Space-Based Solar Power Market by Beam Type (Laser Beam Power Transmission, Microwave Power Transmission), End Users (Government and Defense, Commercial), Application (Terrestrial, Space) and Region - Global Forecast to 2040
[125 Pages Report] The Space-Based Solar Power Market is estimated to be USD 4.7 Billion in 2030 and is projected to reach USD 6.8 Billion by 2040, at a CAGR of 3.3% from 2030 to 2040. The Space-Based Solar Power Industry is driven by factors such as demand for sustainable energy. Technological advancements, the growing trend towards wireless power transmission contributes to innovation in space-based solar power, fostering a dynamic industry landscape. Overall, the technological evolution of green energy generation will meet evolving industry standards fuels the market's growth.
Space-Based Solar Power Market Forecast to 2035
To know about the assumptions considered for the study, Request for Free Sample Report
Space-based solar power Market Dynamics
Driver: Increasing Global Requirement for Energy Consumption
The demand for energy globally has been progressively increasing due to population growth, industrialization, and increased use of electronic devices. The idea of Space-based solar power presents an intriguing prospect for addressing the global energy demand. Unlike traditional energy sources, Space-based solar power has the potential to provide continuous and reliable power without being affected by weather conditions or the day-night cycle. This could be particularly beneficial for meeting the energy needs of densely populated areas, industries, and regions with limited access to conventional power infrastructure. The ability of SBSP to transmit energy wirelessly to various locations on Earth adds to its appeal as a potentially versatile solution. It could contribute to meeting the increasing energy demands of urban centers, remote regions, and disaster-disturbed areas, offering a reliable and sustainable power source.
Restraints: Limited Availability of Orbital Slots
In space-based solar power (SBSP) systems, satellites typically need to be deployed into a specific orbit called the geostationary earth orbit (GEO). This orbit, located approximately 36,000 kilometers above the Earth, synchronizes with the planet's rotation, allowing the satellite to appear stationary from an Earth observer's perspective. This unique characteristic makes GSO ideal for continuous communication without the need for movable antennas.
Given its uninterrupted signal transmission capability, GSO is commonly used for communication satellites, weather satellites, and global positioning satellites. For SBSP satellites, which transmit energy to Earth using microwave or laser beams, leveraging the fixed position over Earth's surface becomes advantageous. However, the challenge lies in the limited capacity of the GSO, with only a finite number of satellites able to occupy it simultaneously.
The GSO spans approximately 265,000 kilometers, and each geostationary satellite is confined to a thirty-kilometer band defining its specific position or "slot." Current technology allows for the coexistence of up to two satellites in the same slot. In total, the GSO can be divided into 1,800 slots without significant risk of collisions or interference between satellites. This delineation highlights the constraints and considerations in allocating orbital positions within the GSO, a critical factor for effective deployment and management of SBSP satellite constellations.
Opportunity: Government Initiatives for Green Energy Ecosystem
Governments worldwide are actively promoting green energy ecosystems through policies and funding initiatives, indirectly benefitting space-based solar power (SBSP) projects. Renewable energy policies, research and development funding, and international collaborations contribute to a supportive environment for innovative technologies like SBSP. While not explicitly targeting SBSP, space exploration programs and climate change mitigation efforts align with the goals of continuous and clean energy generation. Governments may offer incentives for innovation in the renewable energy sector, providing opportunities for companies, including those involved in SBSP research, to access grants and competitions. As the sector advances, it's crucial for businesses to stay abreast of evolving government initiatives that could impact the development and commercialization of space-based solar power solutions.
For Instance, The State Energy Program (SEP) of the U.S. Department of Energy underscores the state's autonomy as the primary decision-maker and executor of program initiatives within its jurisdiction, customized to leverage their distinct resources, operational capabilities, and energy objectives. The primary objective of the State Energy Program (SEP) is to foster energy efficiency and mitigate the escalation of energy demand by formulating and executing targeted state energy initiatives.
Challenges: Expensive GEO/LEO Launch Cost
The integration of space-based solar power (SBSP) into the global energy landscape faces a significant challenge in the form of the high launch costs associated with deploying satellites into both Geostationary Earth Orbit (GEO) and Low Earth Orbit (LEO). The expense of transporting satellites to these orbits is a formidable barrier, impacting the economic viability of SBSP initiatives. GEO, with its stationary position relative to Earth, is optimal for continuous solar energy collection, but the cost of launching and maintaining satellites in this orbit is notably high.
On the other hand, LEO offers a more cost-effective alternative, but the trade-off involves reduced time for solar power collection due to the satellite's orbital motion. Striking a balance between optimal orbit selection and managing launch costs becomes crucial for the successful commercialization of SBSP.
For Instance, the current cost of launching a satellite into Geostationary Earth Orbit (GEO) is approximately $10,000 to $15,000 per kilogram. Given that satellites for space-based solar power (SBSP) can weigh several tons, the total launch cost to GEO can range from tens of millions to over a hundred million USD. Low Earth Orbit (LEO) launches are generally more cost-effective, with prices ranging from $2,500 to $5,000 per kilogram. However, the challenge lies in the fact that LEO satellites have a shorter orbital period, requiring more frequent launches to maintain continuous solar power collection. This increased launch frequency can contribute significantly to the overall cost of establishing and sustaining an SBSP system in LEO.
