Satellite Propulsion Market worth $5.19 Billion by 2030, at a CAGR of 12.2%

Satellite Propulsion Market Value is projected to be USD 5.19 billion by 2030, growing from USD 2.60 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period.
The report "Satellite Propulsion Market [https://www.marketsandmarkets.com/Market-Reports/satellite-propulsion-market-205639295.html?utm_source=abnewswire.com&utm_medium=PaidPR&utm_campaign=satellitepropulsionmarket] by Platform (Small, Medium, Large), Propulsion (Solid, Liquid, Hybrid, Electric, Solar, Cold Gas), Systems (Hall Effect-Thruster, Bipropellant Thruster, Power Processing), End User and Region - Global Forecast to 2030" The Satellite Propulsion market is estimated in terms of market size to be USD 2.60 billion in 2024 to USD 5.19 billion by 2030, at a CAGR of 12.2%.

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The satellite propulsion market is driven by the increasing advancemnts in propulsion technology. Manufacturers are focusing on developing efficient and cost effective propulsion technologies such as electric propulsion, which lower the fuel mass and allows more payload capacity. Additionally, the demand for sustainable propulsion technology drives the development of green propulsion which addresses environmental concerns and comply with regulations. Additionally, increasing deployments of satellites and growing investments in space exploration is also contributing to the Satellite Propulsion market

Based on Platform, Small segment for the Satellite Propulsion market is projected to grow at highest market share during the forecast period.

Small platform segment is projected to grow at highest CAGR due to growing demand for low earth orbit (LEO) constellation. Projects such as SpaceX's starlink, Amazon's Kuiper, OneWeb require thousands of small satellites, further driving the demand for efficient propulsion system. Additionally, small platforms can be quickly designed, built, and launched, meeting the increasing need for scalable solutions. These small satellites are used for short-term missions and specific applications, eliminating dependency on large infrastructure.

Based on Propulsion technology, the Electric segment is projected to grow at highest market share during the forecast period.

Based on propulsion technology, the electric segment will lead the satellite propulsion market during the forecast period. Electric propulsion technology is preferred for small satellites as it uses lesser propellant than chemical propulsion, reducing the operational cost of satellites. Advancement in material and power sources are another major factor contributor towards making electric propulsion efficient. Additionally, the increasing deployment of small satellites has increased the demand for lightweight propulsion systems driving the electric propulsion market.

Based on End User, the Commercial segment is projected to grow at highest market share during the forecast period.

The Commercial segment in satellite propulsion market is expected to grow at highest CAGR during the forecast period. This growth is attributed to the increasing demand for satellite based internet services in remote areas. Additionally, cost-effective propulsion technologies such as electric propulsion, enables small players to enter the market with affordable satellite launch. The increasing deployment of satellites for monitoring climate change, agriculture and resource mapping applications also contributing the growth of satellite propulsion market for commercial segment.

Asia Pacific is expected to hold the highest market share in the regions considered for the Satellite Propulsion market.

By region, the Asia Pacific is expected to hold the highest market share during the forecast period. This growth is attributed to the increasing investment towards space programs and government initiatives by countries like China, India, Japan, South Korea and Australia. The demand for broadband internet, television broadcasting, and earth observation applications is driving investments by the commercial sector in th region. Additionally, the presensce of several space organizations such as ISRO, CNSA, iSpace and AstroScale in the region drives the innovation in propulsion system technologies, propelling the satellite propulsion market in the region.

Northrop Grumman (US), Safran SA (France), Thales Alenia Space (France), L3Harris Technologies, Inc. (US), and Airbus (France) are the major key players in the Satellite Propulsion market. These companies have strong distribution networks across regions like North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.

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