The Global Race to Power the Rising Space Economy
The Hague, Sunday, 13 September 2026.
With the space economy projected to reach $2 trillion by 2040, specialized solar testing firms are racing to develop highly durable energy technologies capable of surviving extreme orbital environments.
The Rapidly Expanding Space Economy and Financial Landscape
The commercialization of outer space is driving an unprecedented financial and technological boom. The global space economy reached $686 billion in 2025, reflecting a robust 12% annual growth rate [1][2]. According to professional services provider PwC, this market is projected to skyrocket to a $2 trillion valuation by 2040, representing an increase of 191.545% from its 2025 baseline [1][2]. This massive expansion is heavily fueled by private capital; the Space Foundation reported that private investment in space enterprises reached $28.7 billion during April 2026 alone, drawing substantial funding from corporate strategic giants such as Airbus, Lockheed Martin, and Google [1][2].
Validating Technology for the Orbital Environment
To capture a share of this high-value market, solar technology must be engineered to survive the harsh realities of space, particularly within the promising cisLunar orbit between the Earth and the moon [1][2]. This operational requirement has elevated the importance of specialized testing and validation. Dutch solar testing specialist Eternal Sun | WAVELABS, based in the Netherlands, has positioned itself at the forefront of this niche [1][2][3]. In December 2025, the company began supplying advanced solar simulator equipment featuring light-emitting diode (LED) boards pre-calibrated for air mass zero (AM0) testing, a mandatory step for characterizing and verifying solar technology prior to orbital deployment [1][2].
Industry Convergence and Global Events in 2026
Throughout 2026, the aerospace and solar sectors have converged at major international forums to address these engineering challenges. Pepijn Veling, the Sales Director at Eternal Sun | WAVELABS, highlighted these rapid shifts after representing the company at three major U.S. space events in 2026: the 40th-anniversary Space Power Workshop in Torrance, Los Angeles in April; the Small Satellite Conference in Salt Lake City in August; and the Space Photovoltaics Research and Technology Conference (SPRAT) in Cleveland in August [1][2]. Veling noted that the influx of funding represents a major opportunity for the solar industry to expand into a high-value market, even though its ultimate scale and significance are only beginning to come into focus [1][2].
The Battle of Materials: Perovskites vs. III-V Semiconductors
The technological landscape of space photovoltaics (PV) is diversifying rapidly beyond traditional, high-cost III-V semiconductors. While III-V cells (such as gallium arsenide) remain the heritage standard for high-orbit missions due to radiation resistance and efficiencies exceeding 30%, their global annual production capacity is highly constrained at under 5 MW, resulting in long lead times [2]. Consequently, perovskite PV is emerging as a significant business opportunity due to efficiencies exceeding 30% at lower manufacturing costs [1][2]. At the SPRAT conference held in early September 2026 at NASA’s Glenn Research Center, perovskite developers including Swift Solar, Oxford PV, Beyond Silicon, the University of Rochester, and the University of North Texas showcased advancements aimed at solving the critical durability and reliability challenges of perovskites in orbit [1][2].
Commercial Disruption and Germanium-Free Innovations
In tandem with perovskite research, commercial players are actively deploying alternative lightweight designs to bypass supply chain bottlenecks. On May 20, 2026, York Space Systems—which raised $4.75 billion via an IPO in January 2026—acquired Solestial for $67 million in cash and stock to utilize thin crystalline-silicon (c-Si) cells built on 60-micron substrates [2]. Meanwhile, on September 10, 2026, Albuquerque, New Mexico-based Rocket Lab Corporation announced the production release of its Inverted Metamorphic (IMM) Apex solar cell [5]. This cell completely removes germanium—a critical mineral subject to export controls and supply disruptions—while achieving a 40% reduction in cell mass compared to legacy triple-junction products and delivering a 31.5% beginning-of-life solar conversion efficiency [5].
A Global Gathering in the Netherlands
As these diverse technologies mature, the global solar and aerospace communities are preparing to gather at the 43rd European Photovoltaic Solar Energy Conference and Exhibition (EU PVSEC 2026), scheduled to take place from September 14 to 18, 2026, at the WTC World Trade Center in Rotterdam, Netherlands [3]. The conference, which begins tomorrow on September 14, will feature dedicated scientific sessions on space-based solar applications alongside discussions on grid congestion [3]. Backed by key sponsors including the European Space Agency (ESA), WAVELABS Eternal Sun GmbH, and G2V Optics, the event serves as a critical bridge between academic researchers, policymakers, and private space enterprises looking to power the next phase of orbital expansion [3][4].