Satellite Propulsion System Market is Advancing Technologies and Create Growth Opportunities Coming Years

July, 2023 - Market Research Future has Published a Research Report on the Global Satellite Propulsion System Market

Market Overview

As per a detailed analysis by Market Research Future (MRFR), the global satellite propulsion system market is anticipated to garner USD 8.98 Billion by 2032, at a CAGR of 22.00% during the forecast period (2023-2032). The emergence of low-cost satellites is one of the primary factors encouraging the satellite propulsion system market globally. Satellite propulsion systems are specifically designed to power and accelerate satellites into the orbit. The system helps to deliver precise impulse bits to control the position or altitude of the satellites accurately. The chemical propulsion system, hybrid propulsion system, and electric propulsion system are some of the different propulsion types which are extensively used in satellites. These systems use electrical power to accelerate a satellite and require little mass.

Market Potential and Pitfalls

The satellite propulsion system market’s course is chiefly directed by factors such as the emergence of low-cost satellites along with the development of reusable space launch vehicles. The extensive use of reusable launch and new-generation vehicles are creating cost-effective and successful makeover of the domain of satellite systems. Several economies are focusing on co-effective and innovative satellite launches, which are triggering the demand for the satellite propulsion system. As companies operating large satellites are looking for cost-effective and lighter platforms, the demand for low-cost small satellites has triggered. The development of reusable space launch vehicles further offers new growth opportunities in the satellite propulsion system market across the globe. With the rising deployment of CubeSats coupled with the increasing applications in the commercial sector, the market is anticipated to boost. Governments are showing interest in small satellites for the defense sector and earth observation. This is likely to augment the market’s course in the foreseeable future. Moreover, the expansion of established companies into emerging countries, coupled with the advancing technologies, is expected to create opportunities for the market growth.

Om the contrary, the cost-intensive satellite launch programs are anticipated to restrict the satellite propulsion system market’s growth during the assessment period.

Global Satellite Propulsion System Market: Segmental Analysis

The satellite propulsion system market has been segmented on the basis of the propulsion type.

The propulsion type comprises hybrid propulsion, chemical propulsion, and all-electric propulsion. Among these, the chemical propulsion segment acquires the largest market share and are the traditionally used propulsion systems. They can carry a substantial amount of fuel for satellite missions and also improves the weight and limit of the payload-carrying capacity of satellites.

Competitive Dashboard

The prominent players operating in the global satellite propulsion system market comprises Airbus Defense and Space (France), Aerojet Rocketdyne (U.S.), Boeing (U.S.), Bellatrix Aerospace (India), Safran S.A. (France), OHB System AG (Germany), Mitsubishi Electric Corporation (Japan), Ball Aerospace & Technologies Corp. (U.S.), Orbital ATK Inc. (U.S.), and Thales Group (France).

Regional Insights

Geographically, the satellite propulsion system market span across regions namely, Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).

Considering the global scenario, the North American region is likely to dominate the global satellite propulsion system market. The U.S. acquires the largest share in this region. The growth can be ascribed to the presence of the economies having advanced infrastructures and are involved in several space programs. For instance, companies like NASA and SpaceX in the U.S. are developing new systems like reusable satellite launch vehicle. This can be used for multiple satellite launch missions and meet the surging demand for satellites in the foreseeable future. Moreover, the increased application of satellite propulsion system in the government, defense, and commercial sectors are likely to contribute to its growth in the regional market.

Industry Updates

May 22, 2019: The Ball Aerospace-built small spacecraft for NASA's Green Propellant Infusion Mission has recently arrived in Florida in order to prepare itself for launch onboard a SpaceX Falcon Heavy rocket. It is NASA's first opportunity to demonstrate a green propulsion and propellant system in orbit.