Space-based Solar Power Market Outlook - 2027, Global Industry Analysis & Future Growth Opportunities

Space-based Solar Power Market Outlook - 2027

Space-based solar power is the concept of harnessing solar power from outer space and distributing it to earth. As space does not have clouds, atmosphere, and night, satellite-based solar panels are able to capture more energy than conventional solar panels. Most of the sunlight is reflected back to space by the atmosphere and does not reach the earth completely. The energy transmitting satellites are equipped with solar panels, which collect high-intensity uninterrupted solar power and transmit this energy to the earth by microwave or laser beam.

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Research confirms that space-based solar systems capture 8 times more solar power than traditional solar panels. Space-based solar power is a clean and inexhaustible source of energy that can meet the rise in demand across the globe. Moreover, with less area to construct a solar field, space-based solar power utilization is a better source of solar energy generation in the coming years. The rise in depletion of non-renewable sources, such as fossil fuels, forces companies to adopt renewable sources of energy such as solar power. This is expected to propel the market growth of global space-based solar power over the forecast period.

COVID–19 scenario analysis

The coronavirus pandemic has significantly impacted the energy sector. The oil prices have been reduced, which resulted in a decline in production. Supply chain disruptions have made difficulties in delivering equipment to plants. Moreover, many companies have halted their infrastructure development due to a decrease in investments. Therefore, the demand for energy resources has fallen and prices are fluctuating. Furthermore, non-payment by end-consumers of utility bills is expected to have an adverse effect along the supply chain.

Market scenario analysis

The rise in demand for sustainable energy and the increase in technological advancements boost the space-based solar power market growth. With increasing energy requirements across the world, companies are shifting towards natural and non-renewable sources of energy. The space-based solar system is proved to cause no harm to the biodiversity and environment on earth. The rise in concerns about the environment has made governments implement various policies to control the use of fossil fuels for energy
generation.

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Therefore, this factor increases the adoption of solar power systems by various energy generation companies. Moreover, space-based solar power is considered to be an unlimited source of energy for future generations. However, the high cost of deploying satellites to space is expected to be a major drawback in the space-based solar power generation market.

Market drivers and restraints

The rise in population and growth in urbanization is expected to boost the demand for energy across the globe. This has created an urgent need to develop unlimited renewable sources of energy with a lesser effect on the environment, which is expected to drive the market for space-based solar power generation. The decrease in the supply of fossil fuels and their harmful effect on the environment has made many companies adopt solar-based power generation. Technological advancements and innovations in the power generation sector are expected to boost the space-based solar power market over the forecast period. The high expenditure for transportation of solar panels to the space is expected to hamper the market growth.

By Region

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of LATAM), and the Middle East and Africa

Key Players

Auxin Solar, Certainteed Solar, First Solar, Global Solar, GreenBrilliance, Lumos Solar, Prism Solar, Seraphim Solar, Solar Electric America, Solaria, and SolarTech Universal

Key benefits of the report:

This study presents the analytical depiction of the space-based solar power market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the space-based solar power market share.

The current market is quantitatively analyzed from 2020 to 2027 to highlight the space-based solar power market growth scenario.

Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.

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