Satellite Solar Cell Materials Market worth $ 96 million by 2030 Globally, at a CAGR of 13.7%, says MarketsandMarkets™

Chicago, March 26, 2024 (GLOBE NEWSWIRE) -- The Satellite Solar Cell Materials Market is projected to reach USD 96 million by 2030, at a CAGR of 13.7% from USD 44 million in 2024, as per the recent study by MarketsandMarkets™. The satellite solar cells materials market is driven by the rising deployment of satellites for communication, navigation, remote sensing, and scientific investigation is driving up demand for efficient and dependable solar cell materials to power these space-based platforms.

Demand from driving factors like space exploration plays a pivotal role in fueling the satellite solar cells market. The demand for sophisticated technologies, such as satellite solar cells, arises from the necessity for efficient power generation in space missions.

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181 - Market Data Tables

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List of Key Players in Satellite Solar Cell Materials Market:

1. SPECTROLAB (US)
2. AZUR SPACE Solar Power GmbH (Germany)
3. ROCKET LAB USA (US)
4. Sharp Corporation(Japan)
5. CESI S.p.A (Italy)
6. Thales Alenia Space (France)
7. AIRBUS (France)
8. MicroLink Devices, Inc. (US)
9. Mitsubishi Electric Corporation (Japan)
10. Northrop Grumman (US)

Drivers, Opportunities and Challenges in Satellite Solar Cell Materials  Market:

1. Drivers: Rising Space Exploration and Satellite Deployment.
2. Restraint: Regulatory and Compliance Standards
3. Opportunity: Increasing Investment in Space based Infrastructure
4. Challenge: Harsh Space Environment & Limited Supply of Space Grade Solar Cells

Key Findings of the Study:

1. Satellite by application is projected to be the largest, in terms of value, during the forecast period
2. Polar Orbit, by orbit is projected to be the largest, in terms of value, during the forecast period
3. Silicon by Material types of segments is projected to be the largest, in terms of value, during the forecast period
4. Asia Pacific is expected to be the fastest growing market for satellite solar cells materials during the forecast period, in terms of value

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Based on material types, the satellite solar cell materials market has been segmented into Silicon, Copper Indium Gallium Selenide (CIGS), Gallium Arsenide (GaAs), and other material types. Silicon accounted for the largest share, in terms of value, of the global market in 2024.

Silicon material type has the greatest market share in the satellite solar cell materials market, owing to its long-standing reliability, efficiency, and cost-effectiveness. Silicon-based solar cells have been widely used in satellite applications for decades due to their proven track record of performance in space. Furthermore, silicon's abundance and established manufacturing infrastructure help to drive its wider acceptance, allowing for economies of scale and reduced production costs when compared to other materials. Furthermore, continued breakthroughs in silicon-based solar cell technology, such as increased efficiency and radiation resistance, help to solidify its position as the favoured alternative for satellite power generation. As a result, silicon material type maintains its dominance in the satellite solar cell materials market, owing to its combination of dependability, performance, and cost effectiveness.

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Based on application, the satellite solar cell materials market has been segmented into Satellite, Rovers, Space Stations and other applications. Satellite, accounted for the largest share, in terms of value, of the global market in 2024.

In Satellite applications, Satellite applications dominate the satellite solar cell materials market due to their widespread use in a variety of industries and sectors. Satellites have critical roles in communication, navigation, weather forecasting, earth observation, scientific research, and defence, among other applications. The expanding demand for satellite-based services, such as telecommunications, television, and remote sensing, is pushing the need for dependable and efficient power production systems to keep these satellites in orbit. Solar cells provide a dependable and renewable source of energy for satellites, allowing for extended missions and operations in orbit. Furthermore, advances in satellite technology, such as miniaturization and the construction of small satellites (CubeSats), are broadening the application area and increasing the use of solar cells for power generation.

Based on Orbit, the satellite solar cell materials market has been segmented into Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Orbit (GEO), Highly Elliptical Orbit (HEO), Polar Orbit. Polar Orbit accounted for the largest share, in terms of value, of the global market in 2024.

Polar orbit in the orbit sector has a significant market share in the solar cell materials market due to a variety of causes. Polar orbiting satellites travel from pole to pole, giving vast worldwide coverage and enabling a wide range of critical applications such as Earth observation, environmental monitoring, and reconnaissance. These spacecrafts frequently require solar cells with high efficiency and durability to resist extended exposure to various orbital circumstances, such as variable levels of solar radiation and temperature swings. Furthermore, polar orbit satellites are commonly used in scientific research missions, space exploration, and surveillance activities, increasing the demand for sophisticated solar cell materials that can meet strict performance standards.

North America has the greatest market share in the satellite solar cell materials industry due to a variety of factors. To begin, North America has a thriving space industry, with many top satellite makers, space agencies, and research institutions based there. Companies in the region are at the cutting edge of satellite technology development, fueling innovation and demand for innovative solar cell materials. Furthermore, North America is home to a wide variety of satellite applications, including communication, remote sensing, navigation, and scientific research, all of which rely largely on solar energy. The region's robust economic growth, along with government initiatives to encourage space exploration and satellite deployment, accelerates market expansion.

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