Global Space-based Solar Power Market Overview
Space-based Solar Power Market Size was valued at USD 0.6 Billion in 2023. The space-based solar power market industry is projected to grow from USD 0.75 Billion in 2024 to USD 1.376 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2024 - 2032). Increasing investments in sustainable power generation and the adoption of strict government rules regarding environmental pollution are the key market drivers driving the growth of the worldwide space-based solar power market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Space-based Solar Power Market Trends
The need for clean and renewable energy is the main factor influencing the market CAGR. Governmental organizations and businesses are always searching for alternatives to conventional energy sources. In addition, the key factors putting more emphasis on these energy resources are population growth, industrialization, and the growing use of electronic gadgets. The weather and the day-night cycle cannot interfere with the constant supply of renewable energy that space-based solar power can provide. This technology holds great promise for meeting the growing energy needs of humanity while lowering greenhouse gas emissions and mitigating the effects of climate change. Additionally, SBSP is almost infinitely flexible and can produce a significant amount more electricity than regular solar farms due to the vast amount of space accessible for satellite deployment. Because of their dependability and the quick advancements in satellite technology, these solar satellite infrastructures are within the reach of developing countries, making them a viable option for societies experiencing climate disturbances.
During the projection period, the market for space-based solar power is expected to rise at a faster rate due to government laws aimed at minimizing environmental pollution. Additionally, governments offer a range of incentives that drive down the cost of the targeted product, which is expected to boost the market for solar electricity generated in orbit. As a result, the market for space-based solar power will see tremendous growth due to the support of government laws and policies that support greener energy efforts and the reduction of carbon footprint. In addition, research and development efforts aimed at enhancing technologies to reduce the cost of space solar missions are anticipated to present profitable expansion prospects for leading industry participants seeking to fortify their market share in the world in the years to come.
Reducing expenses and improving operational effectiveness have been made possible in large part by the use of robotics and automation in space missions. Space-based infrastructure maintenance and repair can be handled by robotic systems, which eliminates the need for human intervention and the costs that go along with it. Robots' capacity to carry out complex activities in the harsh and difficult space environment enables space-based solar power systems to operate for longer periods of time and require less maintenance. Additionally, the integration of robotic automation and reusable rockets has transformed space technology. With each step forward, the potential of space-based solar power and other bold space endeavors becomes more tangible, increasing the sustainability and economic viability of space missions and space-based energy solutions. Thus, driving the space-based solar power market revenue.
Space-based Solar Power Market Segment Insights
Space-based Solar Power Beam Type Insights
The space-based solar power market segmentation, based on beam type, includes Microwave Power Transmission and Laser Beam Power Transmission. In 2023, the microwave power transmission segment dominated the market. Space-based solar power systems can be used for a variety of purposes, such as providing energy to isolated communities or sustaining large-scale industrial activities, because of the scalability and flexibility of microwave power transmission.
Space-based Solar Power Application Insights
The space-based solar power market segmentation, based on application, includes Terrestrial and Space. The space category generated the most income in 2023. It provides a steady and consistent power supply for satellites in orbit. Satellites need electricity to power their scientific instruments, communication systems, navigation systems, and data collection systems, among other things. These SBSP systems enable these satellites to have a continuous power supply, which lessens their reliance on onboard batteries. Furthermore, a variety of space infrastructures, including research facilities, stations, and homes, depend heavily on solar energy generated in orbit.
Figure 1: Space-based Solar Power Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Space-based Solar Power End Users Insights
The space-based solar power market segmentation, based on end users, includes Government & Defense and Commercial. The government & defense category generated the most income in 2023, driven by state funding and activities, as well as the collaboration between these government organizations and other major market participants. Defense organizations, which depend on constant power sources for vital activities in distant or harsh areas, place a high priority on energy security and resilience.
Space-based Solar Power Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American space-based solar power market area will dominate this market. Space station affiliations, launch pads, and satellite manufacturing locations comprise the region's sophisticated space exploration ecosystem. Additionally, major aerospace firms like Northrop Grumman and regional governments are funding the advancement of space-based solar power technology. In essence, the region's commitment to a carbon-neutral economy has aided in the adoption of dependable and environmentally benign electricity sources.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SPACE-BASED SOLAR POWER MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe space-based solar power market accounts for the second-largest market share. The European market will be driven by the growth in clean energy installation projects. European nations, particularly those in Scandinavia, have made significant progress in building up their renewable energy resources. Additionally, it is anticipated that the market in Europe would expand over the course of the forecast period as a result of growing awareness of solar energy and its advantages over earth-based solar power in terms of receiving solar electricity from space. Further, the German space-based solar power market held the largest market share, and the UK space-based solar power market was the fastest growing market in the European region.
