The Global Satellite Propulsions Market is projected to grow at a CAGR of around 6.7% during the forecast period, i.e., 2023-28. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
A major factor attributing to its growth is the increase in the number of satellite launches, both by government space agencies as well as private companies. Various companies in the private sector, such as SpaceX, Virgin Galactic, etc., have entered into the satellite manufacturing as well as satellite launch industries in the historical years, which has revolutionized the satellite industry leading to the adoption of new technologies to reduce the cost. This phenomenon has subsequently, attracted a large number of industries to opt for the economical space launch solution for their satellite, further promoting the satellite industry & the market of satellite propulsion systems.
Additionally, the emergence of 5G and long-distance data transfer via satellite has marked its presence in a large number of countries, promoting the need for satellite communication systems. In line with the growing demand for satellite communication and data transfer requirements, many private sector companies have started the launch of satellites in Low Earth Orbit (LEO) to provide all-weather communication services to customers. For instance,
- In 2022, Hughes Communication India launched its satellite communication services in India using Indian Space Research Organisation (ISRO)’s Geosynchronous Satellite (GSAT)-11 and GSAT-29 satellites. However, with the enhancing consumer base in India for data services the company is expected to expand its services through the potential launch of new satellites in the coming years.
- In 2023, the Falcon 9 rocket of SpaceX launched 51 ‘Starlink’ satellites into space under the satellite communication services providing project of the company. SpaceX, a US-based spacecraft manufacturing company, started the launch of its communication satellites in LEO to provide internet access coverage globally. The intended mega constellation of 42,000 satellites of 260 kg, each would help the company to provide internet services across the globe.
Blue Origin is another prominent company that announced to launch of satellite services under its ‘Project Kuiper’ in 2019. With the growing focus on satellite communication services the demand for new satellite manufacturing as well as using various types of geostationary and geosynchronous satellites would thrive in the coming years subsequently, leading to promote the demand for satellite propulsion systems which are crucial for the satellite movement in space to follow the intended orbit.
Exploring the Market Dynamics: What’s Driving the Growth of Satellite Propulsion Market?
Growing Launches of Navigation & Telecommunication Satellites to Promote the Satellite Propulsion Market - Navigation & Communication both play a crucial role in the majority of the services being availed by the customers. This has led many developing countries, such as China, India, South Korea, Japan, etc., to implement their domestic navigation satellite systems & expand telecommunication services through satellite communication. Navigation and telecommunication satellites require onboard propulsion systems for effective operational life, which necessitates course correction in orbit as well as pacing the satellite in the graveyard orbit at the end of the lifecycle.
With the growing focus on reducing the dependence on other countries for navigation & communication satellites, the focus of developing countries towards home-grown satellite systems would enhance in the coming years, leading to the massive demand for satellite propulsion systems in the coming years.
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Key Takeaways from the Market Study:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 7%
- Key Players to Watch: Moog Inc., Aliena Pte Ltd., Ariane Group, Busek Co. Inc., Champaign Urbana Aerospace, Neutron Star, Northrop Grumman, Orbion Space Technology, Phase Four Inc., Sitael SPA are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Satellite Propulsion Industry:
- 2023: In support of the USSF-67 mission, Northrop Grumman Corporation launched the Long Duration Propulsive ESPA (LDPE)-3A. ESPA Star is an orbit command & control space technology that would support satellites throughout their entire lifecycle.
- 2022: Airbus SAS selected Ariane Group for its first liquid hydrogen technology for its zero-emission obligations to be used in aerospace applications.
Market Segmentation of Satellite Propulsion Industry
The Satellite Propulsion market is segmented as follows:
- By System Type
- Bipropellant Propulsion System
- Monopropellant Propulsion System
- Ion-Thruster Propulsion Systems
According to report , the rechargeable segment holds a larger share of the Global Satellite Propulsion Market mainly due to their lower costs.
- By Application
- Application Satellite
- Communication & Broadcasting
- Weather
- Navigation
- Others
- Science Satellite
- Technology Experiment Satellite
- By End User
- Government
- Private Entities
According to reports, offline retail holds the largest market share.
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Satellite Propulsion Market Geographical Analysis
North America
South America
Europe
Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Satellite Propulsion Market
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