Space-Based Solar Power Expects Growth At a CAGR of 8.0%: Report

Space Based Solar Power Expects Growth At a CAGR of 8.0%: Report

Polaris, a research organisation, released a market report on the solar space-based solar power. The report expects market growth to grow at a Compound annual growth rate (CAGR) of 8.0 percent. This is expected to be achieved during the forecast period, 2023 – 2032. This research places importance on the use of solar-powered satellites to transmit space-based solar power (SBSP), to receiving stations on the Earth. This would help to harness solar energy from space.

The report involves a process that captures the solar energy beyond the Earth’s atmosphere, where it’s stronger and available 24×7. According to the study, the global space-based solar power market was at USD 528.65 million in 2022.

The report which shares the amount of energy generated in January 2023 in Japan has allowed it to join the ranks of countries interested in developing space-based solar power technology. Their plan is to launch solar panels into the orbit and transmit the generated electricity back to the ground using microwave beams. Prior to this, the UK and China have also expressed their interest in exploring this innovative technology.

The recent technology innovation has led to:

• In January 2023, The Space Solar Power Demonstrator (SSPD) was launched into the orbit by the California Institute of Technology. This ambitious project aims to wirelessly transmit electricity over long distances, with the goal of providing power to regions that currently suffer from unreliable access to electricity.
• In June 2022, China made the ambitious plan to launch a space-based solar power plant by 2028. The satellite’s primary objective is to capture solar energy and convert it into electricity, which will then be transformed into lasers or microwaves.
  
  Space-Based Solar Power, Regional Outlook (Revenue – USD Million, 2019 – 2032). This forecast is made for countries such as,
  North America
  U.S.
  Canada
  Europe
  Germany
  UK
  France
  Italy
  Spain
  Russia
  Netherlands
  Asia Pacific
  China
  India
  Japan
  South Korea
  Indonesia
  Malaysia
  Latin America
  Argentina
  Brazil
  Mexico
  Middle East & Africa
  UAE
  Saudi Arabia
  Israel
  South Africa

Recently, with the successful landing of Chandrayaan-3, India has become the fourth country to accomplish a soft landing on the lunar surface and the first country to achieve this endeavor on the moon’s south pole. This achievement is envisaged to serve as a forerunner for future landing missions and other technological progress in planetary exploration.