The Asia-Pacific Space-based Solar Power Market is expected to grow at the fastest CAGR from 2024 to 2032 because of the region's sizable consumer base and rising investment in space-based solar power research and development. In addition, China, Japan, and India have become important centers for space exploration and solar energy production, which will propel the Asia Pacific space-based solar power market to unprecedented heights over the forecast period. Moreover, China’s space-based solar power market held the largest market share, and the Indian space-based solar power market was the fastest growing market in the Asia-Pacific region.
Space-based Solar Power Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the space-based solar power market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, space-based solar power industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the space-based solar power industry to benefit clients and increase the market sector. In recent years, the space-based solar power industry has offered some of the most significant advantages to medicine. Major players in the space-based solar power market are attempting to increase market demand by investing in research and development operations, including Airborne, Japan Aerospace Exploration Agency, AZUR SPACE Solar Power GmbH, Fralock LLC, SpaceTech GmbH, Boeing, Northrop Grumman, Solaren Corporation, Borrego Energy, LLC, Space Canada, and DHV Technology.
Technology for aerospace and defense is provided by Northrop Grumman Corp. (Northrop Grumman). Intelligence, surveillance, and reconnaissance (C4ISR), computers, autonomous systems, unmanned systems, cybersecurity, and command, control, and communications are the company's main areas of focus at this point in time. It produces mission-critical computer systems, wireless communications infrastructure, spacecraft systems, and acoustic sensors for aircraft carriers and submarines. Along with modernization services, it offers logistics support. In May 2021, to support the OneSat satellite product line, Northrop Grumman Corporation and Airbus Defense and Space inked a contract for the development, design, and production of 24 ship sets of solar arrays. OneSat communication satellites in geosynchronous orbit will be powered by these solar panels.
An aerospace corporation is called The Boeing Co. (Boeing). The company's main focus is on designing, developing, and producing military and commercial aircraft. It also develops defense, security, and space systems. The company offers a range of business jet and aircraft models for training, military, and commercial use. Various thin and broad body models, rotor and tilt-rotor aircraft, anti-submarine aircraft, tanker aircraft, and other assault and helicopter models are all part of its portfolio. In January 2021, a deal had been made between Boeing and NASA to supply solar panels for the International Space Station (ISS). In 2021, the solar array installation will start. The orbiting laboratory will have a power supply thanks to these new solar panels.
Key companies in the space-based solar power market include
Space-based Solar Power Industry Developments
January 2023: Japan recently became one of the nations interested in creating solar power technologies based in space. Their idea is to send solar panels into space and use microwave rays to return the electricity they produce to Earth. China and the UK have already indicated that they would like to investigate this cutting-edge technology.
June 2022: China is planning to launch a space-based solar power facility by 2028. The main goal of the satellite is to collect solar energy and turn it into electricity, which will subsequently be changed into microwaves or lasers.
October 2021: The agreement to acquire Azur Space Solar Power GmbH was reached by 5N Plus, a Canadian business that produces high-purity metals and chemicals. The firm produces multijunction solar cells for concentrated solar photovoltaic applications on Earth and in space. The Montreal-based company will purchase all of Azur's issued and existing shares for a sum ranging from Euro 73 million to Euro 79 million.
Space-based Solar Power Market Segmentation
Space-based Solar Power Beam Type Outlook
Space-based Solar Power Application Outlook
Space-based Solar Power End Users Outlook
Space-based Solar Power Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.6 Billion |
| Market Size 2024 | USD 0.75 Billion |
| Market Size 2032 | USD 1.376 Billion |
| Compound Annual Growth Rate (CAGR) | 9.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Beam Type, Application, End Users, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Airborne, Japan Aerospace Exploration Agency, AZUR SPACE Solar Power GmbH, Fralock LLC, SpaceTech GmbH, Boeing, Northrop Grumman, Solaren Corporation, Borrego Energy, LLC, Space Canada, and DHV Technology. |
| Key Market Opportunities | Growing demand for energy usage worldwide |
| Key Market Dynamics | Raising awareness of solar energy Acceleration of environmentally favorable and sustainable sources |
Frequently Asked Questions (FAQ) :
The space-based solar power market size was valued at USD 0.6 Billion in 2023.
The market is projected to grow at a CAGR of 9.00% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Airborne, Japan Aerospace Exploration Agency, AZUR SPACE Solar Power GmbH, Fralock LLC, SpaceTech GmbH, Boeing, Northrop Grumman, Solaren Corporation, Borrego Energy, LLC, Space Canada, and DHV Technology.
The microwave power transmission category dominated the market in 2023.
The space category had the largest share in the market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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