Space Based Solar Power Market
Space-Based Solar Power Market Forecasts to 2030 - Global Analysis By Satellite Type (Laser Transmitting Solar Satellite, Microwave Transmitting Solar Satellite and Other Satellite Types), End User (Commercial, Government & Defense, Electricity Generation and Other End Users) and By Geography
According to Stratistics MRC, the Global Space-Based Solar Power Market is accounted for $577.8 million in 2023 and is expected to reach $1,222.4 million by 2030 growing at a CAGR of 11.3% during the forecast period. Space-based solar power generation refers to the usage of solar power-generating systems that use solar panels to generate solar power in orbit and then use laser and microwave-transmitting satellite systems to send the energy back to Earth. It utilizes satellites equipped with solar panels to capture solar energy unhindered by atmospheric interference, SBSP can help mitigate the environmental impacts associated with traditional energy sources by reducing greenhouse gas emissions and reliance on finite resources.
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.
Market Dynamics:
Driver:
Increasing global requirement for energy consumption
SBSP involves capturing solar energy in space and transmitting it wirelessly to Earth, offering the potential for continuous power generation without the constraints of weather or location. As terrestrial solar farms face challenges like land availability and intermittency, SBSP presents an appealing alternative by harnessing sunlight in orbit and beaming it down as a consistent power source. With advancements in space technology and growing investments in renewable energy, the SBSP market is experiencing a surge in attention and development. As nations seek to meet their energy needs while mitigating carbon emissions, the prospect of space-based solar power offers a promising avenue for sustainable energy generation on a global scale
Restraint:
High initial investment
Developing, launching, and maintaining satellites equipped with solar panels and the necessary transmission infrastructure entails substantial costs. These expenses include research and development, manufacturing, rocket launches, and deployment logistics, making SBSP an expensive endeavor. The cutting-edge technology involved in converting solar energy in space into a usable form on Earth adds to the overall cost. Consequently, the daunting financial barrier deters potential investors and governments from fully committing to SBSP projects, slowing down the market's expansion.
Opportunity:
Increasing awareness regarding solar energy
As societies increasingly seek sustainable energy solutions, SBSP presents a promising avenue for generating clean and renewable electricity. Unlike terrestrial solar power systems, SBSP harnesses sunlight in space, where it is abundant and uninterrupted by atmospheric conditions or nighttime darkness. This heightened awareness of SBSP's potential benefits has spurred investment and research in the field, driving technological advancements and reducing costs associated with launching and maintaining solar power satellites.
Threat:
Spacecraft orbital slots are limited
Spacecraft orbital slots are finite resources governed by international agreements and regulatory bodies such as the International Telecommunication Union (ITU). These slots are essential for positioning satellites, including those intended for space-based solar power (SBSP) initiatives. The scarcity of orbital slots restricts the number of satellites that can be deployed, hindering the expansion of the SBSP market. However, competing demands from various industries, such as telecommunications and Earth observation, further intensify the competition for these slots.
Covid-19 Impact:
The pandemic disrupted supply chains, delayed manufacturing, and hindered workforce mobility, causing setbacks in project timelines and investments. This led to a slowdown in the development and deployment of space-based solar power systems. However, the pandemic also highlighted the vulnerabilities of traditional energy sources and emphasized the need for resilient and sustainable alternatives. As governments and industries worldwide sought to recover from the economic downturn while addressing climate change concerns, interest and investments in renewable energy, including space-based solar power, saw a resurgence.
The microwave transmitting solar satellite segment is expected to be the largest during the forecast period
Microwave Transmitting Solar Satellite segment is expected to be the largest during the forecast period. These satellites, positioned in space, capture solar energy with high efficiency and transmit it to receiving stations on Earth via microwave beams. This technology addresses key limitations of terrestrial solar power generation, such as weather dependency and limited daylight hours. Additionally, by operating in space, MTSS can continuously capture solar energy regardless of weather conditions or time of day, ensuring a consistent and reliable power supply.
The commercial segment is expected to have the highest CAGR during the forecast period
Commercial segment is expected to have the highest CAGR during the forecast period. Commercial involvement brings expertise in space exploration, satellite technology, and renewable energy, offering valuable resources to overcome technical challenges. Commercial ventures often operate with greater agility and flexibility compared to governmental entities, enabling faster iteration and adaptation of SBSP concepts. Moreover, partnerships between commercial companies and government agencies facilitate the sharing of knowledge and resources, further stimulating market growth.
Region with largest share:
Asia Pacific region commanded the largest share of the market over the extrapolated period. By leveraging advanced robotics and automation technologies, countries in the Asia Pacific region can efficiently deploy, maintain, and repair space-based solar power infrastructure. This enhances the region's competitiveness in the SBSP market by reducing operational costs, increasing reliability, and minimizing human intervention in space missions. Additionally, the integration of robotics allows for more precise construction and assembly of solar power satellites, optimizing their performance and lifespan in the region.
