Space-Based Solar Power Global Market Report 2025

The space-based solar power market size has grown rapidly in recent years. It will grow from $1.54 billion in 2024 to $1.71 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. Growth in the historic period was driven by rising investments in renewable energy projects, increasing environmental concerns, expanding space launch capabilities, higher rates of satellite deployment, growing focus on energy security, and greater public and private funding for space exploration.

The space-based solar power market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2029 at a compound annual growth rate (CAGR) of 10.5%. Growth in the forecast period will be supported by increasing government initiatives and incentives, rising demand for uninterrupted power supply, improving cost efficiency of space hardware, expanding potential for wireless energy transmission to remote regions, and a stronger global push toward achieving net-zero carbon emissions. Major trends expected in the forecast period include the development of space-based energy infrastructure, integration of artificial intelligence and automation, innovations in modular spacecraft design, incorporation into defense and emergency energy systems, and progress toward cost-effective power-beaming technologies.

The growing emphasis on renewable energy is expected to drive the expansion of the space-based solar power market in the coming years. Renewable energy refers to power generated from natural sources that are constantly replenished, such as sunlight, wind, water, and geothermal heat. The increased focus on renewable energy is driven by concerns over climate change, as nations and industries look for sustainable solutions to reduce greenhouse gas emissions and lessen their reliance on fossil fuels. Space-based solar power improves renewable energy by providing a consistent and dependable source of solar energy, unaffected by weather or daylight conditions on Earth. For example, in December 2024, Eurostat, a Luxembourg-based government agency, reported that in 2023, renewable energy accounted for 24.5% of total energy consumption in the EU, up from 23% in 2022. Thus, the rising emphasis on renewable energy is fueling the growth of the space-based solar power market.

Key companies in the space-based solar power market are focusing on developing innovative solutions, such as advanced wireless power transmission, to boost energy efficiency and enable continuous power delivery from space. Advanced wireless power transmission refers to technology that allows the transfer of electrical energy over long distances without the use of physical wires, employing methods such as microwaves or lasers to effectively beam power from space to Earth. For example, in January 2023, the California Institute of Technology, a private research university in the U.S., launched the Space Solar Power Demonstrator (SSPD) into orbit to test essential technologies for capturing solar energy in space and transmitting it wirelessly, either in orbit or to Earth. The SSPD features a large, ultra-light composite structure designed for easy deployment in space, supporting scalable solar panel arrays. It carries 32 different types of solar photovoltaic cells to assess their durability and efficiency in the challenging space environment. Additionally, it includes a flexible microwave power transmitter capable of wirelessly sending solar energy in space, demonstrating crucial technology for future power transmission to Earth or other spacecraft.

In October 2023, Space Solar Group Holdings Limited, a UK-based company specializing in space-based renewable energy technology, partnered with Thales Alenia Space to develop commercial-scale space-based solar power (SBSP) systems. This collaboration aims to establish space-based solar power as a new baseload energy technology to aid the transition to net-zero and ensure global energy security, providing clean, affordable energy for the benefit of humanity and the planet. Thales Alenia Space S.A., based in France, is a provider of space-based solar power systems.

Major players in the space-based solar power market are The Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Shimizu Corporation, Thales Alenia Space, Aetherflux Inc., OHB SE, Celestia Energy Corporation, SpaceTech GmbH, EMROD Limited, China Academy of Space Technology (CAST), Sirin Orbital Systems Ltd., Solaren Corporation, Virtus Solis Inc., Skycharge Services Corporation Ltd., Space Solar Inc., Star Catcher Industries Inc., Volta Space Corporation, and Flexell Space Ltd.

North America was the largest region in the space-based solar power market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in space-based solar power report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the space-based solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the utilities sector, particularly in power generation, grid infrastructure, and renewable energy projects. Higher duties on imported equipment such as turbines, transformers, solar panels, and battery storage systems have increased capital and operational costs for utility providers, forcing them to reconsider project timelines or pass on expenses to consumers through higher energy rates. The water and waste management segments are also affected, with tariffs driving up the cost of essential machinery, piping, and treatment technologies. Additionally, retaliatory tariffs have disrupted global supply chains for critical raw materials like rare earth metals used in clean energy technologies, further complicating the transition to sustainable energy sources. The sector must now prioritize domestic sourcing, digitalization, and efficiency-driven innovations to manage escalating costs while ensuring energy security and regulatory compliance.

The space-based solar power market research report is one of a series of new reports that provides space-based solar power market statistics, including space-based solar power industry global market size, regional shares, competitors with a space-based solar power market share, detailed space-based solar power market segments, market trends and opportunities, and any further data you may need to thrive in the space-based solar power industry. This space-based solar power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Space-based solar power refers to the concept of capturing solar energy in space using satellites equipped with large solar panels. The collected energy is converted into microwaves or lasers and transmitted wirelessly to receiving stations on Earth. This approach allows for continuous, uninterrupted power generation that is not affected by weather conditions or the day-night cycle.

The main types of space-based solar power systems include microwave transmitting and laser transmitting. Microwave transmitting involves converting solar energy collected in space into microwave radiation and beaming it wirelessly to an Earth-based receiver, where it is transformed into usable electrical power. Its core components include solar collectors, power conversion units, transmission systems, and control and management systems. This technology is deployed through various methods, such as photovoltaic systems, thermal systems, and hybrid systems, and is used for applications including electricity generation and space-related operations. It serves a range of end users, including government and defense sectors, as well as commercial entities.

The space-based solar power market consists of revenues earned by entities by providing services such as feasibility studies, system design and integration, wireless power transmission services, orbital deployment services, and satellite operation and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The space-based solar power market also includes sales of large panels, microwave transmitters, rectennas, power management electronics, and orbital antennas. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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