The Global Space-based Solar Power Market was worth USD 521.02 Million in 2023. As such, the forecast is that the market is expected to reach USD 4352.69 Million by 2032 with a CAGR of 26.6 % from 2024 to 2032.
Space-based solar power (SBSP) is an innovative technology that aims to harness solar energy in space and transmit it to Earth. This concept involves placing solar panels in orbit around the Earth, where they can collect solar energy uninterrupted by atmospheric or nocturnal conditions. The collected energy is then converted into microwaves or lasers and transmitted to a receiving station on Earth, where it is converted back into electricity. This approach promises a continuous and reliable power source, overcoming the limitations of terrestrial solar energy, such as variability and weather dependence.