According to the Universal Data Solutions, “Space-Based Solar Power Market” report, the global market was valued at 474 million in 2023 and growing at a CAGR of 10.3% during the forecast period from 2024 – 2032.

SBSP the space-based solar power is slowly gaining ground as an upcoming market of renewable energy. SBSP is being eyed by governments, space agencies, and private corporations because of its capability to deliver uninterrupted efficient energy to the entire globe. Concerning these aspects, the present article focuses on the key participants in the SBSP market, their actions in the recent period, and noteworthy achievements.

Government and Space Agencies

The NASA space agency and the Artemis Accords

The largest space agency in the world, NASA has played a key role in the advancement of space exploration and technology. SBSP has been launched by NASA as a part of its general Shaping Future Space Environment program of making space missions sustainable. Leveraging this deluge of interest in constellations, In 2022, NASA and the U. S. Department of Energy revealed that they were going to look into the tangible ability to achieve SBSP. This partnership should enable the use of NASA’s space technology knowledge and the DOE electricity generation research to progress with SBSP.

NASA produced the Artemis Accords, which are a series of mutual commitments aimed at the peaceful use of space and exploration of the moon and other planets, in consideration of sustainable energy sources, including SBSP. This way, through the promotion of cooperation, the Artemis Accords envision laying down the principles that will be conducive to the deployment of SBSP during future lunar as well as Martian exploration.

European Space Agency (ESA)

Numerous studies tackle the concept of SBSP, one of which is Europe SOLARIS the European Space Agency or ESA. For instance, in November 2023, ESA provided a €100 million budget for further SBSP projects in the following five years. The SOLARIS program is geared toward the creation of technologies required for the establishment of SBSP, among them the large-scale solar collectors and efficient systems of wireless power transmission. In the context of climate change and energy security, Europe is increasingly spending on SBSPs to meet its future energy needs.

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Private Sector Initiatives:

SpaceX and Starlink

Another player in the field is Elon Musk’s SpaceX, which is not only attempting to disrupt access to space through the reusability of its rockets but is also researching SBSP as an energy source. Later in 2023, SpaceX signed a collaboration deal with Caltech on further solar power satellite technology development. This plan entails the use of SBSP technology to complement the Starlink satellite launched by SpaceX, which is going to function as a machine to transmit energy around the world in addition to offering internet services. The cooperation is to provide a preliminary experiment of beam energy from space to an Earth receiver after 2025. This project can provide the basis to exploit SBSP on an industrial scale by the end of this decade if this project will be successful.

International Collaborations

Japan Aerospace Exploration Agency (JAXA) and the Institute for Unmanned Space Experiment Free Flyer (USEF)

Japan has been one of the pioneer contributors to SBSP research for the last three decades. Two agencies, the Japan Aerospace Exploration Agency (JAXA), and the Institute for Unmanned Space Experiment Free Flyer (USEF), have been experimenting on SBSP science. In this year 2022, JAXA experimented with microwave power transmission and well-established the fact that energy transmission from space to Earth is now possible. In addition, in 2023, together with Mitsubishi Heavy Industries, JAXA started a full-scale SBSP demonstration project. The project’s goal is to launch a solar power satellite within the next five years, with a generation capacity of 1 GW.

China National Space Administration (CNSA)

China is also prominently positioned in the SBSP market recently. Astronomy is crucial to humanity and has been regarded as an important priority by the China National Space Administration (CNSA) which has made great plans to develop the SBSP technology as part of its space exploration plans. In November 2023, CNSA on the successful launch of the Tianhe-2 satellite the organization used the satellite as a testing model for SBSP technologies. The satellite has effective solar panels and a microwave transmitter for the creation of experiments for energy transfer schemes. CNSA wants to create an orbital solar power station before 2030 which will be able to supply power to the surface of the Earth ceaselessly. This comes as part of China’s strategies to attain energy security alongside low-emission technologies.

New Changes and ongoing and projected for the future.

The market of SBSP is experiencing progressive enhancement and continuously inflating demand from the various stakeholders. At the International Space Solar Power Symposium, begun in Houston, Texas in March 2024, researchers, industrialists, and policymakers gathered to review and expound on current advances in SBSP. The topic of concern as demonstrated in the symposium was the necessity of cooperation of nations and the need for an appropriate framework for the development of the SBSP market.

Conclusion

The space-based solar power market is poised for significant growth, driven by the innovative initiatives of key players across the globe. Government agencies, private companies, and international collaborations are spearheading efforts to develop and deploy SBSP technologies. As these initiatives progress, SBSP has the potential to provide a sustainable and continuous energy source, addressing the world's growing energy needs and contributing to a cleaner, greener future.

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