Global Space-based Solar Power Market Outlook to 2028

Global Space-based Solar Power Market Overview

Global Space-Based Solar Power (SBSP) market was valued at 554 million in 2023. This market has been significantly driven by the increasing need for sustainable and continuous energy solutions, particularly as terrestrial energy sources face growing limitations.

Table for Dev.

Global Space-based Solar Power Market Size (in USD Mn), 2018-2030

Year

Market Size (in USD Mn)

CAGR (in %) 2018-2023

CAGR (in %) 2023-2030

2018

XX

2023

554

XX%

Source: https://www.polarismarketresearch.com/industry-analysis/space-based-solar-power-market

Leading players in the space-based solar power market include Northrop Grumman (USA), Mitsubishi Electric Corporation (Japan), and Space Energy, Inc. (USA). These companies are at the forefront of research, development, and potential deployment of SBSP systems. Their involvement ranges from satellite manufacturing to energy transmission technologies, making them crucial contributors to the market's growth.

In 2024, Mitsubishi Electric Corporation has been awarded a contract by JAXA to supply space-use lithium-ion batteries for the Gateway, a lunar orbiting space station, as part of the Artemis Program for lunar exploration. This will be the third time Mitsubishi Electric provides batteries for the Artemis Program, including for the Habitation and Logistics Outpost (HALO) and the International Habitation Module (I-Hab).

Cities of Los Angeles, Tokyo, and Washington D.C. are pivotal in the global SBSP market due to their robust technological ecosystems and government support. Los Angeles and Tokyo are home to leading aerospace companies and research institutions, while Washington D.C. plays a critical role in policy-making and international collaboration efforts that drive the market.

Global Space-based Solar Power Market Segmentation

The Global Space-based Solar Power Market can be segmented based on several factors:

By Technology Type: Global Space-based solar power market is segmented by technology type into Photovoltaic Cells, Microwave Power Transmission, and Laser Power Transmission. In 2023, Photovoltaic Cells held a dominant market share, driven by their proven efficiency in space environments. The maturity of photovoltaic technology, combined with its integration into existing satellite systems, contributes to its leading position in the market.

By Region: The SBSP market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. In 2023, North America emerged as the dominant region in the global space-based solar power (SBSP) market. The United States plays a pivotal role in this dominance, driven by significant government investments and the presence of major aerospace companies such as Northrop Grumman, Lockheed Martin, and Boeing.

By Application: Global Space-based Solar Power Market is segmented by application into Energy Generation, Space Exploration, and Military & Defense. Energy Generation was the dominant segment in 2023, accounting for the largest share due to the increasing demand for continuous renewable energy. The ability of SBSP systems to generate power uninterruptedly makes it a vital component of the global renewable energy infrastructure.

Global Space-based Solar Power Market Competitive Landscape

Company Name

Establishment Year

Headquarters

Northrop Grumman

1939

Falls Church, USA

Mitsubishi Electric Corporation

1921

Tokyo, Japan

Space Energy, Inc.

2009

Houston, USA

Frazer-Nash Consultancy

1920

Surrey, UK

Airborne Systems

1920

New Jersey, USA

Northrop Grumman: In 2021, Northrop Grumman has successfully tested a satellite solar panel designed to collect solar energy in space, which will be beamed back to Earth. This testing, conducted at their facility in Maryland, is part of a $100 million experiment funded by the Air Force Research Laboratory (AFRL). The technology demonstrated the conversion of solar energy to radio frequency (RF) power, a crucial step for future large-scale solar power collection systems in space.

Lockheed Martin: In 2023, Lockheed Martin has announced a 150,000 investment in a project with Northumbria University aimed at advancing space-based solar power. This initiative will focus on developing specialized photovoltaic cells that can convert laser power into usable energy for space vehicles and potentially beam electricity wirelessly from space to Earth.

