The global space-based solar power market size is expected to reach USD 1,053.8 million by 2030, growing at a CAGR of 9.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expanding due to increased investment in sustainable power generation and the adoption of rigorous government rules against pollution. On the contrary, R&D aimed at lowering the cost of solar space missions through improved technologies is expected to offer attractive growth prospects for key players in the global industry during the forecast period. For instance, in December 2021, Northrop Grumman, an American multinational aerospace and defense technology company, partnered with the Air Force Research Laboratory (AFRL) to develop and test hardware for space-based solar power experiments. Researchers and engineers intend to refine the technology and address potential challenges or limitations by conducting these tests and experiments.
Space-based Solar Power Market Report Highlights
- The microwave-transmitting solar satellite segment held the largest revenue share of over 70% in 2022
- This satellite generates solar power at a high level of efficiency and with minimal disturbance making it an attractive alternative for space-based solar power projects
- The electricity generation segment led the market in 2022 accounting for over 74% share of the global revenue
- The high share was attributed to a rise in energy demand and the cleaner generation of electricity globally
- North America dominated the market in 2022, accounting for over 41% share of the global revenue owing to increased investments in R&D activities by government organizations, such as NASA, and private organizations’ participation in this region
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The increase in energy demand globally and a rise in awareness about reliable and sustainable energy sources are major factors driving the growth of the global industry. Moreover, space-based solar power could significantly mitigate climate change's effects by reducing greenhouse gas (GHG) emissions from traditional power sources. This is likely to fuel market growth over the forecast period. Furthermore, a rise in the application of space-based solar power in the military sector contributes to market growth. Moreover, space-based solar power systems can generate power continuously since they are not affected by factors like weather conditions or daylight limitations. They also help reduce GHG emissions and dependence on fossil fuels for energy generation. These systems can provide a source of energy to remote areas that are difficult to access with traditional energy infrastructure, such as developing countries or disaster-stricken areas. Thus, increasing their application scope in several end-use industries.
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List of Key Players in Space-based Solar Power Market
- Airborne
- AZUR SPACE Solar Power GmbH
- Fralock LLC
- Japan Aerospace Exploration Agency
- Northrop Grumman
- Borrego Energy, LLC
- Solaren Corporation
- SpaceTech GmbH
- Space Canada
- DHV Technology
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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Segmented the global space-based solar power market based on satellite type, application, and region
Table of Contents
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope and Assumptions
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Gvr’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage
3.2. Industry Value Chain Analysis
3.3. Space-Based Solar Power Market - Market Dynamics
3.3.1. Market Driver Analysis
3.3.1.1. Global Energy Demand
3.3.1.2. Unlimited And Clean Energy Source
3.3.2. Market Restraint Analysis
3.3.2.1. High Cost And Disadvantages Associated With Space-Based Solar Power
3.3.3. Industry Challenges
3.4. Business Environmental Tools Analysis: Space-Based Solar Power Market
3.4.1. Porter’s Five Forces Analysis
3.4.1.1. Bargaining Power of Suppliers
3.4.1.2. Bargaining Power of Buyers
3.4.1.3. Threat of Substitution
3.4.1.4. Threat of New Entrants
3.4.1.5. Competitive Rivalry
3.4.2. Pestle Analysis
3.4.2.1. Political Landscape
3.4.2.2. Economic Landscape
3.4.2.3. Social Landscape
3.4.2.4. Technology Landscape
3.4.2.5. Environmental Landscape
3.4.2.6. Legal Landscape
3.5. Economic Mega-Trend Analysis
Chapter 4. Space-Based Solar Power Market: Satellite Type Estimates & Trend Analysis
4.1. Space-based Solar Power Market, by Satellite Type: Key Takeaways
4.2. Space-Based Solar Power Market: Satellite Type Movement Analysis, 2022 & 2030
4.3. Microwave Transmitting Solar Satellite
4.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
4.4. Laser Transmitting Solar Satellite
4.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 5. Space-Based Solar Power Market: Application Estimates & Trend Analysis
5.1. Space-based Solar Power Market, by Application: Key Takeaways
5.2. Space-Based Solar Power Market: Application Movement Analysis, 2022 & 2030
5.3. Electricity Generation
5.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
5.4. Space Applications
5.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
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