Space Based Solar Power Market To Grow With Technological Advancement During the Forecast Period
Demand for renewable sources of energy and power is driving
the growth in Global Space Based Solar Power Market in the forecast period,
2022-2026.
According
to TechSci Research report, “Space Based Solar Power Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026”,
the global space based solar power market would potentially project an
impressive growth in the forecast period, 2022-2026, with an impressive CAGR on
the account of increasing demands from the power generation industry. The
rapidly increasing demands from the infrastructure construction like that of eco-friendly
buildings and automotive development of the green vehicles is driving the
growth of the global space based solar power market in the upcoming five years.
Extended research and innovative product launches of the technological advanced
devices and equipment is also supporting the growth of the global space based
solar power market in the next five years.
Government
policies, and strict regulations toward use of renewable sources of energy is
increasing and thus aiding the growth of the global space based solar power
market in the future five years. Space based solar power are also utilized to power
electric supplies and demands from the industrial sector, thus substantiating
the growth of the global space based solar power market in the forecast years.
Technological advancements in the manufacturing of the space based solar power solar
bodies also play a vital role in future growth of the global space based solar
power market in the forecast period, until 2026.
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The
global space based solar power market is segmented on the basis of satellite
design type, application, competitional landscape, and regional distribution.
Based on satellite design type, the market is further fragmented into microwave
transmitting satellite and laser transmitting satellite. Laser transmitting
satellite is expected to generate the largest revenue shares of the market and
dominate the market segment in the upcoming five years on the account of its
advantages over other types of satellite designs. Laser transmitting satellite
travels only in low earth orbit approximately 400 km above the earth’s surface.
These satellites are lighter in comparison and are more cost effective for
maintenance when compared with microwave transmitting satellites and other
satellites. Additionally, launch of these satellites require single rocket
launch thus decreasing the cost effectively. They work with the solar power
beaming method using a diode-pumped beam alkali laser. With advancements in
laser technology in the future the laser transmitting satellite-based space
solar power is set to gain more traction.
Based
on application, the market is segmented into residential, industrial, and commercial.
Commercial applications of space based solar power is expected to register the largest
revenue shares and assert its dominance over the market in the upcoming five
years. The installation of the devices is quite expensive and commercial
sectors for the application are expected to generate maximum revenues. Demand
for the eco-friendly prospects of the devices and services are also expected to
further aid the growth of the sub-segment as well as drive the growth of the
global space based solar power market in the future five years.
Space
Energy, Inc., Solaren, Inc, Northrop Grumman Corporation, Space Exploration
Technologies Corp., Blue Origin Federation, LLC, Jaxa, Lumos Solar, Seraphim
Solar, Solar Electric America, SolarTech Universal, are among the major market
players in the global platform that lead the market growth of the global space
based solar power market.
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“North America region is anticipated to
dominate the regional analysis of the global market over regional dominance
segment. The market growth is attributed to rising financial and physical
investment in the research and technological advancement. Advanced product
launches by the multiple market players that are technologically advanced is
further driving the growth of the global space based solar power market in the
upcoming five years. Government bodies like NASA along with the participation
of the private organizations I further aiding the growth of the global space
based solar power market. Ongoing alliances, and acquisitions in the US
contribute towards futuristic market growth. Furthermore, deployment of
reusable launch vehicles would reduce the expense of space transportation and
the total cost of solar power centered in space is expected to drive the growth
of the global space based solar power market in the next five years. New market
players may focus on studying the consumer demands and extended research along
with the smart product launches thus aiding their brand establishment,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
Global management consulting firm.
“Global Space Based Solar
Power Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2016-2026 Segmented By Satellite
Design Type (Microwave Transmitting Satellite, Laser Transmitting Satellite), By
Application (Residential, Industrial, Commercial), By Region”, has evaluated the future
growth potential of global space based solar power and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global space based solar power market.
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