The space-based solar power market size was valued at $425.7 million in 2020 and is projected to reach $902.2 million by 2030, growing at a CAGR of 7.8% from 2021 to 2030. Space-based solar power generation involves the use of a solar power generation system, which requires solar panels in space to produce solar power and transmit it to Earth using microwave and laser transmitting satellite systems. Multiple benefits have been associated with space-based solar power such as it helps in the generation of clean baseload electricity, does not emit nuclear radiation, and does not have cooling systems.
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Significant development of the end-use industries such as
chemical, mining, manufacturing, construction, and automotive propel the demand
for electricity, which, in turn, is expected to drive the growth of the
space-based solar power market, globally. In addition, the surge in demand for
power from space applications such as satellites and space vehicles notably
contributes toward the growth of the market. However, the high cost associated
with launching, maintenance, and installation of space-based solar power
systems is the key factor hampering the growth of the global space-based solar
power market.
Depending on the solar satellite type, the
laser-transmitting solar satellite segment garnered the largest share of about
53.97% in 2020, and is expected to maintain its dominance during the forecast
period. This is attributed to an increase in demand for space-based solar power
systems for providing power for satellites during the eclipse, for orbital
transfer vehicles, for solar arrays on the moon, and for electricity
generation.
On the basis of application, the electricity generation
segment holds the largest share, in terms of revenue, and is expected to
continue this trend during the forecast period, owing to a rise in energy
demand along with the cleaner generation of electricity across the globe.
Region-wise, the market is analyzed across North America,
Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest share contributor
in 2020 and is anticipated lead during the forecast period, due to an increase
in investment & R&D toward space-based solar power and the presence of
a large consumer base in the region.
In addition, China and India have emerged as key hubs for
space missions and solar power generation, thereby propelling the growth of the
Asia-Pacific space-based solar power market from 2021 to 2030. Moreover, a rise
in awareness toward solar energy and its benefits in extracting solar power
from space rather than earth-based solar power is expected to drive the growth
of the market in Asia-Pacific.
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The global market analysis covers in-depth information on
the major space-based solar power industry participants. The key players
operating and profiled in the report include Airborne, Azur Space Solar Power
GmbH, CESI SpA, Fralock Innovative Materials Manufacturing & Automation,
Japan Aerospace Exploration Agency, Northrop Grumman Corporation, Solaero
Technologies Corporation, Solaren Corporation, SpaceTech GmbH, and the Boeing
Company. Other players in the value chain include Solar Space Technologies,
Space Canada Corporation, DHV Technology, and others.
The key players are adopting numerous strategies such as
product launches, agreements, and business expansion to stay competitive in the
space-based solar power market.
For instance, in May 2021, Northrop Grumman Corporation
signed an agreement with Airbus Defense and Space for the design, development,
and produce 24 ship sets of solar arrays to support the OneSat satellite
product line. The solar arrays will power the OneSat communication satellites
in geosynchronous orbit.
In addition, in January 2021, Boeing signed an agreement
with NASA to supply solar arrays for International Space Station (ISS). These
new solar arrays will provide a power supply to orbiting laboratory. The
installation of these solar arrays will begin in 2021.
COVID-19 Impact on the Market
The outbreak of COVID-19 has negatively impacted various
industries and countries across the globe. Owing to the lockdown imposed,
globally, a decrease has been witnessed in the growth rate of the construction
& building, transportation, oil & gas, automotive, and energy sectors.
This has further declined the need for electricity, which, in turn, has
hampered the growth of the space-based solar power market in 2020. In Europe,
the economies such as Germany, France, Spain, and, Italy are following
stringent measures such as attaining social distancing and limiting movements
to prevent the spread of coronavirus.
Moreover, R&D activities were on hold due to the
shutdown of laboratories and incomplete funding. Thus, all these factors
collectively are anticipated to result in sluggish growth of the global
space-based solar power market in 2020. However, this situation is expected to
improve as the government has started relaxing norms around the world for
resuming business activities.
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Key Findings Of The Study
- In 2020, the microwave-transmitting solar satellite
segment accounted for about 46.0% of the share in the global space-based solar
power market and is expected to maintain its dominance during the forecast
period.
- In 2020, the laser-transmitting solar satellite segment acquired a share of
53.97% in 2020 and is anticipated to register CAGR of 8.3% during the global
space-based solar power market forecast period.
- The space applications segment is estimated to register the highest CAGR of
8.8% during 2021–2030.
- North America is expected to grow at a CAGR of 9.1% throughout the forecast
period.
- In 2020, Asia-Pacific dominated the global space-based solar power market
with more than 37.9% of the share, in terms of revenue.
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