Skyrocketing space-based solar power market reaches $902.2M by 2030.

By Oliver Townsend Jun 24, 2024
Space-Based Solar Power Market to Hit $902.2 Million by 2030 with 7.8% CAGR Growth.jpegOrginal image from: https://www.openpr.com/news/3549984/space-based-solar-power-market-to-hit-902-2-million-by-2030-with

The space-based solar power market is on track to hit $902.2 million by 2030, showcasing a significant growth trajectory. This market, valued at $425.7 million in 2020, is projected to grow at a CAGR of 7.8% from 2021 to 2030. Space-based solar power generation involves utilizing solar panels in space to transmit solar power to Earth using microwave and laser satellite systems. The benefits of space-based solar power include clean electricity generation, absence of nuclear radiations, and no need for cooling systems.

Factors Driving the Space-Based Solar Power Market

The growth of end-use industries like chemical, mining, manufacturing, and automotive is propelling the demand for electricity, boosting the space-based solar power market globally. Additionally, the surge in power demand from space applications such as satellites and space vehicles is contributing significantly to market growth. However, the high costs associated with launching, maintaining, and installing space-based solar power systems remain a key challenge.

Market Segmentation and Regional Analysis

Based on the solar satellite type, the laser transmitting solar satellite segment held the largest share in 2020 and is expected to maintain its dominance. This segment is driven by the increasing demand for space-based solar power systems for various applications. In terms of application, the electricity generation segment leads in revenue and is predicted to continue this trend due to the rising global energy demand.

Asia-Pacific Emerging as a Key Market Player

Asia-Pacific emerged as the largest contributor to the market in 2020 and is anticipated to lead the market in the forecast period. Countries like China and India are becoming key hubs for space missions and solar power generation, further boosting the Asia-Pacific market. Additionally, the region’s increasing awareness of solar energy benefits is expected to drive market growth.

Key Findings and Future Trends

In 2020, the microwave transmitting solar satellite segment accounted for a significant share of the global space-based solar power market and is projected to maintain its dominance. The laser transmitting solar satellite segment is anticipated to register a CAGR of 8.3% during the forecast period. North America is expected to grow at a CAGR of 9.1% throughout the forecast period. The market analysis covers major industry participants like Northrop Grumman Corporation, Japan Aerospace Exploration Agency, and Boeing Company.

Strategies for Market Growth

Key players in the space-based solar power market are adopting strategies like product launches, agreements, and business expansions to remain competitive. For example, Northrop Grumman Corporation signed an agreement with Airbus Defense and Space to produce solar arrays for OneSat satellite products. These strategies aim to drive innovation and growth in the market.

Conclusion

The space-based solar power market is poised for substantial growth, driven by increasing demand from various industries and space applications. With Asia-Pacific leading the market expansion, strategic initiatives by key players are expected to shape the market landscape. Repurposing existing content allows for the dissemination of valuable information to a wider audience, enhancing engagement and driving market growth.

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