Global Space-Based Solar Power Market Share Revenue Envisaged to Reach USD 1,108.90 Million by 2032, at 8.0% CAGR: Polaris Market Research

NEW YORK, Oct. 11, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Space Based Solar Power Market Share, Size, Trends, Industry Analysis Report, By Satellite Type (Microwave Transmitting Solar Satellite, Laser Transmitting Solar Satellite), By Application, By Region, And Segment Forecasts, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global space based solar power market size/share was valued at USD 528.65 Million in 2022 and is expected to touch USD 1,108.90 Million by 2032, growing at a CAGR of 8.0% during the forecast period."

Space-Based Solar Power Market: Report Overview

Space-based solar power, or SBSP, is a revolutionary idea that harnesses solar energy in space using solar power satellites and then transfers it to acquiring stations on Earth. The method includes gathering solar energy from the sun above Earth's atmosphere, where it is stronger and always present without the intervention of weather. The energy gathered in orbit is then transmitted back to Earth as microwave or laser beams, which are eventually transformed into electricity at reception facilities on the surface.

Moreover, contrary to solar panels on our rooftops, which can only produce electricity during the day, space-based solar power can produce electricity continuously 24 hours a day, 99% of the year. Unlike other forms of alternative energy like coal, nuclear, gas, oil, and ethanol, it would produce no greenhouse gas emissions. In addition, compared to nuclear power, space-based solar power produces nearly little hazardous waste. As a result, the space based solar power market is growing.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

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• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Prominent Players in the Market

• Airborne
• AZUR SPACE Solar Power
• Borrego Energy
• DHV Technology
• Fralock
• Japan Aerospace Exploration Agency
• Northrop Grumman,
• Solaren Corporation
• SpaceTech
• Space Canada

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Markets's Key Understanding from the Report 

• The increasing need for electricity from growing economies and better options for power-generating sources are the critical factors driving the market demand.
• The space based solar power market segmentation is mainly based on satellite type, region, and application.
• North America dominated the market in 2022.

Market Growth Drivers and Trends

Reducing expenses and improving operational effectiveness have been made possible in large part by the use of robotics and automation in space missions. Reusable rockets and robotic automation have transformed space technology and increased the opportunities for long-term, economically viable space exploration and use. With each step forward, the potential of space-based solar power and other bold space endeavours becomes more tangible, increasing the sustainability and economic viability of space missions and space-based energy solutions.

Furthermore, automation is essential for improving dependability, streamlining operations, and possibly lowering the overall cost of space based solar generating systems. These developments in space technology, along with the growing need for clean and sustainable energy solutions, are generating a lot of interest and possibly expanding the space based solar power market growth. In light of the increasing emphasis on sustainable technologies worldwide, space-based solar power systems offer an enticing way to meet energy needs while lowering reliance on fossil fuels and lessening environmental effects.

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Space Based Solar Power Market Outlook

Significant Segmental Breakdown

• Electricity Generation Sector Accounts for Largest Share

Electricity generation accounted for a significant space based solar power market share. This sizeable share is explained by the rising demand for energy in a number of business verticals as well as the growing inclination toward greener ways of producing electricity. Continuous electricity generation is made feasible by drawing on this essentially limitless and consistent solar energy source, guaranteeing a stable and dependable power supply.

Moreover, the space sector is likely to record the highest growth rate. It provides a steady and consistent power supply for satellites in orbit. Satellites need electricity to power their scientific instruments, communication systems, navigation systems, and data collection systems, among other things. These SBSP systems enable these satellites to have a continuous power supply, which lessens their reliance on onboard batteries.

• Microwave Transmitting Solar Satellite Sector Holds the Largest Share

Microwave-transmitting solar satellites offer a creative and promising way to address the growing need for renewable energy worldwide as more countries look for power sources beyond Earth. These satellites provide a compelling alternative for clean and sustainable energy generation, paving the way for major advancements in a more environmentally friendly and sustainable future by collecting solar energy in space and beaming it back to Earth in the form of microwaves.

Additionally, the laser category grew steadily. The orbital transfer vehicles can be powered by these satellites to carry out their missions. These satellites help these vehicles satisfy their energy needs by beaming power from orbit, which lessens the need for onboard energy sources.

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Regional Analysis 

• North America: Within the region, the United States has emerged as a significant market for solar energy generated in space. Famous companies like Solaren Corporation and Northrop Grumman actively participated in the development of SBSP technology, which helped to take the lead in the space based solar power market in North America. The regional government also contributes to this effort by providing funding for research projects that study the possibilities of this technology as a reliable and eco-friendly source of renewable energy.
• Asia Pacific: Increased investments and research and development (R&D) endeavors in space-based solar power technology within Asia Pacific are the main drivers of the region's growth. The region's sizable client base is another factor that supports the market's quick expansion. Notably, China and India have become major participants in solar energy production and space missions, making them important contributors to the growth of the regional industry.

Browse the Detail Report "Space Based Solar Power Market Share, Size, Trends, Industry Analysis Report, By Satellite Type (Microwave Transmitting Solar Satellite, Laser Transmitting Solar Satellite), By Application, By Region, And Segment Forecasts, 2023 - 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/space-based-solar-power-market      

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Current Improvements

• Japan just joined the list of nations looking to build space-based solar power technologies in January 2023. Their strategy entails placing solar panels in orbit and using microwave rays to return the electricity produced to Earth. China and the UK previously indicated interest in researching this advanced technology.
• The California Institute of Technology launched The Space Solar Power Demonstrator (SSPD) into orbit in January 2023. With the objective of bringing power to areas that presently struggle with intermittent access to electricity, this ambitious initiative seeks to transmit electricity across considerable distances wirelessly.

What can the Report Help you Find?

• What is the current and expected space based solar power market size during the forecast period?
• What is the expected growth rate of the market?
• Which segment holds the maximum market share?
• Who are the potential customers of space based solar power industry?
• What factors are driving the space based solar power market growth?
• Which region is leading the market?

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About Polaris Market Research:

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SOURCE Polaris Market Research