To put this into perspective, a mid-sized GEO satellite for SBSP could cost anywhere from $100 Million to $300 Million for launch and deployment. In contrast, LEO satellites, while more cost-effective per kilogram, may incur additional costs due to the need for more frequent launches to compensate for their shorter orbital periods. These figures emphasize the substantial financial considerations associated with launching and maintaining satellites for space-based solar power, underscoring the challenge of optimizing costs to make SBSP economically competitive within the energy market.
Space-Based Solar Power Market Ecosystem
In the space-based solar power market ecosystem, key stakeholders range from major space based solar service providers to private enterprises, distributors, suppliers, retailers, and end customers. Influential forces shaping the industry include investors, funders, academic researchers, distributors, service providers, and defense procurement authorities. This intricate network of participants collaboratively drives market dynamics, innovation, and strategic decisions, highlighting the complexity and vitality of the space-based solar power sector
Based on End Users, the Government and Defense Segment Are Estimated to Lead the Space-Based Solar Power Market in 2030
Based on the end users the space-based solar power market has been segmented into government and defense, and commercial end users. Here government and defense end user are leading this segment in 2030. The government and defense end user segment in space-based solar power is experiencing robust growth driven by government funding and initiatives, and the partnership taking place between these government agencies and other key players of the market. While Defense agencies prioritize energy security and resilience, relying on continuous power sources for critical operations in remote or austere environments.
Based on the Beam Type, the Microwave Power Transmission Segment is Estimated to Lead the Space-Based Solar Power Market in 2030
Based on the beam type, the space-based solar power market has been segmented into laser beam power transmission, and microwave power transmission beam type. Here microwave power transmission, beam type is leading this segment in 2030. The microwave power transmission beam type segment in space-based solar power is thriving due the scalability and flexibility of microwave power transmission space-based solar power systems which makes them suitable for a wide range of applications, from powering remote communities to supporting large-scale industrial operations.
The Asia Pacific Market is Projected to Have the Largest Share in 2030 in the Space-Based Solar Power Market
Based on region, the space-based solar power market has been segmented into North America, Europe, Asia Pacific. Asia Pacific's space-based solar power sector will thrive due to a combination of factors. The Asia-Pacific (APAC) region, home to rapidly growing economies, grapples with escalating energy demands alongside pressing environmental challenges like air pollution and climate change. Space-Based Solar Power emerges as a compelling solution, offering clean, reliable energy devoid of fossil fuel emissions. Notably, governments in China and Japan, are actively allocating resources towards space-based solar power research and development, pivotal for its commercialization.
Space-Based Solar Power Market by Region
To know about the assumptions considered for the study, download the pdf brochure
Space-Based Solar Power Industry Companies: Top Key Market Players
Major players in the Space-Based solar Power Companies include Airbus (Netherlands), Northrop Grumman (US), OHB SE (Germany), Thales Alenia Space (France), Boeing (US), EMROD (New Zealand) to enhance their presence in the market. The report covers various industry trends and new technological innovations in the space-based solar power market.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Estimated Market Size |
USD 4.7 Billion in 2030 |
|
Projected Market Size |
USD 6.8 Billion by 2040 |
|
Growth Rate |
3.3% |
|
Market Size Available for Years |
2030-2040 |
|
Base Year Considered |
2030 |
|
Forecast Period |
2030-2040 |
|
Forecast Units |
Value (USD) |
|
Segments Covered |
By End Users, Beam Type, Application |
|
Geographies Covered |
North America, Europe, Asia Pacific |
|
Companies Covered |
Airbus (Netherlands), Northrop Grumman (US), OHB SE (Germany), Thales Alenia Space (France), Boeing (US), EMROD (New Zealand), Airborne (Netherlands), SpaceTech GmbH (Germany), Virtus Solis (US), Azur Space Solar Power GmbH (Germany) and 12 others. (22 companies) |
Space-Based Solar Power Market Highlights
This research report categorizes the Space-Based Solar Power markets based on End users, beam type, application.
|
Segment |
Subsegment |
|
By End Users |
|
|
By Beam Type |
|
|
By Application |
|
|
By Region |
|
Recent Developments
- In December 2022, Researchers at Airbus' X-Works Innovation Factory in Germany achieved successful electrical power transmission using microwaves from a photovoltaic panel to a receiver. The beamed energy illuminated a model city and powered a hydrogen engine and a fridge with alcohol-free beer. Airbus' wireless transmission system currently reaches approximately 100 feet (30 meters). Engineers express confidence in extending this range to space within the next decade, reflecting ongoing advancements in energy transmission technology.
- In July 2023, Thales Alenia Space was chosen by European Space Agency (ESA) to do a feasibility study for the SOLARIS initiative, which will determine the viability of a project to provide clean energy from spaceborne solar power plants to meet requirements down on Earth.
Frequently Asked Questions (FAQs) Addressed by the Report:
What are your views on the growth prospect of the space-based solar power market?
