(MENAFN- GlobeNewsWire - Nasdaq) Portland, OR, Oct. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global space-based solar power market garnered $425.7 million in 2020, and is projected to reach $902.2 million by 2030, manifesting a CAGR of 7.8% from 2021 to 2030. The report offers an in-depth analysis of the market size, future estimations, emerging and current trends, and key players.
There are a few factors that are propelling the global space-based solar power market. These factors include increase in demand for electricity from developed and developing countries and the availability of alternatives to power generating sources.
However, factors such as high cost and drawbacks associated with space-based solar power hinder the market growth. On the other hand, technological developments in space-based solar power systems are expected to create many opportunities for the market.
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COVID-19 impact on global space based solar power market:
- The COVID-19 pandemic has caused a decline in the global space-based solar power market growth.
- Investments in space missions and R & D activities were paused due to uncertainties in the global economy.
- Lack of investment and production resulted in a decline in the market growth during the second, third, and fourth quarters of 2020.
- As COVID-19 vaccination has begun in various countries, it is expected to restart the R & D facilities and manufacturing operations across the globe.
The report segments the global space based solar power market on the basis of solar satellite type, application, and region.
Based on solar satellite type, the laser transmitting solar satellite segment contributed to the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is anticipated to witness the fastest CAGR of 8.3% from 2021 to 2030. The report also covers the microwave transmitting solar satellite segment.
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Based on the application, the electricity generation segment contributed to the largest share in 2020, accounting for more than three-fourths of the global space-based solar power market. The same segment is expected to lead during the forecast period. However, the space applications segment is expected to exhibit the highest CAGR of 8.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, holding nearly two-fifths of the total share. This region is expected to maintain dominance throughout the forecast period. On the other hand, North America is expected to exhibit the fastest CAGR of 9.1% during the forecast period.
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Leading players of the global space-based solar power market analyzed in the research include Azur Space Solar Power GmbH, Airborne, CESI SpA, Japan Aerospace Exploration Agency, Fralock Innovative Materials Manufacturing & Automation, Solaero Technologies Corporation, Northrop Grumman Corporation, Solaren Corporation, the Boeing Company, Solar Space Technologies, SpaceTech GmbH, Space Canada Corporation, and DHV Technology.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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