NEW YORK, June 12, 2024 /PRNewswire/ — The global electric propulsion satellite market size is estimated to grow by USD 10.88 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.83% during the forecast period. Growing preference for hosted payload is driving market growth, with a trend towards increase in sustainable and green satellite operations. However, design and manufacturing constraints poses a challenge. Key market players include Accion Systems Inc., Ad Astra Rocket Co., Airbus SE, Bellatrix Aerospace Pvt. Ltd., Busek Co. Inc., INVAP S.E., L3Harris Technologies Inc., Lockheed Martin Corp., MIT AeroAstro, Northrop Grumman Corp., OHB System AG, Safran SA, Sitael S.p.A., Thales Group, The Boeing Co., and ThrustMe.
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Electric Propulsion Satellite Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 9.83%
Market growth 2024-2028
USD 10883 million
Market structure
Concentrated
YoY growth 2022-2023 (%)
8.72
Regional analysis
North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 42%
Key countries
US, China, Russia, India, and Japan
Key companies profiled
Accion Systems Inc., Ad Astra Rocket Co., Airbus SE, Bellatrix Aerospace Pvt. Ltd., Busek Co. Inc., INVAP S.E., L3Harris Technologies Inc., Lockheed Martin Corp., MIT AeroAstro, Northrop Grumman Corp., OHB System AG, Safran SA, Sitael S.p.A., Thales Group, The Boeing Co., and ThrustMe
Market Driver
The environmental focus in the satellite industry is driving the adoption of electric propulsion systems. These systems offer fuel efficiency advantages, consuming less propellant and emitting fewer harmful gases. The integration of solar panels for renewable power further reduces reliance on non-renewable energy sources. This shift towards sustainable satellite operations is anticipated to fuel market growth for electric propulsion satellites.
The Electric Propulsion Satellite Market is experiencing significant growth due to the increasing demand for efficient and cost-effective satellite operations. Telemetry tracking and communication are key elements driving this trend. Commercially available propulsion systems, such as electric and ion thrusters, are gaining popularity. These systems offer extended mission durations and higher precision in satellite positioning.
The use of advanced materials and technologies, like composite materials and electromagnetic propulsion, is also contributing to the market’s growth. Additionally, the miniaturization of satellites and the increasing number of constellations are expected to further boost the market. Overall, the Electric Propulsion Satellite Market is poised for continued expansion in the coming years.
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Market Challenges
The electric propulsion satellite market faces challenges due to the limited thrust capability of electric propulsion systems compared to chemical-powered satellites. This results in longer durations for position adjustment into orbit and may hinder market growth. However, the demand for miniaturized satellites with high-reliability standards and longer mission life necessitates advancements in miniaturized electronics and components. The choice of employing electric propulsion systems is subjective and depends on the perception of satellite development agencies or operators.The Electric Propulsion Satellite Market faces several challenges. One major challenge is the high cost of electric propulsion systems compared to traditional propulsion methods. Another challenge is the complexity of these systems, which require advanced technology and expertise to design and manufacture. Additionally, the long development time and testing requirements for electric propulsion satellites add to the cost and complexity. Furthermore, the dependence on rare and expensive materials, such as xenon, for ion engines is a concern.Lastly, the need for reliable and efficient power sources to operate electric propulsion systems is a significant challenge. Despite these challenges, the benefits of electric propulsion, including increased efficiency and longer operational lifetimes, make it an attractive option for satellite manufacturers.
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Segment Overview
Application 1.1 Military1.2 CommercialType 2.1 Hybrid2.2 All-electricGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Military- The Electric Propulsion Satellite Market is experiencing significant growth due to the increasing demand for cost-effective and efficient satellite operations. Key players in this market include SpaceX, Aerojet Rocketdyne, and Thales Alenia Space. They are focusing on developing advanced electric propulsion systems, such as Hall-Effect Thrusters and Pulsed Plasma Thrusters, to enhance satellite performance and extend mission life. These innovations are driving the market forward, enabling operators to provide reliable and high-quality satellite services to their customers.
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Research Analysis
The Electric Propulsion Satellite Market encompasses the latest trends and advancements in Earth observation, astronomy, and space exploration, driven by the adoption of small satellites and innovative propulsion technologies. These include Laser Designation Technology, Electrothermal Propulsion, Electrostatic Propulsion, and Electromagnetic Propulsion.
Telemetry tracking & command systems and flight software are essential components for maneuvering satellites in Low Earth Orbit. Eco-friendly propulsion technologies, such as Hybrid propulsion types and Nitrous-oxide-based green propellant, are gaining traction due to their environmental benefits. The market caters to both commercial end users and defense applications, with scientific research and space-based activities driving the demand for these technologies. Reusable launch vehicles are also playing a significant role in the market’s growth.
Market Research Overview
The Electric Propulsion Satellite Market encompasses the production, sales, and installation of satellites utilizing electric propulsion technology. This technology is essential for maintaining orbit and extending the operational life of satellites. The market is driven by the increasing demand for high-throughput satellite systems and the need for cost-effective solutions in the satellite industry.
Technologies such as Hall Effect Thrusters, Ion Engines, and Pulsed Plasma Thrusters are key components of electric propulsion systems. The market is expected to grow significantly due to advancements in these technologies and the increasing number of applications in various sectors like telecommunications, earth observation, and navigation. The use of electric propulsion in small satellites and CubeSats is also gaining popularity due to their cost-effectiveness and flexibility.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationMilitaryCommercialTypeHybridAll-electricGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
