The Global Satellite Propulsion market is projected to grow at a CAGR of around 6.7% during the forecast period of 2023-28, says Markntel Advisors in their recent report. The major factor leading to the market growth is the accumulation in the number of navigation & communication satellites by countries such as the US, India, Russia, China, etc.
The countries have a working satellite launch capability coinciding with the robustly growing satellite manufacturing industry for various applications. With the rising focus on space research & high demand for satellite communication systems for telecom, broadcast, and military communication, the requirement for satellite launches & satellite propulsion systems is predicted to enhance in the forecast period.
Many countries as China, India, Russia, etc., are primarily launching satellite systems to build their communication & navigation systems. For instance, China launched the last of its 59 satellites in 2020 to complete its navigation system, named the BeiDou compass navigation satellite system. These satellite systems require a propulsion system so that the required momentum can be provided to these satellites to follow their intended orbital path.
The rise in the number of satellite missions is presumed to boost the demand for these systems so that the satellite system would follow its trajectory without losing its connectivity with the ground station. Hence, this growing reliance on satellite communication & earth observation & application satellites is anticipated to generate demand for these systems during the forecast period, further states the research report, “Global Satellite Propulsion System Market Analysis 2023- 2028F”.
Bipropellant Propulsion System to Exhibit a Sizeable Market Growth
Based on the system type, the market is further classified as Bipropellant Propulsion System, Monopropellant Propulsion Systems, Ion Thruster Propulsion System, Pulsed Plasma Thrusters, Solar Sail Propulsion, and Others (VASMIR, Amphipolar Thrusters, etc.). Among them, the Bipropellant Propulsion System grabbed a significant market share in the Global Satellite Propulsion System market. This is due to the well-established technology of bipropellants, which is being used for satellite propulsion by many space agencies in their satellite systems. It is suited to medium to heavy-weight satellites due to their effective production of higher thrust, which is instrumental for maneuvering large satellites.
However, space agencies are increasingly adopting the electric propulsion system owing to the pressing need to reduce the overall payload to save fuel & the cost of space missions. Further, this transition is expected to boost the demand for these systems, as it would make the launch of communication satellites in the Low Earth Orbit easy by reducing the satellite's weight, therefore facilitating market growth over the forecast period.
Americas to Upscale the Market Share & to be the Leading Region
Geographically, the Americas are estimated to hold a sizeable share in the Global Satellite Propulsion System market during 2023-28. Some of the factors attributing to the growth are the increasing number of satellite launches by the private & government space agencies supported by the growing demand for communication & earth observation satellites. The US is amongst the leading country for space exploration & research due to the availability of aerospace infrastructure equipped with modern amenities to launch satellite systems.
The country has well-established space agencies, such as the National Aeronautics and Space Administration (NASA) and SpaceX, to conduct research & development & launch satellites, which have grown rapidly over the historical period. According to SpaceX, a total of around 61 launches were done in 2022, as compared to nearly 31 space launches in 2021.
Furthermore, budgetary increases for space exploration & satellite launches by the US would also be conducive to the demand for the satellite propulsion system. Moreover, the existing space sector ecosystem in the US is envisioned to supplement the number of satellite launches from the country, thereby boosting the market of the Americas during the forecast period.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Aerojet Rocktdyne, Airbus SAS, Boeing, Moog Inc., CU Aerospace, Aliena Pte Ltd., Ariane Group, Busek Co. Inc., Champaign Urbana Aerospace, Neutron Star, Northrop Grumman, Orbion Space Technology, Phase Four Inc., Sitael SPA etc., are the prominent players in Global Satellite Propulsion market.) looking forward to strengthening their market position.
Key Questions Answered in the Research Report