Global Space-Based Solar Power Market was valued at USD 524.2 million in 2023 and is estimated to reach a valuation of USD 1,043.9 million by 2031 at a CAGR of nearly 9.2% between 2024 and 2031.

Discover Key Industry Trends @ https://www.extrapolate.com/energy-and-power/space-based-solar-power-market/87476

Recent Development

In January 2022: A definitive agreement was signed by Rocket Lab USA, Inc., to acquire SolAero Holdings Inc. Rocket Lab is amongst the largest companies providing space services and launch systems. SolAero on the other hand is a supplier of solar cells and other products. The deal includes approximately USD 80 million in cash.

Global Key Players:

• AZUR SPACE Solar Power GmbH
• Boeing
• CESI S.P.A.
• Fralock LLC
• Japan Aerospace Exploration Agency
• NORTHROP GRUMMAN
• ROCKET LAB USA
• SOLAR ELECTRIC AMERICA
• SpaceTech GmbH
• Sparkwing

North America to Dominate Global Space-Based Solar Power Market due to the Presence of established space agency and other Key Players

Segment Analysis:

By Beam Type: The microwave power transmission segment is anticipated to dominate the market, driven by technological advancements that have improved energy transmission efficiency.

By End Users: The government and defense sectors are expected to be the primary adopters of SBSP technology, leveraging its potential for strategic applications and energy security.

By Application: Electricity generation is projected to be the leading application segment, as SBSP systems can provide a continuous and sustainable power supply, complementing terrestrial renewable energy sources

Regional Outlook:

Asia Pacific: This region is expected to experience the highest growth rate in the SBSP market, attributed to rapid industrialization, increasing energy needs, and substantial investments in space technology and renewable energy projects.

North America: With robust support from government agencies like NASA and the Department of Energy, North America is poised to maintain a significant share of the SBSP market, focusing on technological innovation and strategic energy initiatives.

Challenges and Opportunities:

Despite the promising outlook, the SBSP market faces challenges, including high development and deployment costs, technological complexities in wireless power transmission, and regulatory considerations related to space operations. However, ongoing research and development, coupled with international collaborations, are expected to address these challenges, unlocking new opportunities for market expansion.

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