Space Solar Panel & Array Market Scope
The space station uses solar arrays composed of tens of thousands of solar cells to generate electricity. Silicon pieces that have been purified are used to make solar cells. Using a technique known as photovoltaics, these cells turn light directly into electricity. Increased investments in environmentally friendly power generation and the enforcement of strict government rules regarding environmental pollution are what are fueling the growth of the world market for space solar panels and arrays. . The main barriers to the expansion of the global market, however, are the high cost and a few drawbacks related to Space Solar Panel and Array. On the other hand, research and development (R&D) aimed at reducing the cost of space solar mission by developing technologies is predicted to create attractive potential possibilities for the leading players to improve their position in the global space solar market in the approaching years.
The market for Space Solar Panel & Array is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Space Solar Panel & Array market throughout the predicted period.
SolAero Technologies (United States), Airborne (United States), CESI (Italy), AZUR SPACE Solar Power GmbH (Germany), Spectrolab (United States), DHV Technology (United States), GomSpace (Denmark), ISISPACE (Netherland), NanoAvionics (Lithuania), MMA Design (United States), Rocket Lab (United States), Pumpkin (United States), Northrop Grumman (United States) and SpaceTech GmbH (Germany) are some of the key players that are part of study coverage.
The study have segmented the market of Global Space Solar Panel & Array market by Type (Microwave Transmitting Solar Satellite and Laser Transmitting Solar Satellite), by Application (CubeSats, Small Satellites and Others) and Region with country level break-up.
On the basis of geography, the market of Space Solar Panel & Array has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Space Solar Panel & Array Market Dynamics:
- Growing Demand for Space Solar Panel and Array among Residential Applications
- Increase in Government Initiatives and Support for Space Solar Panel and Array
- Increased Focus on the Technological Improvements of Space Solar Panel and Array
- Unpredictable Weather Condition
|Road Blocks / Challenges|
- High-Cost Batteries and Requirement of power-conversion devices that Increases Overall Cost
- Higher Maintenance Cost and Increased Transmission Costs
|Gaps & Opportunities|
- High Utilization of Energy across the Globe
- Rising Demand from Emerging Economics
- Increasing Focus on R&D Activities
Market Leaders and their Expansionary Development Strategies
On 13 December 2021, Rocket Lab announces acquisition of space solar panel manufacturer. For the third time this year, Long Beach-based spacecraft manufacturer and space launch services provider Rocket Lab has announced the acquisition of another firm. The latest addition is Albuquerque-based SolAero Holdings, a supplier of space solar power products, the company announced
Key Target AudienceNew Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.