Global Space-based Solar Power Industry Analysis

Growth Drivers:

Increased Investment in Space Infrastructure: The global space-based solar power market is witnessing significant growth due to a surge in investments in space infrastructure. In January 2021, Boeing signed a contract with NASA to supply solar arrays for the International Space Station (ISS). The installation of these solar arrays began in 2021 and will offer power supply to the orbiting laboratory. This funding supports the advancement of technologies such as microwave power transmission and large-scale photovoltaic arrays, crucial for SBSP systems.

Global Energy Demand and Transition to Renewables: In May 2024, solar generation in the EU reached a monthly high of just under 30 TWh, with daily peaks averaging above 100 GW. The inherent advantage of SBSP systems to provide a continuous energy supply, irrespective of weather conditions or time of day, makes them a vital component in the global transition to renewable energy. Countries like Japan and the European Union have initiated programs to integrate SBSP into their national energy grids, further fueling market growth.

Technological Advancements in Wireless Power Transmission: The success of wireless power transmission technologies has been a critical driver for the SBSP market. The rapid growth of Internet of Things (Io T) devices, which often rely on wireless power solutions, further supports the expansion of WPT technologies. This technology is essential for the practical application of SBSP, as it enables the efficient transfer of energy from space to Earth without the need for physical connections.

Challenges

Regulatory and Policy Barriers: The global SBSP market faces challenges due to varying regulatory frameworks across different regions. The Federal Communications Commission (FCC) in the U.S. and the European Space Agency (ESA) have stringent regulations governing the use of specific frequencies for energy transmission from space to Earth. These regulatory hurdles not only increase costs but also delay project timelines, making it difficult for companies to achieve timely commercialization.

Technological and Engineering Challenges: The SBSP market is also hindered by the complex engineering challenges involved in deploying and maintaining large-scale solar arrays in space. The development of these technologies is still in its nascent stages, and the risks associated with their deployment, including potential failures, present a significant barrier to market growth. These challenges necessitate further research and development, which in turn increases costs and delays the deployment of commercial SBSP systems.

Government Initiatives:

European Space Agency's SOLARIS Program: The European Space Agency's (ESA) SOLARIS program is an ambitious initiative aimed at developing space-based solar power (SBSP) technology to provide clean energy for Earth. Launched in November 2022, the program seeks to establish the technical, political, and programmatic viability of SBSP by 2025, with the goal of making a decision on a full development program at that time.

Japan's Space-Based Solar Power Roadmap (2022): Japan is advancing its roadmap for space-based solar power (SBSP) as part of a broader initiative to harness renewable energy from space. The mission, named OHISAMA is set to launch a satellite that will transmit approximately 1 kilowatt of power from an altitude of about 400 kilometers (250 miles) using microwaves. This satellite will be equipped with a photovoltaic panel and is part of a larger plan to validate the technology for future commercial applications.

Global Space-based Solar Power Future Market Outlook

Global Space-based Solar Power Market is poised for significant growth by 2028, driven by the increasing demand for renewable energy sources and advancements in space technology. As the world grapples with the challenges of climate change and energy security, SBSP offers a promising solution by providing continuous and sustainable energy from space.

Future Market Trends

Integration with National Grids: Over the next five years, SBSP systems will increasingly be integrated into national energy grids, providing a reliable and continuous source of renewable energy. Countries with advanced space programs, such as the U.S. and Japan, will lead the way in deploying SBSP systems on a commercial scale. These systems will complement terrestrial renewable energy sources, helping to stabilize energy supply and reduce dependence on fossil fuels.

Advancements in Energy Transmission Technologies: The next few years will see significant advancements in wireless power transmission technologies, making SBSP systems more efficient and viable for large-scale deployment. Companies will focus on improving the efficiency of microwave and laser power transmission systems, which are crucial for the successful transfer of energy from space to Earth. These advancements will lower the cost of energy transmission and enhance the overall feasibility of SBSP systems.
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