Dublin, Feb. 02, 2023 (GLOBE NEWSWIRE) — The “Global Space-Based Solar Power Market Size, Trends and Growth Opportunity, By Solar Satellite Type, Application, By Region and Forecast Till 2027.” report has been added to ResearchAndMarkets.com’s offering.
The global Space-Based Solar Power Market was valued at US$455 million in 2021 and it is expected to reach at US$821 million in 2027 at a CAGR of 8.05% during forecast period 2022-2027.
Solar power systems that use solar panels in space to produce solar energy can also be used to transmit that energy to the earth using satellite systems that transmit microwave and laser signals.
Space-based solar power has been linked to a number of advantages. For instance, it does not release radioactive radiation, aids in the production of clean baseload power, or cools equipment.
The space-based solar power market is anticipated to grow as awareness of solar energy usage and the advantages of using solar power from space rather than solar power from the earth increases. Additionally, the use of renewable energy sources will promote the development of industry. Rapid urbanization and growing public knowledge of the advantages of solar energy use are further factors that will support the market’s expansion.
The hefty initial investment required for space-based solar generation has hampered its growth rate. In addition, space-based solar energy presents some additional logistical difficulties. The high cost of solar power generated in space, as well as installation and maintenance costs and transit costs. As a result, the cost restrictions will pose a serious obstacle to the growth of the market for space-based solar power.
The global space-based solar power market is segmented into solar satellite type and application. By solar satellite type it segmented into microwave transmitting solar satellite, laser transmitting solar satellite. By application it segmented into electricity generation, space applications.
The global space-based solar power market segmented into five regions North America, Europe, Latin America, Asia Pacific, Middle East and Africa. Due to increased awareness of solar energy use and its benefits in extracting solar power from space rather than earth-based solar power in this region, Asia-Pacific currently holds a dominant market share and revenue position in the space-based solar power industry.
Various key players are listed in this report such as AIRBORNE (U.S.), ZUR SPACE Solar Power GmbH (Germany), Fralock Holdings, (U.S.), JAPAN AEROSPACE EXPLORATION AGENCY (Japan), NORTHROP GRUMMAN (U.S.), Borrego Energy, LLC (U.S.), SOLAREN CORPORATION (U.S.), SPACETECH GmbH (Germany), Space Canada (Canada), DHV Technology (Spain)
Key Question Addressed by the Report