Satellites and other space-based platforms are used to gather solar energy, which is then wirelessly sent to Earth. This concept is known as space-based solar power, or SBSP. Placing solar collectors in orbit, where they can receive constant sunshine without obstruction from the atmosphere or the limitations of the day-night cycle, is one way to more effectively harness solar electricity. Once caught, the energy is transformed into lasers or microwaves and sent down to Earth's receiving stations, where it is transformed back into electrical energy that may be used. While lowering dependency on fossil fuels and slowing down climate change, it might make a major contribution to the world's energy demands.
Global Space-Based Solar Power Market Driving Factors and Challenges
Driving Factors- An increase in robotics usage in space is enabling the automation of several jobs related to upkeep and repair of space-based infrastructure, hence decreasing the need for human involvement and operating costs. These developments in space technology are contributing to the viability and economic viability of space-based solar power (SBSP) as a means of addressing the world's energy demands. Therefore, it is projected that the market for space-based solar power would grow as demand for sustainable technology rises. The market for space-based solar power is expected to develop as more people become aware of the advantages of using solar energy and the advantages of harvesting solar electricity from space rather than from the earth.
Challenges- Satellites and other space-based equipment, such as solar power systems, are at risk from the growing volume of space debris. Installations of solar power that are based in space may be harmed or destroyed by this material. One of the difficulties is dealing with legal and regulatory issues; international agreements and rules governing space activities and energy transfer must be formed and followed. These encompass matters about airspace and spectrum utilization in addition to ecological considerations. It will cost a lot of money to build the infrastructure needed to distribute and receive the power transmitted from space. This involves integrating into the current electrical systems and building ground-based reception stations.
Impact of COVID-19 on Global Space-Based Solar Power Market
The space-based solar power (SBSP) business has been impacted by the COVID-19 epidemic in a number of ways. Global supply chains were thrown off balance by the pandemic, which had an impact on the availability of parts and supplies required for space-based solar generating installations. Processes for production, research, and development were delayed as a result. The schedules for creating and implementing SBSP technologies were impacted by this. The pandemic's economic uncertainty resulted in lower financing and investment in a variety of fields, including space and cutting-edge technology initiatives. Governments and investors might have given short-term requirements precedence over long-term initiatives like SBSP.
Global Space-Based Solar Power Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Airborne, Zur Space Solar Power GmbH, Fralock Holdings, Japan Aerospace Exploration Agency, Northrop Grumman, Borrego Energy, LLC, Solaren Corporation, Spacetech GmbH, Space Canada and DHV Technology.
Global Space-Based Solar Power Market Segmentation:
By Solar Satellite Type: Based on the Solar Satellite Type, Global Space-Based Solar Power Market is segmented as; Microwave Transmitting Solar Satellite and Laser Transmitting Solar Satellite.
By Application: Based on the Application, Global Space-Based Solar Power Market is segmented as; Electricity Generations and Space Applications.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.