PUBLISHER: The Business Research Company | PRODUCT CODE: 1409779
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409779
“Satellite Propulsion System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on satellite propulsion system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for satellite propulsion system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The satellite propulsion system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A satellite propulsion system is a mechanism designed to propel a satellite through air and space by converting external energy sources into thrust, essential for the satellite's basic operations and velocity adjustments.
The primary categories of satellite propulsion systems include chemical propulsion, electric propulsion, hybrid propulsion, and other variations. Chemical propulsion relies on a chemical reaction, typically the combustion of fuel, to generate thrust. Satellites operate in various orbits, including low earth orbit (LEO), medium earth orbit (MEO), geostationary earth orbit (GEO), and beyond geosynchronous orbit, catering to diverse applications such as commercial use, scientific and environmental purposes, national security and military operations, meteorology, and other applications.
The satellite propulsion systems market research report is one of a series of new reports from The Business Research Company that provides satellite propulsion systems market statistics, including satellite propulsion systems industry global market size, regional shares, competitors with a satellite propulsion systems market share, detailed satellite propulsion systems market segments, market trends and opportunities and any further data you may need to thrive in the satellite propulsion systems industry. This satellite propulsion systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 18.2%. The expansion observed in the historical period can be attributed to early space exploration, the utilization of chemical propulsion systems, advancements in miniaturization and efficiency, the development of electric propulsion, and the introduction of 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 anticipated growth in the forecast period can be attributed to the rise in small satellite deployments, advancements in electric propulsion, increased demand for on-orbit servicing, market expansion in earth observation, and regulations for space traffic management. Major trends expected in this forecast period include an increased demand for in-space maneuverability, advancements in electric propulsion, the rise of small satellite missions, the deployment of satellite constellations, and a growing emphasis on cost efficiency.
The anticipated expansion in space exploration is set to drive the growth of satellite propulsion systems in the foreseeable future. Space exploration involves the investigation and discovery of celestial bodies in space, utilizing continually evolving space technologies. Advanced satellite propulsion systems play a crucial role in enhancing the capabilities of deep space exploration, enabling controlled travel through space and precise landings. As of January 2022, there were 5,465 active satellites, with 703 satellites added in 2021, indicating a significant presence in space, according to the Union of Concerned Scientists. Moreover, the National Aeronautics and Space Administration (NASA) reported a 3% increase in its annual budget to approximately $24 billion in March 2022, allocating $7.6 billion for deep space exploration. This growth in space exploration initiatives is a key driver for the satellite propulsion systems market.
The growing demand for satellite-based internet is poised to propel the satellite propulsion system market forward. The surge in demand for global internet coverage, facilitated by satellite constellations and low Earth orbit (LEO) satellites, necessitates advanced propulsion systems for deployment, maintenance, and optimal orbital positioning. This demand is particularly significant for providing internet access in emerging markets, rural areas, and regions with limited terrestrial infrastructure. Starlink, a satellite internet constellation, reported a noteworthy 80% increase in Monthly Active Users (MAUs) by August 2022, reaching 35,480 MAUs compared to January 2022, according to 42matters AG. Consequently, the escalating demand for satellite-based internet is a driving force for the growth of the satellite propulsion system market.
A prominent trend gaining traction in the satellite propulsion system market is product innovation, with major companies actively developing new technological solutions to enhance their market positions. Accion Systems Inc., a US-based developer of advanced satellite propulsion systems, introduced TILE 2 in June 2021-an ion electrospray propulsion system. TILE 2 stands out for using ionic liquid electrospray to conduct on-orbit maneuvers in low Earth orbit (LEO) and proximity operation maneuvers. This microsystem boasts unparalleled Size, Weight, and Power (SWaP) characteristics, utilizing a combination of safe, inert liquid propellant and innovative mechanical design.
Major companies in the satellite propulsion systems market are introducing novel types of propulsion systems, such as electric propulsion systems, to gain a competitive edge. Electric propulsion systems utilize electric or electromagnetic principles to generate thrust in spacecraft and satellites. APT Satellite Holdings, a Hong Kong-based satellite telecommunications company, launched APSTAR-6E in January 2023, featuring a high-power electric propulsion system. Representing China's first all-electric satellite, the system utilizes advanced ion and Hall electric propulsion technology, providing increased efficiency and an extended operational life of 15 years. This satellite leverages artificial intelligence technology to deliver efficient and reliable high-speed communication services, surpassing 30 Gbps of total bandwidth for users in Southeast Asia.
In June 2021, Astra, a US-based provider of next-generation space services, acquired Apollo Fusion in an undisclosed deal. This strategic acquisition is expected to empower Astra to efficiently deliver and operate spacecraft, enabling expansion beyond low Earth orbit (LEO) to medium Earth orbit, geosynchronous orbit, and lunar orbits. Apollo Fusion, a leading provider of electric propulsion engines and state-of-the-art Hall thruster propulsion systems, strengthens Astra's capabilities in the satellite propulsion domain.
Major companies operating in the satellite propulsion system market report are Airbus SAS, Aerojet Rocketdyne Holdings Inc., Moog Inc., Busek Co Inc., Bellatrix Aerospace Private Limited, Exotrail SA, ENPULSION GmbH, Cobham Limited, Ball Corporation, The Boeing Company, Mitsubishi Electric Corporation, OHB System AG, Safran S A, Orbital Atk Inc., Thales Group, Northrop Grumman Corporation, CU Aerospace, Rocket Lab, Rafael Advanced Defense Systems Ltd., Ariane Group, General Dynamics Mission Systems, Blue Origin, Lockheed Martin Corporation, Bradford Space, Sierra Nevada Corporation, Clyde Space Ltd., Comtech AeroAstro Inc., Dawn Aerospace, Deep Space Industries, Firefly Aerospace, General Atomics Electromagnetic Systems .
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
The countries covered in the satellite propulsion system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The satellite propulsion system market consists of sales of propellers, turbines, hydrazine monoprops and ramjet. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.