Space-Based Solar Power Market Report (2030 - 2035) - Size and Share Analysis, Industry Trends, and Growth Forecasts

Space-Based Solar Power Market Size Analysis

The space-based solar power market is expected to generate USD 4,151.2 million revenue in 2030 and will progress at a CAGR of 4.5% during 2030-2035. With the technology, sunlight that falls in the orbit can be collected and wirelessly transmitted to the Earth.

This is achieved by using solar-panel-equipped satellites, which accumulate sunlight without any intrusion from the Earth's atmosphere and then transmit the energy back to people, using microwaves or laser beams. Solar energy is useful for many things, such as generating electricity and supporting space infrastructure. These satellites can collect high solar power because in space there is no atmospheric filtering and barriers. Moreover, to maximize exposure to sunlight they can also be placed in geostationary orbits.

As per the National Space Society (NSS), these panels can produce energy of 2000 GW continuously, which is 40 times more power than an ordinary solar panel.

These systems play a vital role in sustaining spacecraft and satellites, and they do not need to be refueled as they rely on UV radiation.

The enactment of stringent laws and an uptick in investments in clean energy are the main reasons for the growth of the solar energy market. Some advantages of solar power are the generation of zero-carbon electricity and the elimination of hazardous electromagnetic fields.

The increasing fascination with space-based solar power is primarily due to the rapid improvements in space technology, combined with the rising need for clean and renewable energy. Other advantages of this approach include reduced overall expenses, energy efficiency, and higher reliability. Robotics and other advancements have played a crucial role in reducing these costs while increasing operational efficiency.

The negative environmental impacts that are caused by traditional sources of energy such as fossil fuels and natural gases can be minimized with the help of these advanced space-based solar satellite systems. These systems help in reducing emissions of greenhouse gases and air pollutants by reducing the dependency on fossil fuels.

Trends and Growth Drivers for Space-Based Solar Power

Growing Pace of Development in Technology

• In the past, space-based solar power faced many barriers, such as less energy transfer, costly satellite launches, and the need for intricate facilities.
• However, developments in technologies and PV materials, as well as the concept of multiple satellite launches, have created a growth opportunity for this industry.
• These technological advancements are enabled by increasing capital, research efforts, as well as collaboration among space agencies of different countries.
• These advancements seek to enhance the feasibility and cost of SBSP, which is driving the further development and commercialization of this emerging technology.
• New concepts, such as portable solar cells, which are based on microwave technology, laser technology, and automation, are currently being researched by businesses and academic institutions.
• The zeal to overcome technological barriers and achieve the maximum potential of space-based solar power as an environment-friendly energy source essentially propels this technical development.

Growing Demand for Clean Energy

• The market is primarily influenced by the increasing demand for clean and renewable energy globally. Firms and government institutions are constantly looking for alternatives to traditional energy sources.
• The increasing usage of electronic devices, rising population, and industrialization are the main factors that are leading to the strengthening focus on these energy resources.
• Space-based solar power can offer a continuous supply of renewable energy without hindrance by weather and the day–night cycle. This technology has a tremendous potential to fulfill humans’ increasing demand for energy, whilst reducing greenhouse gas emissions and the effects of climate change.
• Moreover, SBSP has nearly infinite flexibility, and with the enormous amount of room available for the deployment of satellites, it can generate considerably more electricity than traditional solar farms.
• Societies that are facing climate disruptions can opt for these solar satellite infrastructures because they are reliable and durable power sources. Moreover, the costs of these satellites are decreasing because of the rapid developments in the field of satellite technology, which make them affordable for developing nations.

Launch of LEO/GEO Satellites Is Expensive

• The adoption of SBSP in the worldwide electricity landscape is quite challenging.
• The considerably high expenditures on the launch of satellites into the geostationary earth orbit (GEO) and low earth orbit (LEO) hinder the market growth.
• This makes it harder for organizations to attain reasonable prices when compared to conventional sources of energy.
• Researchers and institutions are attempting to tackle this problem with modifications in disposable launching satellites, to substantially lower the launch costs.
• A small GEO satellite might entail between $100 million and $300 million for launch and utilization.
• On the contrary, LEO satellites are more affordable but might demand periodic launches in order to compensate against their brief orbiting.

