab USA, a global leader in launch services and space systems, announced an agreement that it has agreed to buy SolAero Holdings, Inc. (SolAero), a leading provider of space solar power solutions and precision aerospace structures for the global aerospace market, for US$ 80 million in cash. The deal is expected to be completed in the first quarter of 2022.

IMPACT OF COVID-19 ON THE GLOBAL SPACE-BASED SOLAR POWER MARKET

The COVID-19 epidemic has significantly influenced the global industry for space-based solar power. This is due to a temporary halt in production and import/export activity worldwide, which further impacted the space-based solar power market's supply chain. Furthermore, the market has been harmed by a temporary halt in R&D operations due to laboratory closures and insufficient funding.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in Space-Based Solar Power


• Key Industry Trends


• Regulatory Landscape for Space-Based Solar Power


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY SOLAR SATELLITE TYPE

Based on the solar satellite type, the global space-based solar power market is segmented into laser transmitting solar satellite and microwave transmitting solar satellite. The laser transmitting solar satellite segment grabs the largest share in the global market during the projection period due to the rising demand for space-based solar power is increasing continuously from several applications such as providing power for satellites during eclipses, powering orbital transfer vehicles, powering solar arrays on the moon, and for electricity generation.

ANALYSIS BY APPLICATION

Based on the application, the global space-based solar power market is segmented into space-based applications and electricity generation. Electricity generation holds the larger share in the global market due to rising energy demand and cleaner electricity generation worldwide. Furthermore, the market is predicted to develop during the examined timeframe due to increased demand for space-based application due to economic expansion and continuous development of R&D in space agencies globally

REGIONAL ANALYSIS

Europe is one of the major markets for space-based solar power. The rise in clean energy installation projects will drive the European market. European countries, especially Scandanavian countries, have massively developed their sustainable energy capacities. Furthermore, throughout the projected period, the market in Europe is expected to grow due to increased awareness of solar energy and its benefits in gathering solar power from space rather than earth-based solar power.

The Asia Pacific region also witnesses significant growth in the space-based solar power market, and it is expected to continue throughout the projection period. This is due to increased investment and R&D in space-based solar power and the region's large customer base. Furthermore, China, Japan, and India have established themselves as significant hubs for space missions and solar power generation, boosting the Asia Pacific space-based solar power market to new heights during the projected period.

KEY PLAYERS COVERED

The report will include key players such as SolAero Technologies Corp, Azur Space Solar Power GmbH, Solar Electric America, Japan Aerospace Exploration, Fralock, Solaren Inc., SpaceTech GmbH, Boeing, etc.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• In April 2021, 5N Plus, a Canadian company that makes high-purity metals and compounds, has agreed to buy Azur Space Solar Power GmbH. The company makes multijunction solar cells for space and terrestrial concentrated photovoltaic applications. The Montreal-based firm will pay between Euro 73 million and Euro 79 million for all of Azur's issued and outstanding shares.


• In June 2020, US York Space Systems placed an order with SpaceTech for ten solar arrays. York Space Systems has placed another order with STI to provide ten solar arrays for numerous satellite contracts, following the company's record-setting "in-orbit delivery" of the first STI solar array.