The global space-based solar power market value was more than $802.2 in 2020. The global space-based solar power market will grow at a compound annual growth rate (CAGR) of more than 6.8% during the forecast period from 2021-2027.
The term "space-based solar power" refers to solar power that is extracted from space using a satellite and transmitted to a receiving station on Earth. Using space-based solar power for electricity generation as well as space-related applications is common today. Solar energy in space finds applications in satellites, spacecraft, rovers, and power infrastructure in space. Solar power stations on earth capture less solar energy compared to this system.
Factors Affecting
An increase in demand for space-based solar power is due to applications such as providing power for satellites during eclipses, powering orbital transfer vehicles, and powering solar panels on the Moon.
An increase in energy demand across the globe and cleaner generation of electricity is responsible for this growth. A rise in energy production caused by economic development is likely to propel market growth during the analyzed period.
Costs and limitations associated with space-based solar power are the key factors hampering its growth.
Regional Analysis
Space-based solar power market revenue accounted for the highest share in Asia-Pacific in 2020, and it will continue dominating through the forecast period. A primary reason for this is the rapid growth in investment and research & development for space-based solar power and the availability of a large consumer base in the region. China and India have become key hubs for space missions and solar power generation, contributing to the growth of the Asia-Pacific space-based solar power market from 2021 to 2027. Further, during the forecast period, the market in Asia-Pacific will grow due to a growing awareness of solar energy and the benefits of solar power extracted from space rather than the production of solar power on the ground.
Covid-19 Impact
The COVID-19 pandemic lockdown led to a temporary suspension of all imports, export, manufacturing, and processing activities across many industries, decreasing their electricity demand. The government also put a hold on funding for space missions and renewable energy research. The market growth rate was lower in the second, third, and fourth quarters of 2020. As the COVID-19 vaccination campaign commences in various economies across the globe and boosts the global economy, the space-based solar power market will likely be in a stronger position by the second quarter of 2021.
Leading Competitors
Several leading prominent companies in the global space-based solar power market are:
There are also other players along the value chain:
Aim of the Report
The global space-based solar power market segmentation consists of Solar Satellite Type, Application, and Region.
Segmentation based on Solar Satellite Type
Segmentation based on Application
Segmentation based on Region
