Space-Based Solar Power Market
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The global space-based solar power market was valued at USD 3.1 billion in 2024 and is estimated to grow at a CAGR of 7.9% from 2025 to 2034.
Space-based solar power industry is on the rise as there is an increasing effort to reduce dependency on power derived from fossil fuels and greenhouse gases. Factors including the desire to solve climate change and reducing dependency on fossil fuels is driving the growth in the market. SBSP is seen as an attractive option because it generates power with little regard to whether the sun is shining or not. There are also loopholes in existing power generation from solar energy that need to be addressed. Significant progress is made in generating solar energy while in space, and a huge gain is possible if space satellites are able to generate solar energy and beam it to Earth with effective energy transmission methods and increased space exploration.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Space-Based Solar Power Market size in 2024: | USD 3.1 Billion |
| Forecast Period: | 2025 - 2034 |
| Forecast Period 2023 - 2032 CAGR: | 7.9 |
| 2023 Value Projection: | USD 6.6 Billion |
| Historical Data for: | 2021 - 2024 |
| No of Pages: | 180 |
| Tables, Charts & Figures: | 212 |
| Segments Covered: | Beam type, application, end use |
| Growth Drivers: |
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| Pitfalls Challenges: |
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SBSP is likely to gain momentum as a crucial pillar for the renewable energy sector's growth and diversification. For example, in April 2023, ESA started researching SBSP following the allocation of contracts for two concept studies. These studies ought to demonstrate to what extent it is feasible to build commercial solar power satellites as part of ESA's SOLARIS program and if solar power collection in space will be a clean energy source for deployment on the Earth's surface.
Space-Based Solar Power (SBSP) has become one of the potential solutions to global energy problems. Advanced development in space technologies, wireless energy transmission, and energy utilization declined SBSP's status to the theoretical realm but has now advanced the program into practical tests. Big players in the market want to construct solar systems in the orbit of Earth that would facilitate a sustained power supply to planet Earth devoid of environmental and cyclic interruptions. Stakeholders such as governments, private firms, and academic institutions have collaborated for the purpose of transforming this concept into reality by decreasing costs, increasing performance, and solving technology issues. In the long run, SBSP could potentially provide energy independence and security, reduce emissions and pollution, and enable countries to transition to cleaner sources of energy.
Joint research activities by public, private, and international organizations focused on clean energy are driving the growth of the Space-Based Solar Power (SBSP) market. Solar panel deployment in space has become cheaper and easier due to new technological advancements. Additionally, power transmission through microwave and laser systems showed potential in sending energy back to Earth. This is the reason why major space-investing companies like NASA, ESA, JAXA, and SpaceX have taken an interest in making SBSP commercially viable. NASA is looking for the best ways to assist in the progression of space-based solar power solutions. A report recently released by NASA titled "Space-Based Solar Power" aims to provide the agency with crucial knowledge to aid the development of emerging fields. The report is put together by NASA's Office of Technology, Policy, and Strategy (OTPS).
The space-based solar power (SBSP) market confronts a few critical obstacles. These include the high costs of development and deployment, advancements in wireless power transmission technology to make it work well, and intricate regulations on space debris mitigation and international space policy. Despite these hurdles, the market is encouraging due to the demand for clean energy across the globe and voluntary efforts aimed at achieving net-zero emissions by 2050. Improved technology for space exploration, energy transmission, and energy storage systems could make SBSP an important source of global renewable energy. To aid this development, there is a need for proper management of space utilization, international cooperation, and safety regulations.
Based on beam type, the space-based solar power market is segmented into microwave power transmission and laser beam power transmission. The microwave power transmission segment held a market share of over 70% in 2024 and is expected to grow at a lucrative pace.
Based on application, the space-based solar power market is segmented into electricity generation and space application. The electricity generation segment is expected to grow at a CAGR of over 8.5% by 2034.
