Satellite Propulsion System Market Forecast Trend Key Updates, Size, Share Analysis, Growth, Trends and Forecast to 2030

Latest Market Research Report By MRFR Satellite Propulsion System Market Analysis With Business Value, Trend, Industry Growth Technology innovation in aviation with and Information, By Propulsion, Type By System Type and By Applications Forecast till 2030

Market Overview:

Satellite Propulsion System Market Size is expected to reach USD 8.4 Billion by 2030, registering a CAGR of 22 % during 2020-2030.

The market has been facing immense growth in terms of space and space-driven activities. With the day, there have been constant developments in the field of space launch vehicles as manufacturers can produce them at low-cost ranges. Reusable space launch vehicles are seen to be a very successful way to generate market revenue. The market has also brought about lucrative opportunities for the key players to invest in the ever-developing space technology.

Several activities, like lifting the launch vehicles into space and installing spacecraft for orbit insertion, are being carried out with the help of chemical propulsion. This includes propulsion in all stages like solid, liquid and hybrid propulsion. The commercialization of the space industry has also contributed to the immense growth and development of the Satellite Propulsion System Market. With driving factors like such, the market is estimated to stand at a global value of $32.8 billion by the end of its forecast period.

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COVID-19 Analysis:

The pandemic, however, contributed to lowering the growth and development of the industry. The supply chain of the market was disturbed, hampering the availability of raw materials, which critically influenced the global economy of the Satellite Propulsion System Market. The industry's evolution is also directly or indirectly influenced by international policies imposed by the government. Manufacturers and retailers have been coming up with strategies to boost the growth and development of the market. Despite the restraining factors, the market is predicted to catch up at a steady pace in its economic standard. Substantial growth is predicted for the market in its forecast period.

Market Segmentation:

The Satellite Propulsion System Market is majorly segmented into its propulsion type, its system type and its application.

By propulsion type, the market is divided into cold gas propulsion, water electrolyzed, ambipolar thrust, micro electrospray propulsion and solar sail propulsion and iodine hall propulsion. By system type, the market is again divided into the monopropellant propulsion system and bi-propellant propulsion system and pneumatic propulsion system. By application, the market is again divided into technology experiment satellites and science satellites.

Regional Analysis:

The Satellite Propulsion System Market is geographically spread over the areas of North America, Asia-Pacific, Latin America, South Africa and Saudi Arabia. Major parts of Asia-Pacific include India, Japan, China and South Korea.

Recent Developments:

Some of the major key players in The Satellite Propulsion System Market include Space Exploration Technologies Corp. (SpaceX) (US), Aerojet Rocketdyne Holdings, Inc. (US), and Northrop Grumman Corporation (US). There have been major product launches and collaborations due to potential investments by these key players. Some of the developments are:

In June 2020: One of the market firms, Cobham Mission Systems, declared its collaboration with the space satellite industry and targeted one of the high-flow electric propulsion regulators.

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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 2030

Vehicle Tracking System Market Research Report: Information by Type (Active and Passive System), by Technology [Global Navigation Satellite System (GLONASS), Global Positioning System (GPS), Connectivity Technology and others], by Propulsion (ICE and Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle), by Application (Residential and Commercial) and by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030

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