Satellite Propulsion System Market Trends
The global satellite propulsion system market size was estimated at USD 9.27 billion in 2023 and is expected to grow at a CAGR of 13.2% from 2024 to 2030. The increasing number of space missions for commercial, government, and scientific purposes is primarily driving the demand for satellite propulsion systems, fueling the market growth. Moreover, growing interest in space exploration and the development of satellite constellations is further contributing to market expansion. In addition, rising demand for in-orbit servicing and debris mitigation missions, which necessitate advanced satellite propulsion systems, is positively influencing the market scenario.
Advancements in propulsion technologies, such as electric propulsion, are enabling more efficient and cost-effective satellite operations. For instance, in April 2024, NASA launched an electric propulsion system designed for small spacecraft to support planetary missions and extend the operational life of existing satellites. This solution forms part of the agency's initiative of commercializing technology, allowing it to procure this critical technology from industry partners for future missions. Such developments are expected to create significant growth opportunities for the satellite propulsion system market.
Technological advancements, including breakthroughs in materials science, electronics, and propulsion physics, are further accelerating the market growth, facilitating the development of more efficient, reliable, and versatile propulsion systems. Moreover, the advent of 3D printing and additive manufacturing is transforming the production of propulsion components, resulting in lighter, more complex, and cost-effective designs. These developments are expanding the possibilities for satellite missions, stimulating the demand for advanced satellite propulsion systems.
The growth of the satellite propulsion system market is further driven by the increasing public-private partnerships for space exploration initiatives. For instance, in June 2023, NASA announced to partner with seven U.S. companies to cater to future government and commercial needs, favoring human spaceflight and commercialization of low Earth orbit to support the U.S. economy. This development comes as a part of the second Collaborations for Commercial Space Capabilities-2 (CCSC-2) initiative, aimed at advancing commercial space exploration activities through NASA's technical expertise, assessments, data, and technologies.
Global Satellite Propulsion System Market Report Segmentation
This report forecasts and estimates revenue growth at the global, regional, and country levels along with analyzes the latest market trends and opportunities in each one of the sub-segments from 2018 to 2030. For this study, Grand View Research has further segmented the global satellite propulsion system market report based on platform, propulsion, component, end user, and region.- Platform Outlook (Revenue, USD Million, 2018 - 2030)
- Large Satellites
- Medium-Sized Satellites
- Nano Satellites
- CubeSats
- Propulsion Outlook (Revenue, USD Million, 2018 - 2030)
- Chemical
- Non-Chemical
- Component Outlook (Revenue, USD Million, 2018 - 2030)
- Thrusters
- Propellant Feed Systems
- Nozzles
- Rocket Motors
- Others
- End User Outlook (Revenue, USD Million, 2018 - 2030)
- Government
- Commercial
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Middle East and Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Satellite Propulsion System Market - Industry Outlook
Chapter 4. Satellite Propulsion System Market: Platform Estimates & Trend Analysis
Chapter 5. Satellite Propulsion System Market: Propulsion Estimates & Trend Analysis
Chapter 6. Satellite Propulsion System Market: Component Estimates & Trend Analysis
Chapter 7. Satellite Propulsion System Market: End User Estimates & Trend Analysis
Chapter 8. Regional Estimates & Trend Analysis
Chapter 9. Satellite Propulsion System Market - Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Airbus
- OHB SE
- ArianeGroup
- ArianeGroup
- Blue Origin LLC
- Cobham Limited
- ENPULSION GmbH
- Moog Inc.
- Sierra Nevada Corporation
- Northrop Grumman
- Orbion Space Technology
- L3Harris Technologies, Inc.
- Safran Group
- Lockheed Martin Corporation
- Lockheed Martin Corporation
- VACCO Industries Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 9.27 Billion |
| Forecasted Market Value ( USD | $ 23.24 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
