Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global space-based solar power market is estimated to flourish at a CAGR of 26.4% from 2023 to 2031. Transparency Market Research projects that the space-based solar power market is estimated to reach US$ 3.4 billion by the end of 2031.
Governments providing tax incentives, subsidies, or policy support for SBSP development propel private investments, fostering market growth and technological innovation. Collaborations between SBSP ventures and space mining initiatives benefit from shared infrastructure, such as orbital platforms, reducing costs and accelerating SBSP deployment.
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Increasing global efforts to mitigate climate change drive interest in SBSP as a reliable energy source, especially in disaster-prone regions seeking resilient power solutions. Exploration of SBSP for military applications, such as remote base power supply, adds a new dimension, driving technological advancements and commercial viability. Emergence of space tourism amplifies the need for sustainable energy sources in space, encouraging investments and innovation in SBSP technology for such ventures.
Space-based Solar Power Market: Competitive Landscape
The space-based solar power market boasts a competitive landscape led by key players such as Solaren Corporation, Northrop Grumman, and Mitsubishi Electric. These industry leaders pioneer satellite-based solar power transmission technologies, emphasizing energy efficiency and sustainability. Emerging contenders such as SpaceTech GmbH and SPS Global also contribute innovative concepts, driving market growth.
Collaborations between governmental space agencies and private entities intensify competition. Continuous R&D efforts, cost-efficient satellite deployment, and advances in space technology propel the sector forward, fostering a dynamic market delivering groundbreaking solutions for clean, renewable energy on a global scale. Some prominent manufacturers are as follows:
- Airborne
- AZUR SPACE Solar Power GmbH
- CESI SpA
- Fralock Innovative Materials Manufacturing & Automation
- Japan Aerospace Exploration Agency
- Northrop Grumman Corporation
- SolAero Technologies Corporation
- Solaren Corporation
- SpaceTech GmbH
- The Boeing Company
Key Findings of the Market Report
- The microwave transmitting solar satellite type leads the space-based solar power market for efficient solar energy transmission to Earth.
- Electricity generation emerges as the leading application segment in the space-based solar power market, focusing on harnessing solar energy from space for terrestrial power generation.
- North America emerges as the leading region in the space-based solar power market due to robust technological innovation and investment.
Space-based Solar Power Market Growth Drivers & Trends
- Evolving satellite technology and launch capabilities enhance the feasibility and efficiency of space-based solar power systems.
- Growing global focus on clean energy sources propels interest in space-based solar power for sustainable electricity generation.
- Reduction in satellite launch costs boosts the feasibility and commercial viability of space-based solar power initiatives.
- Increased partnerships between governments, space agencies, and private entities foster research and development, driving innovation in SBSP technologies.
- Innovations in wireless power transmission methods facilitate efficient collection and transmission of solar energy from space to Earth.
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Global Space-based Solar Power Market: Regional Profile
- North America leads in space-based solar power innovation, particularly in the United States, driven by private space companies like Solaren Corporation and Northrop Grumman. Robust investments in space technology and renewable energy bolster advancements in satellite-based solar power transmission.
- Europe shows significant space-based solar power generation potential, notably in countries like Germany and France. Initiatives by the European Space Agency (ESA) and collaborations with private entities like SpaceTech GmbH foster research and development in space-based renewable energy.
- The Asia Pacific region demonstrates burgeoning interest in space-based solar power, with Japan and China at the forefront. Japan's Space Solar Power Systems and China's ambitious space initiatives fuel technological advancements, emphasizing SBSP's potential for sustainable energy generation.
Product Portfolio
- Solaren Corporation specializes in cutting-edge solar power solutions. Their product portfolio includes advanced solar panels, energy storage systems, and satellite-based solar power transmission technology, pioneering innovative renewable energy solutions to meet global energy needs sustainably and efficiently.
- SpaceTech GmbH offers a diverse portfolio of space technology solutions. From satellite design and manufacturing to propulsion systems and ground equipment, they provide innovative space technology services, contributing to space exploration and satellite missions worldwide.
- The Boeing Company is a leading aerospace manufacturer with a comprehensive product portfolio encompassing commercial airplanes, defense, space, and security systems. Their offerings include aircraft, satellites, defense systems, and space exploration solutions, catering to diverse global aviation and space industry needs.
Space-based Solar Power Market: Key Segments
By Solar Satellite Type
- Microwave Transmitting Solar Satellite
- Laser Transmitting Solar Satellite
By Application
- Electricity Generation
- Space Applications
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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