In-Depth Segmentation Outlook

Microwave-Transmitting Solar Satellites will be the Largest Category

• The microwave-transmitting solar satellites category is expected to hold the larger revenue share, of 80%, in 2030.
• These satellites are an established and proven vehicle that has been subjected to considerable studies. This has built trust in them among organizations and investors.
• They facilitate the reliable delivery of electricity across miles, with almost no energy reduction.
• Thus, they offer an ideal approach to addressing the world's increasing demand for renewable energy.
• They can operate even in harsh weather conditions, regardless of it being day or night.

Below are the types of satellites that we have studied during the research:

• Microwave Transmitting (Larger Category)
• Laser Transmitting (Faster-Growing Category)

Electricity Generation is the Major Application

• The electricity generation category is expected to hold the larger market share.
• This major share is because of the rising demand for power in industries and the increasing focus on producing electricity sustainably.
• The electricity generated by the SBSP setup can be transmitted to various remote locations effortlessly, without any wired connection.
• It can provide consistent and renewable energy for homes, businesses, and industries.
• This technology already provides a consistent and uninterrupted power supply to satellites, to operate their networks, scientific equipment, and GPS systems.
• It can produce a huge amount of solar energy in space, which is unaffected by weather or time (day/night).

Below are the major applications:

• Electricity Generation (Larger and Faster-Growing Category)
• Space Applications

Government and Defense will be the Largest End User

• Based on end user, the government and defense category will dominate the market.
• This is because governments are spending a lot of money and taking the necessary initiatives to ensure a continuous supply of electricity and boost energy security.
• Moreover, defense agencies need reliability and durability, and they depend on an uninterrupted supply of energy for vital tasks in harsh or remote environments.
• Governments of several countries acknowledge the importance and potential of SBSP to tackle climate change by lowering the dependence on oil and other fossil fuels. This will reduce the carbon footprint associated with old power generation methods.
• Thus, the public sector as well as the defense sector keeps promoting and investing in this technology, taking advantage of their comprehensive R&D skills to further enhance it.

The end users included in this report are:

• Government and Defense (Larger and Faster-Growing Category)
• Commercial

North America Will Dominate the Global Market

• The North American region is expected to hold the largest share of the space-based solar power market.
• The region possesses a sophisticated space exploration ecosystem, which includes satellite production sites, launch facilities, and space station associations.
• Regional governments as well as established aerospace companies, such as Northrop Grumman, are also investing in the development of space-based solar power technology.
• Essentially, the adoption of environment-friendly and reliable power sources has been supported by the region's dedication to a carbon-neutral economy.

Further, the regions and countries analyzed are:

North America (Largest Regional Market)

• U.S (Larger and Faster-Growing Country Market)
• Canada

Europe

• U.K. (Largest Country Market)
• Germany (Fastest-Growing Country Market)
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific (APAC) (Fastest-Growing Regional Market)

• China (Largest Country Market)
• India (Fastest-Growing Country Market)
• Japan
• South Korea
• Australia
• Rest of APAC

Latin America (LATAM)

• Brazil (Largest and Fastest-Growing Country Market)
• Mexico
• Rest of LATAM

Middle East and Africa

• Saudi Arabia (Largest Country Market)
• South Africa
• U.A.E. (Fastest-Growing Country Market)
• Rest of MEA

Competitive Landscape

Considering the emergence of many different players, the market will encounter a high level of competition. The leading players are modernizing their technologies to ensure durability and security. Several national and international firms are competing to get the top position in the market. The prospective competitors are also increasing the challenges for the old players, which is forcing them to constantly innovate.

Space-Based Solar Power Companies News

• In January 2023, the U.K. government announced a $5.4 million funding package for space-based solar power.
• Orbital Composites and Virtus Solis announced a space-based solar power demonstration in February 2024.
• Space Solar and Thales Alenia Space UK announced plans to continue their collaboration on developing a commercial SBSP system in October 2023.
• In June 2023, the California Institute of Technology said it had beamed solar energy to the Earth from space wirelessly.