Satellite Propulsion System Market

Satellite Propulsion System Market Size was valued at USD 1.5 Billion in 2022. The Satellite Propulsion System market industry is projected to grow from USD 1.83 Billion in 2023 to USD 8.98 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.00% during the forecast period (2023 - 2032).

On the conclusion of evaluation period from 2020 to 2030, the satellite propulsion system industry can garner considerable revenue. The expansion of the Satellite Propulsion System Market can be credited to increase in number of space exploration mission. The growing demand for LEO-based services in these missions can improve the impetus of the market.

The impact of COVID 19 on the trading activities concerning the space sector can hinder market surge. However, hike in funding by government in space technology can create numerous growth scope for the Satellite Propulsion System Market. The rise in concern of tech leaders about space emission can also impact the global satellite propulsion system market development trend in the years to come.

Key Players:

Airbus SAS (Netherlands), Aerojet Rocketdyne (US), Boeing (US), Busek Co. Inc (US), Mitsubishi Electric Corporation (Japan), Northrop Grumman Corporation (US), ENPULSION GmbH (Austria), Bellatrix Aerospace Private Limited (India), OHB System AG (Germany), MOOG INC (US), Cobham plc (UK), CU Aerospace (US), BALL CORPORATION (US), Safran SA (France), Exotrail SA (France)

Segmental Analysis:

The segment study of the global Satellite Propulsion System Market is based on propulsion type. The type-based Satellite Propulsion System Market segments are hybrid propulsion, chemical propulsion, and all-electric propulsion. Others are pulsed plasma thrusters, cold gas propulsion, water electrolyzed, hydrazine, green liquid propulsion, iodine hall propulsion, micro electrospray propulsion, ambipolar thruster, and solar sail propulsion. Chemical propulsions are traditionally used to fuel satellite missions. The application of nano and microsatellite designs can also support expansion of the market. The ambipolar thruster segment can register the highest CAGR by 2025. The ambipolar thruster segment can thrive due increase in adoption of the product in the years to come.

Regional Analysis:

In North America, the introduction of low-cost satellites and rise in development of reusable space launch automobiles are causes that can drive expansion of the regional market. The utility of new-generation, reusable launch vehicles are successful and economic makeover of satellite systems. The increase in demand for these in different countries and focus of tech dealers on innovative and launch of profitable satellite can earn profit to the regional satellite propulsion system market statistics.

In Europe, the increase in number of satellite launches using expendable launch vehicles (ELV) able to carry a payload to the orbit only once in majority of the satellite launches can support expansion of EU market. However, the utility of reusable space launch over ELV can substantially curb cost of access to the space in the case of multiple missions. Space tech giants, such as; SpaceX, are observed to develop such reusable space launch vehicles that are able to re-enter the earth without any damage of burning while return to the launchpad with a vertical landing. This can favor expansion of Europe market.

In Asia Pacific, the gradual increase in deployment of CubeSats in the last few years and gradual rise of the newest trends can bolster the regional market rise. The increase in requirement for nano and microsatellite in the manufacturing base of satellites can support rise of the regional market. The high utility of CubeSats satellites with enhanced electro-optical/infrared sensor systems that can aid in obtaining images of Earth and in Earth Observation (EO) can support APAC market expansion in the near future.

Related reports:

·         Space Propulsion Systems Market Research Report: By Type (Satellite, Launch Vehicle), By End-User (Commercial, Government & Military) and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America) - Forecast to 2027

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