North America dominated the space-based solar power market and is expected to reach a value of over USD 2.5 billion by 2034. The growth of the U.S. Space Based Solar Power (SBSP) market is fueled by the strong efforts to develop renewable energy in the country and expand its space exploration capabilities. With the help of NASA and the Department of Energy, the US government is investing in Space Based Solar Power technology by carrying out SBSP feasibility studies and partnering with private firms.
In the UK, the government is working on advanced strategies that has propelled the Space-Based Solar Power (SBSP) market, and there is growing interest in funding innovation for SBSP systems. For example, in April 2024, UK-based firm Space Solar Engineering announced to work on the design of NewSpace Solar Grazing Projects power system as part of the Cassiopeia project. The company won USD 1.5 million in a competition held by the government's funding space-based solar power innovation challenges. The SBSP technology captures solar energy at high earth orbit and remotely sends it to a specific location on Earth. This technology, if successfully implemented at scale, can allow the UK to use clean energy anytime, anywhere. The government is willing to put forth new SBSP projects, a budget of over USD 7.5 million for funding has been proposed. The funding allocated spans Technology Readiness Levels (TRL) 1 through 6. The lowest funding level 1 implies that only basic principles are being observed and reported, while level 6 means that prototypes are demonstrated in the appropriate environments. Space Solar has not publicly disclosed which TRL they intend to target with their project, however.
As space exploration and renewable energy ventures in the country expand, so does the Space-Based Solar Power market in China. Chinese space agencies are looking into SBSP technologies that contemplate ways of harvesting solar power only to transmit it wirelessly. China expends SBSP because with ambitions to reach carbon neutrality by 2060, there is rising energy fatigue that needs attention, carbon emissions need to be outdone, and the country needs to solidify its ground in the world of space technology and renewable energy.
Developments in private and public sectors towards research and development are increasing the demand for Space Based Solar Power (SBSP) in Japan. These advancements have moved one step closer to building a solar power station in space that is capable of providing energy without the use of fossil fuels, aiding in the fight against climate change.
The space-based solar power market in South Korea is being propelled forward through a blend of collaboration between government departments alongside the private industry. The research direction of the country is geared towards finding solutions for solar power collection in space and its wireless transmission to Earth to meet those targets. For example, in April 2024, researchers from KARI and KERI provided information on the development of the Korean Space Solar Power Satellite (K-SSPS) project. They presented a first pilot system and experiment alongside a conceptual design of the satellite, methods of disposal at the end of the satellite's useful life, and a range of other concepts.
Companies like Northrop Grumman, JAXA, and Airbus are all trying to find new solutions to ship energy from space, which in turn boosts competition in the SBSP marketplace. Each of these firms is focused on improving precision satellite design, enhancing wireless power transmission systems, and miniaturization of space systems. They are all gaining experience in solving engineering challenges, applying for government and private funding, and demonstrating the practicality of SBSP. Companies join alliances and collaborate internationally to gain a competitive advantage in this emerging market.
Major players operating in the space-based solar power industry are:
Market, By Beam Type
Market, By Application
Market, By End Use
The above information is provided for the following regions and countries:
The North America market is expected to exceed USD 2.5 billion by 2034, driven by the United States' focus on renewable energy development and expanding space exploration capabilities.
Major players in the industry include Airbus, Celestia Energy, China Academy of Space Technology, Emrod, Japan Aerospace Exploration Agency, Metasat, Northrop Grumman, Sirin Orbital Systems, SpaceTech, and Thales Alenia Space.
The global market size for space-based solar power was valued at USD 3.1 billion in 2024 and is projected to reach USD 6.6 billion by 2034, driven by a CAGR of 7.9% during the forecast period, supported by advancements in space infrastructure and renewable energy goals.
The microwave power transmission segment held over 70% of the market share in 2024 and is expected to grow significantly by 2034, driven by advancements in microwave power conversion technology and miniaturization of components.