Overview and Scope
A satellite propulsion system refers to a system that moves a satellite through the air and space by converting the external energy source into momentum for the generation of thrust that is needed by the satellite to perform basic operations. They are used to change the velocity of satellites.
Sizing and Forecast
The satellite propulsion system market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to early space exploration, chemical propulsion systems, miniaturization and efficiency, electric propulsion development, mission extension services:.
The satellite propulsion system market size is expected to see rapid growth in the next few years. It will grow to $9.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to rise in small satellite deployments, advancements in electric propulsion, demand for on-orbit servicing, market expansion in earth observation, regulation for space traffic management. . Major trends in the forecast period include increased demand for in-space maneuverability, advancements in electric propulsion, rise of small satellite missions, deployment of satellite constellations, emphasis on cost efficiency..
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Segmentation & Regional Insights
The satellite propulsion system market covered in this report is segmented –
1) By Type: Chemical Propulsion, Electric Propulsion, Hybrid Propulsion, Other Types
2) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
3) By Application: Commercial Use, Science And Environment, National Security And Military, Meteorology, Other Applications
North America was the largest region in the satellite propulsion system market in 2023. The regions covered in the satellite propulsion system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growth in space exploration is expected to propel the growth of satellite propulsion systems going forward. Space exploration is the discovery and investigation of celestial bodies in space using ever-evolving and expanding space technologies. Advanced satellite propulsion systems are used in space exploration to improve the capabilities of deep space exploration by offering a travel through space and making controlled landings. For instance, in January 2022, according to the Union of Concerned Scientists, a US-based nonprofit organization for science advocacy, there were currently 5,465 active satellites and 703 satellites had been added in 2021. Further, in March 2022, according to the National Aeronautics and Space Administration, a US-based independent agency responsible for the civil space program and aeronautics research, the agency’s annual budget increased by 3% to about $24 billion and the budget provides $7.6 billion for deep space exploration. Therefore, the growth in space exploration is driving the market for the satellite propulsion systems.
Key Industry Players
Major companies operating in the satellite propulsion systems market are developing new types of propulsion systems, such as electric propulsion systems, to gain a competitive edge in the market. Electric propulsion systems refer to a class of propulsion technology used in spacecraft and satellites that utilize electric or electromagnetic principles to generate thrust. For instance, in January 2023, APT Satellite Holdings, a Hong-Kong-based satellite telecommunications company, launched APSTAR-6E at the Xichang Satellite Launch Center. Apstar-6E communication satellite, features a high-power electric propulsion system. Representing China’s first all-electric satellite, the system utilizes advanced ion and Hall electric propulsion technology. The satellite, designed for a 15-year lifespan, operates autonomously and sheds all rocket engines in near-earth orbit. This propulsion system offers increased efficiency and extended operational life. The satellite utilizes artificial intelligence technology to ensure efficient and reliable high-speed communication services for users in Southeast Asia with a total bandwidth exceeding 30 Gbps.
The satellite propulsion system market report table of contents includes:
1. Executive Summary
2. Satellite Propulsion System Market Characteristics
3. Satellite Propulsion System Market Trends And Strategies
4. Satellite Propulsion System Market – Macro Economic Scenario
5. Global Satellite Propulsion System Market Size and Growth
….
31. Global Satellite Propulsion System Market Competitive Benchmarking
32. Global Satellite Propulsion System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Satellite Propulsion System Market
34. Satellite Propulsion System Market Future Outlook and Potential Analysis
35. Appendix
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