Region with highest CAGR:
Europe region is projected to hold profitable growth during the forecast period. With increasing concerns about climate change and the need for clean energy sources, governments in the region are implementing policies and regulations to promote renewable energy technologies like SBSP. In Europe, initiatives such as the European Green Deal and various national energy strategies emphasize the importance of transitioning towards sustainable energy sources. These regulations in the region provide incentives, subsidies, and funding opportunities for research and development in SBSP technologies, thereby fostering innovation and market expansion.
Key players in the market
Some of the key players in Space-Based Solar Power market include National Aeronautics and Space Administration, AZUR SPACE Solar Power, Borrego Energy, China Aerospace Science and Technology Corporation, DHV Technology, Fralock, Japan Aerospace Exploration Agency, Northrop Grumman, Raytheon Technologies, Sierra Nevada Corporation, Solaren Corporation and Spacetech GmbH.
Key Developments:
In July 2023, Thales Alenia Space was chosen by European Space Agency (ESA) to do a feasibility study for the SOLARIS initiative, which will determine the viability of a project to provide clean energy from spaceborne solar power plants to meet requirements down on Earth.
In January 2023, Japan has recently joined the ranks of countries interested in developing space-based solar power technology. Their plan involves launching solar panels into orbit and transmitting the generated electricity back to the ground using microwave beams. Prior to this, the UK and China have also expressed their interest in exploring this innovative technology.
In January 2023, The Space Solar Power Demonstrator (SSPD) was launched into orbit by the California Institute of Technology. This ambitious project aims to wirelessly transmit electricity over long distances, with the goal of providing power to regions that currently suffer from unreliable access to electricity.
In December 2022, Researchers at Airbus' X-Works Innovation Factory in Germany achieved successful electrical power transmission using microwaves from a photovoltaic panel to a receiver. The beamed energy illuminated a model city and powered a hydrogen engine and a fridge with alcohol-free beer. Airbus' wireless transmission system currently reaches approximately 100 feet (30 meters). Engineers express confidence in extending this range to space within the next decade, reflecting ongoing advancements in energy transmission technology.
Satellite Types Covered:
• Laser Transmitting Solar Satellite
• Microwave Transmitting Solar Satellite
• Other Satellite Types
End Users Covered:
• Commercial
• Government & Defense
• Electricity Generation
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Space-Based Solar Power Market, By Satellite Type
5.1 Introduction
5.2 Laser Transmitting Solar Satellite
5.3 Microwave Transmitting Solar Satellite
5.4 Other Satellite Types
6 Global Space-Based Solar Power Market, By End User
6.1 Introduction
6.2 Commercial
6.3 Government & Defense
6.4 Electricity Generation
6.5 Other End Users
7 Global Space-Based Solar Power Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 National Aeronautics and Space Administration
9.2 AZUR SPACE Solar Power
9.3 Borrego Energy
9.4 China Aerospace Science and Technology Corporation
9.5 DHV Technology
9.6 Fralock
9.7 Japan Aerospace Exploration Agency
9.8 Northrop Grumman
9.9 Raytheon Technologies
9.10 Sierra Nevada Corporation
9.11 Solaren Corporation
9.12 Spacetech GmbH
List of Tables
1 Global Space-Based Solar Power Market Outlook, By Region (2021-2030) ($MN)
2 Global Space-Based Solar Power Market Outlook, By Satellite Type (2021-2030) ($MN)
3 Global Space-Based Solar Power Market Outlook, By Laser Transmitting Solar Satellite (2021-2030) ($MN)
4 Global Space-Based Solar Power Market Outlook, By Microwave Transmitting Solar Satellite (2021-2030) ($MN)
5 Global Space-Based Solar Power Market Outlook, By Other Satellite Types (2021-2030) ($MN)
6 Global Space-Based Solar Power Market Outlook, By End User (2021-2030) ($MN)
7 Global Space-Based Solar Power Market Outlook, By Commercial (2021-2030) ($MN)
8 Global Space-Based Solar Power Market Outlook, By Government & Defense (2021-2030) ($MN)
9 Global Space-Based Solar Power Market Outlook, By Electricity Generation (2021-2030) ($MN)
10 Global Space-Based Solar Power Market Outlook, By Other End Users (2021-2030) ($MN)
11 North America Space-Based Solar Power Market Outlook, By Country (2021-2030) ($MN)
12 North America Space-Based Solar Power Market Outlook, By Satellite Type (2021-2030) ($MN)
