https://cdn.gophotonics.com/news/cover_638152328567875665.jpg712370
Research and Markets recently published a report on, "Global Space-Based Solar Power Market Size, Trends and Growth Opportunity, By Solar Satellite Type, Application, By Region and Forecast Till 2027." According to the report, the Global Space-Based Solar Power Market size was valued at USD 455 million in 2021 and it is expected to reach at USD 821 million in 2027 at a CAGR of 8.05% during the forecast period 2022 - 2027.
Solar power systems that use solar panels in space to produce solar energy can also be used to transmit that energy to the earth using satellite systems that transmit microwave and laser signals. Space-based solar power has been linked to a number of advantages. For instance, it does not release radioactive radiation, aids in the production of clean baseload power, or cools equipment.
Market Drivers
The space-based solar power market is anticipated to grow as awareness of solar energy usage and the advantages of using solar power from space rather than solar power from the earth increase.
Additionally, the use of renewable energy sources will promote the development of the industry. Rapid urbanization and growing public knowledge of the advantages of solar energy use are further factors that will support the market's expansion.
Market Restraints
The hefty initial investment required for a space-based solar generation has hampered its growth rate. In addition, space-based solar energy presents some additional logistical difficulties. The high cost of solar power generated in space, as well as installation and maintenance costs and transit costs. As a result, the cost restrictions will pose a serious obstacle to the growth of the market for space-based solar power.
Market Segmentation
The global space-based solar power market is segmented into solar satellite type and application. By solar satellite type, it is segmented into microwave-transmitting solar satellites, laser transmitting solar satellites. By application, it is segmented into electricity generation, and space applications.
Regional Analysis
The global space-based solar power market segmented into five regions North America, Europe, Latin America, Asia Pacific, Middle East and Africa. Due to increased awareness of solar energy use and its benefits in extracting solar power from space rather than earth-based solar power in this region, Asia-Pacific currently holds a dominant market share and revenue position in the space-based solar power industry.
Market Taxonomy
By Solar Satellite Type
- Microwave Transmitting Solar Satellite
- Laser Transmitting Solar Satellite
By Application
- Electricity Generation
- Space Applications
Key Topics Covered:
- Introduction
- Research Methodology
- Executive Summary
- Global Space-Based Solar Power Market Outlook
- Global Space-Based Solar Power Market, By Solar Satellite Type
- Global Space-Based Solar Power Market, By Application
- Global Space-Based Solar Power Market, By Region
- North America Space-Based Solar Power Analysis and Forecast (2022-2027)
- Europe Space-Based Solar Power Market Analysis and Forecast (2022-2027)
- Asia Pacific Space-Based Solar Power Market Analysis and Forecast (2022-2027)
- Latin America Space-Based Solar Power Market Analysis and Forecast (2022-2027)
- Middle East Space-Based Solar Power Market Analysis and Forecast (2022-2027)
- Competitive Analysis
- Company Profiles
Companies Mentioned
Click here to read the report titled, 'Global Space-Based Solar Power Market Size, Trends and Growth Opportunity, By Solar Satellite Type, Application, By Region and Forecast Till 2027.'
