Satellite Propulsion Market Projected to Expand at XX% CAGR Through 2028
The Global Satellite Propulsion Market is projected to grow at a CAGR of around 6.7% during the forecast period, i.e., 2023-28. A major factor attributing to its growth is the increase in the number of satellite launches, both by government space agencies as well as private companies. Various companies in the private sector, such as SpaceX, Virgin Galactic, etc., have entered into the satellite manufacturing as well as satellite launch industries in the historical years, which has revolutionized the satellite industry leading to the adoption of new technologies to reduce the cost. This phenomenon has subsequently, attracted a large number of industries to opt for the economical space launch solution for their satellite, further promoting the satellite industry & the market of satellite propulsion systems.
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Strategic Takeaways from the Report:
- Market Sizing and Forecasting
- Regulatory and Policy Influence
- Competitive Trends and M&A Activity
- Innovation Drivers and Disruptive Technologies
- Investment Hotspots and Emerging Niches
- Geographical Dynamics and Trade Flows
Satellite Propulsion Market Segment Overview & Classification
This market is categorized to offer targeted insights across various operational and consumer-related verticals.
Segment List:
By System Type
- Bipropellant Propulsion System
- Monopropellant Propulsion System
- Ion-Thruster Propulsion Systems
Bipropellant Propulsion System, in particular, has captured a significant market share in the Global Satellite Propulsion System market. Due to its higher efficiency in generating thrust & suitability for operating medium to large satellites in space, the bipropellant is a well-established technology among many space agencies. Besides, given the accessibility of both oxidizers & fuel in separate tanks, the technology has an effective mechanism for regulating the flow of thrust.
By Application
- Application Satellite
- Communication & Broadcasting
- Weather
- Navigation
- Others
- Science Satellite
- Technology Experiment Satellite
Of them all, the Application Satellite, which includes satellites for navigation, communication, or mapping activities, dominates the application of satellite propulsion systems. Access to the internet has grown in tandem with technological advancement & device integration. This has prompted a need for faster internet connections, which necessitate low latency rates, which can be achieved by launching small communication satellites into Low Earth Orbit (LEO). Moreover, several private players have announced plans to launch multiple LEO satellites in order to create a satellite network & provide faster internet connectivity.
By End User
- Government
- Private Entities
By Region
- Americas
- Europe
- Asia Pacific
- Rest of the World.
Of them all regions, the Americas region dominates the Global Satellite Propulsion System market due to the dominance of NASA & SpaceX within the space sector globally. The active participation of both private & government space agencies aided in the expansion of the satellite business in the region. Due to NASA’s ongoing underdevelopment of the space launch vehicle project Orion, the Americas has a higher share of global satellite launches, the majority of which are conducted by SpaceX.
These divisions help clarify demand patterns and expected shifts.
Market Driver
Growing Launches of Navigation & Telecommunication Satellites to Promote the Satellite Propulsion Market – Navigation & Communication both play a crucial role in the majority of the services being availed by the customers. This has led many developing countries, such as China, India, South Korea, Japan, etc., to implement their domestic navigation satellite systems & expand telecommunication services through satellite communication. Navigation and telecommunication satellites require onboard propulsion systems for effective operational life, which necessitates course correction in orbit as well as pacing the satellite in the graveyard orbit at the end of the lifecycle.
With the growing focus on reducing the dependence on other countries for navigation & communication satellites, the focus of developing countries towards home-grown satellite systems would enhance in the coming years, leading to the massive demand for satellite propulsion systems in the coming years.
Satellite Propulsion Market Competitive Snapshot from 2023-2028
The report highlights established and emerging players in the global Satellite Propulsion Market, evaluating their strengths, challenges, and potential for innovation.
Key Competitors Include:
- Moog Inc.
- Aliena Pte Ltd.
- Ariane Group
- Busek Co. Inc.
- Champaign Urbana Aerospace
- Neutron Star
- Northrop Grumman
- Orbion Space Technology
- Phase Four Inc.
- Sitael SPA.
Their activities include partnerships, product launches, and geographic expansions.
Satellite Propulsion Industry Trends
Rising Usage of Electric Propulsion Systems – The burgeoning research & development in the space field has resulted in the discovery of electric propulsion systems to be used in satellites. These electric propulsion systems are convenient to be used in comparison to the traditional chemical propulsion system because it reduces the fuel load capacity to be carried in the spacecraft, as with the use of an electric propulsion system, thrust can be created in ions using electricity. This, in turn, generates force and causes the satellite to move.
The ion propulsion system is an emerging technology that can be used in communication satellites. As communication satellites are generally lightweight, using an ion propulsion system reduces their overall weight, saving a lot of fuel costs while launching these satellites into Low Earth Orbit.
With the growing focus on weight reduction & effective usage of thrust for the longer lifecycle of the satellites, it is anticipated that the adoption of electric ion propulsion would assist the growth of the Global Satellite Propulsion market in the forecast years.
Frequently Asked Questions (FAQs):
- What industries are most impacted by this market?
- How is technology reshaping operations and offerings?
- Which competitors dominate the landscape?
- What risks could disrupt market expansion?
- How should businesses respond to demand fluctuations?
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