13 North America Space-Based Solar Power Market Outlook, By Laser Transmitting Solar Satellite (2021-2030) ($MN)
14 North America Space-Based Solar Power Market Outlook, By Microwave Transmitting Solar Satellite (2021-2030) ($MN)
15 North America Space-Based Solar Power Market Outlook, By Other Satellite Types (2021-2030) ($MN)
16 North America Space-Based Solar Power Market Outlook, By End User (2021-2030) ($MN)
17 North America Space-Based Solar Power Market Outlook, By Commercial (2021-2030) ($MN)
18 North America Space-Based Solar Power Market Outlook, By Government & Defense (2021-2030) ($MN)
19 North America Space-Based Solar Power Market Outlook, By Electricity Generation (2021-2030) ($MN)
20 North America Space-Based Solar Power Market Outlook, By Other End Users (2021-2030) ($MN)
21 Europe Space-Based Solar Power Market Outlook, By Country (2021-2030) ($MN)
22 Europe Space-Based Solar Power Market Outlook, By Satellite Type (2021-2030) ($MN)
23 Europe Space-Based Solar Power Market Outlook, By Laser Transmitting Solar Satellite (2021-2030) ($MN)
24 Europe Space-Based Solar Power Market Outlook, By Microwave Transmitting Solar Satellite (2021-2030) ($MN)
25 Europe Space-Based Solar Power Market Outlook, By Other Satellite Types (2021-2030) ($MN)
26 Europe Space-Based Solar Power Market Outlook, By End User (2021-2030) ($MN)
27 Europe Space-Based Solar Power Market Outlook, By Commercial (2021-2030) ($MN)
28 Europe Space-Based Solar Power Market Outlook, By Government & Defense (2021-2030) ($MN)
29 Europe Space-Based Solar Power Market Outlook, By Electricity Generation (2021-2030) ($MN)
30 Europe Space-Based Solar Power Market Outlook, By Other End Users (2021-2030) ($MN)
31 Asia Pacific Space-Based Solar Power Market Outlook, By Country (2021-2030) ($MN)
32 Asia Pacific Space-Based Solar Power Market Outlook, By Satellite Type (2021-2030) ($MN)
33 Asia Pacific Space-Based Solar Power Market Outlook, By Laser Transmitting Solar Satellite (2021-2030) ($MN)
34 Asia Pacific Space-Based Solar Power Market Outlook, By Microwave Transmitting Solar Satellite (2021-2030) ($MN)
35 Asia Pacific Space-Based Solar Power Market Outlook, By Other Satellite Types (2021-2030) ($MN)
36 Asia Pacific Space-Based Solar Power Market Outlook, By End User (2021-2030) ($MN)
37 Asia Pacific Space-Based Solar Power Market Outlook, By Commercial (2021-2030) ($MN)
38 Asia Pacific Space-Based Solar Power Market Outlook, By Government & Defense (2021-2030) ($MN)
39 Asia Pacific Space-Based Solar Power Market Outlook, By Electricity Generation (2021-2030) ($MN)
40 Asia Pacific Space-Based Solar Power Market Outlook, By Other End Users (2021-2030) ($MN)
41 South America Space-Based Solar Power Market Outlook, By Country (2021-2030) ($MN)
42 South America Space-Based Solar Power Market Outlook, By Satellite Type (2021-2030) ($MN)
43 South America Space-Based Solar Power Market Outlook, By Laser Transmitting Solar Satellite (2021-2030) ($MN)
44 South America Space-Based Solar Power Market Outlook, By Microwave Transmitting Solar Satellite (2021-2030) ($MN)
45 South America Space-Based Solar Power Market Outlook, By Other Satellite Types (2021-2030) ($MN)
46 South America Space-Based Solar Power Market Outlook, By End User (2021-2030) ($MN)
47 South America Space-Based Solar Power Market Outlook, By Commercial (2021-2030) ($MN)
48 South America Space-Based Solar Power Market Outlook, By Government & Defense (2021-2030) ($MN)
49 South America Space-Based Solar Power Market Outlook, By Electricity Generation (2021-2030) ($MN)
50 South America Space-Based Solar Power Market Outlook, By Other End Users (2021-2030) ($MN)
51 Middle East & Africa Space-Based Solar Power Market Outlook, By Country (2021-2030) ($MN)
52 Middle East & Africa Space-Based Solar Power Market Outlook, By Satellite Type (2021-2030) ($MN)
53 Middle East & Africa Space-Based Solar Power Market Outlook, By Laser Transmitting Solar Satellite (2021-2030) ($MN)
54 Middle East & Africa Space-Based Solar Power Market Outlook, By Microwave Transmitting Solar Satellite (2021-2030) ($MN)
55 Middle East & Africa Space-Based Solar Power Market Outlook, By Other Satellite Types (2021-2030) ($MN)
56 Middle East & Africa Space-Based Solar Power Market Outlook, By End User (2021-2030) ($MN)
57 Middle East & Africa Space-Based Solar Power Market Outlook, By Commercial (2021-2030) ($MN)
58 Middle East & Africa Space-Based Solar Power Market Outlook, By Government & Defense (2021-2030) ($MN)
59 Middle East & Africa Space-Based Solar Power Market Outlook, By Electricity Generation (2021-2030) ($MN)
60 Middle East & Africa Space-Based Solar Power Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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