Satellite Propulsion Market Trend Shows a Rapid Growth, Competitive Analysis, Future Prospects And Forecast 2031

The satellite propulsion market is projected to reach US$ 26,074.53 million by 2031 from US$ 8,424.55 million in 2023; the market is expected to register a CAGR of 15.4% during 2023-2031.

The rising government spending on space technology across Europe and increasing instances of satellite launches boost the satellite propulsion market growth in Europe. Europe's market benefits from collaborative initiatives facilitated by organizations such as the European Space Agency (ESA). The partnerships foster research and development, encouraging the exchange of knowledge and expertise among member states, which also contributes to the growing satellite propulsion market size.

The List of Companies - Satellite Propulsion Market

Moog Inc.
ArianeGroup
Northrop Grumman Corporation
Thales SA
Airbus SE
IHI Corp.
Bellatrix
Aerospace Private Limited
Busek, Co. Ltd.
Safran S.A.
Avio S.p.A

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The growing space sector, owing to the rising number of satellites launches and the increasing number of strategic initiatives by market players, positively impacts the global satellite propulsion market. In addition, the growing focus on deploying satellite constellations, increasing investments in the space sector, and the rising adoption of rideshare services boost the demand for propulsion systems for satellites.

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Regional Analysis:

The scope of the satellite propulsion market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, North America dominated the satellite propulsion market share in 2023.

APAC is the second-largest contributor to the global market, followed by Europe. The US, Canada, and Mexico are among the major economies in North America. Rising satellite launches, as well as product developments, bolster the market growth in the region.

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This release was published on openPR.