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Money is pouring into the space sector in general as well.
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Spacecraft have relied on sunlight for electricity for decades. As satellite launches accelerate, that established power source is also becoming a rapidly expanding business niche.
Professional accounting firm PwC expects the space economy to reach $2 trillion by 2040, according to pv magazine. That outlook is increasing interest in solar panels for orbit that are lighter, cheaper, and more durable.
One sign of the sector’s momentum came from the 2026 conference circuit. Space solar drew added attention at three U.S. events cited by pv magazine: the Space Power Workshop in Torrance, the Space Photovoltaics Research and Technology Conference in Cleveland, and the Small Satellite Conference in Salt Lake City. Established aerospace suppliers and newer solar companies had large presences there.
According to pv magazine, spacecraft have largely depended on III-V semiconductors like gallium arsenide. Those materials can exceed 30% conversion efficiency and tolerate the intense radiation of space, but supply is tight. Annual production is still below 5 megawatts, and power delivery takes a long time.
That limited supply is creating room for competing approaches. On May 20, York Space Systems said it would acquire space-solar company Solestial in a $67 million cash-and-stock deal. Solestial makes ultra-thin crystalline-silicon solar cells and modules for use in space.
Money is pouring into the space sector in general as well. The Space Foundation said private investment in space enterprises totaled $28.7 billion in April 2026 alone, and York Space Systems’ January IPO raised $4.75 billion.
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Services people use every day — including weather forecasting and internet access — all rely on powered spacecraft. Cheaper, more dependable solar systems in orbit could broaden those capabilities while slowly reducing operating expenses.
Lower launch prices are a key driver of these changing economics. PwC said the cost of reaching low-Earth orbit has “fallen steeply” to around $907 per pound ($2,000 per kilogram) or less. The firm added that although “deploying heavy materials into orbit remains a logistical hurdle,” reusable rockets and more frequent launches could make power-to-weight tradeoffs less restrictive.
That changing cost picture could benefit crystalline silicon, which is already common in Earth-based solar manufacturing. It is also opening the door for perovskite solar cells, a next-generation technology discussed by researchers and companies at NASA’s Glenn Research Center Space Photovoltaics Research and Technology Conference.
If perovskites can deliver strong efficiency at lower cost, they could cut the price of powering satellites. The biggest challenge is durability, since space hardware must endure radiation and long missions without failing after an expensive launch.
Both government and industry are trying to accelerate development. On Aug. 31, the U.S. Department of Energy posted details for its $12 million Space Photovoltaic Research and Development Program, and TechWerx is overseeing the grant process through Oct. 8, pv magazine reported.
Testing-equipment companies are adapting too. Eternal Sun said in December 2025 that it was supplying LED-based solar simulators calibrated for air mass zero testing, which helps companies more accurately assess how solar devices are likely to perform in space.
In the Space Foundation’s words, space solar is a “foundational technology” for the continued expansion of orbital operations.
Falling launch costs and rising satellite demand are pushing space-solar research in several directions.
• Engineers are testing creative uses of solar power that stretch from buildings to orbit.
• New materials strategies like new defect-pacifying perovskites could lower solar costs in orbit.
• At the University of Michigan, size and configuration are proving crucial to cheaper perovskites.
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