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Satellite Propulsion System Global Market Report 2024 - By Demand, Share, Size And Industry Report, Outlook By 2033
Satellite Propulsion System Market
As per the report, 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 18.7%. 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%.
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Surge In Space Exploration Propels The Satellite Propulsion Systems Market
Growth in space exploration is expected to propel the growth of satellite propulsion systems going forward. Space exploration is the discovery and investigation of celestial bodies in space using ever-evolving and expanding space technologies. Advanced satellite propulsion systems are used in space exploration to improve the capabilities of deep space exploration by offering a travel through space and making controlled landings. For instance, in January 2022, according to the Union of Concerned Scientists, a US-based nonprofit organization for science advocacy, there were currently 5,465 active satellites and 703 satellites had been added in 2021. Further, in March 2022, according to the National Aeronautics and Space Administration, a US-based independent agency responsible for the civil space program and aeronautics research, the agency's annual budget increased by 3% to about $24 billion and the budget provides $7.6 billion for deep space exploration. Therefore, the growth in space exploration is driving the market for the satellite propulsion systems.
Product Innovations Transforming The Satellite Propulsion System Market
Product innovations are a key trend gaining popularity in the satellite propulsion system market. Major companies operating in the satellite propulsion system market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Accion Systems Inc., a US-based developer of advanced satellite propulsion systems for space, launched TILE 2, an ion electrospray propulsion system. It is one-of-a-kind in that it uses ionic liquid electrospray to test on-orbit maneuvers in LEO as well as proximity operation maneuvers. The TILE propulsion system is the only microsystem available with the unparalleled SWaP system and it creates a propulsion system using a combination of safe, inert liquid propellant and mechanical design.
The satellite propulsion system market covered in this report is segmented -
1) By Type: Chemical Propulsion, Electric Propulsion, Hybrid Propulsion, Other Types
2) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
3) By Application: Commercial Use, Science And Environment, National Security And Military, Meteorology, Other Applications
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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 .
Contents of the report:
1. Executive Summary
2. Satellite Propulsion System Market Report Structure
3. Satellite Propulsion System Market Trends And Strategies
4. Satellite Propulsion System Market - Macro Economic Scenario
5. Satellite Propulsion System Market Size And Growth
…..
27. Satellite Propulsion System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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