Response: The space-based solar power market exhibits promising growth prospects driven by technological innovations, increasing global requirement for energy, and government initiatives. Advancements such as wireless power transmission, and use of photovoltaic cells contribute to market expansion.
What are the key sustainability strategies adopted by leading players operating in the space-based solar power market?
Response: Key players have adopted various strategies to strengthen their position in the space-based solar power market. Major players such as Airbus (Netherlands), Northrop Grumman (US), OHB SE (Germany), Thales Alenia Space (France), Boeing (US), EMROD (New Zealand) have adopted various strategies, such as contracts and agreements, to expand their presence in the market further.
What are the new emerging technologies and use cases disrupting the space-based solar power market?
Response: Some of the major emerging technologies are perovskite solar cells, advanced rectenna design and in-space manufacturing that will disrupt the space-based solar power market.
Who are the key players and innovators in the ecosystem of the space-based solar power market?
Response: Major players in the space-based solar power market include Airbus (Netherlands), Northrop Grumman (US), OHB SE (Germany), Thales Alenia Space (France), Boeing (US), EMROD (New Zealand).
Which region is expected to hold the highest market share in the space-based solar power market?
Response: Space-based solar power market in the Asia Pacific region is estimated to account for the largest share of 49.9% of the market in 2030.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The research study conducted on the Space-Based Solar Power market involved extensive use of secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva, to identify and collect information relevant to the market. Publications of the International Energy Agency, American Oil & Gas Reporter, and Global Firepower, DNV GL are also considered in these secondary sources. Primary sources included industry experts from the market as well as suppliers, manufacturers, solution providers, technology developers, alliances, and organizations related to all segments of the industry’s value chain. In-dep.th interviews of various primary respondents, including key industry participants, subject matter experts (SMEs), industry consultants, and C-level executives, were conducted to obtain and verify critical qualitative and quantitative information about the market as well as to assess the growth prospects of the market.
Secondary Research
The market share for companies was determined based on secondary data made available through paid and unpaid sources and analysis of product portfolios of major companies and then rating them based on performance and quality. These data points were further validated by primary sources.
Secondary sources that were referred to for this research study included financial statements of companies with on-site hydrogen production, storage and conversion facilities and information from various trade, business, and professional associations, among others. The secondary data was collected and analyzed to arrive at the overall size of the Space-Based Solar Power market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information about the current scenario of the Space-Based Solar Power market through secondary research. Several primary interviews were conducted with market experts from the demand and supply sides across North America, Europe, and Asia Pacific, to obtain qualitative and quantitative information on the market. This primary data was collected through questionnaires, emails, and telephonic interviews. Primary sources from the supply side included various industry experts, such as vice presidents, directors, regional managers, technology providers, product development teams, distributors, and end users.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
- Both top-down and bottom-up approaches were used to estimate and validate the size of the Space-Based Solar Power market.
- Key players were identified through secondary research, and their market ranking was determined through primary and secondary research. This included a study of annual and financial reports of the top market players and extensive interviews of leaders, including CEOs, directors, and marketing executives.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs, analyzed by MarketsandMarkets, and presented in this report.
Market size estimation methodology: Bottom-up Approach
Market size estimation methodology: Top-down Approach
Data triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using both top-down and bottom-up approaches.
Market Definition
A Space-based solar power system is an energy collection, transmission and distribution hardware that uses satellites as well as ground infrastructure to focus solar radiation energy from the sun using special mirrors and direct the energy to terrestrial rectifying antennas (rectennas) via microwave and laser beams. The received energy can then be used for electricity and power generation for terrestrial uses. The key end users include government, defense and commercial entities that will utilize the novel technique as an alternative to traditional solar energy-based power generation. The technique offers specific advantages over traditional solar panel technologies including day and night operations and higher conversion efficiencies.
Stakeholders
Various stakeholders of the market are listed below:
- Government Authorities
- Regulatory Bodies
- R&D Companies
- Defense Organizations
- Subsystem Manufacturers
- Energy Providers and Utilities
- Environmental Groups and Policymakers
- Investors and Financial Institutions
- Commercial Space Companies
Report Objectives
- To define, describe, and forecast the size of the Space-Based Solar Power market based on beam type, application, end-user, and region from 2030 to 2040.
- To forecast the size of market segments with respect to major regions, namely North America, Europe, and Asia Pacific
- To identify and analyze key drivers, restraints, opportunities, and challenges influencing market growth.
- To analyze opportunities for stakeholders in the market by identifying key market trends
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the global market
- To analyze competitive developments such as contracts, acquisitions, agreements, and partnerships, product launches, and research and development (R&D) activities in the Space-Based Solar Power market.
- To provide a detailed competitive landscape of the market, as well as an analysis of business and corporate strategies adopted by leading market players.
- To strategically profile key market players and comprehensively analyze their core competencies2.
1. Micromarkets are defined as further segments and subsegments of the space-based solar power market included in the report.
2.Core competencies of the companies have been captured in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain their position in the market.
Available customizations
Along with the market data, MarketsandMarkets offers customizations as per the specific needs of companies. The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
Regional Analysis
- Further breakdown of the market segments at the regional level
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Space-Based Solar Power Market