Multiple benefits have been associated with space-based solar power such as it helps in the generation of clean baseload electricity, does not emit nuclear radiation, and does not have cooling systems.

The space-based solar power market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as a rise in demand for electricity from developing economies and better alternatives to power-generating sources. In addition, R&D towards space-based solar power technologies across the globe fuels the growth of the space-based solar power market. However, the high costs and disadvantages associated with space-based solar power are restraining the growth of the market globally during the forecast period. Conversely, technological advancements in space-based solar power systems and a rise in investment toward research work are anticipated to provide potential growth opportunities in the upcoming years.

Significant development of the end-use industries such as chemical, mining, manufacturing, construction, and automotive propel the demand for electricity, which, in turn, is expected to drive the growth of the space-based solar power market, globally. In addition, the surge in demand for power from space applications such as satellites and space vehicles notably contribute toward the growth of the market. However, the high cost associated with launching, maintaining, and installation of space-based solar power systems is the key factor hampering the growth of the global space-based solar power market.

Depending on the solar satellite type, the laser-transmitting solar satellite segment garnered the largest share of about 53.97% in 2020 and is expected to maintain its dominance during the forecast period. This is attributed to the increase in demand for space-based solar power systems for providing power for satellites during the eclipse, for orbital transfer vehicles, for a solar array on the moon, and for electricity generation.

On the basis of application, the electricity generation segment holds the largest share, in terms of revenue, and is expected to continue this trend during the forecast period, owing to a rise in energy demand along with the cleaner generation of electricity across the globe.

Region-wise, the market as analysed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest share contributor in 2020 and is anticipated lead during the forecast period, due to an increase in investment & R&D toward space-based solar power and the presence of a large consumer base in the region.

Story: Allied Analytics LLP via EINPress

Image: By NASA – http://science.ksc.nasa.gov/shuttle/nexgen/Nexgen_Images/solar_power_satellite_concept.jpg, Public Domain, https://commons.wikimedia.org/w/index.php?curid=16117438