The global Space-based solar power market was valued at US$455 million in 2021 and it is expected to reach US$821 million in 2027.
This is according to the latest report from Research and Markerts, which predicts a CAGR of 8.05% during the forecast period 2022-2027.
Space-based solar systems use panels to produce solar power in space. The panels transmit the energy to Earth via satellite systems in the form of microwaves and laser signals.
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According to the report, Global Space-Based Solar Power Market, there are a number of advantages driving the growth of this market, such as the production of clean baseload power without the release of radioactive radiation.
Also, rapid urbanisation and growing public knowledge of the advantages of solar energy use are further factors that will support the market’s expansion.
One of key factors hindering the growth of this market is what the report refers to as the “hefty initial investment required for space-based solar generation”. Also, the costs associated with installation, maintenance and transit will be a noteworthy obstacle.
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Together with cost, market growth will be slowed by the difficulties around the logistics of operating space-based solar systems.
Asia-Pacific currently holds a dominant market share in the space-based solar power industry, due to increased awareness of the benefits of extracting solar power from space rather than earth-based solar power in this region.
