NEW YORK, June 25, 2024 /PRNewswire/ — The global satellite propulsion system market size is estimated to grow by USD 15.34 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 8.76% during the forecast period. Emergence of low-cost satellites is driving market growth, with a trend towards propulsion by inert gases. However, insufficient thrust generation with all-electric propulsion systems poses a challenge. Key market players include Airbus SE, ArianeGroup, CU Aerospace, ESCO Technologies Inc., Eutelsat S.A., Hispasat SA, IHI Corp., Inmarsat Global Ltd., Intelsat US LLC, Moog Inc., Northrop Grumman Corp., OHB SE, Rafael Advanced Defense Systems Ltd., Safran SA, SES SA, SKY Perfect JSAT Holdings Inc., Starfish Space, Telesat Corp., Thaicom Public Co. Ltd., and Thales Group.
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (Chemical propulsion, Hybrid propulsion, and All-electric propulsion), Application (MEO satellite, GEO satellite, and LEO satellite), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)
Region Covered
North America, APAC, Europe, South America, and Middle East and Africa
Key companies profiled
Airbus SE, ArianeGroup, CU Aerospace, ESCO Technologies Inc., Eutelsat S.A., Hispasat SA, IHI Corp., Inmarsat Global Ltd., Intelsat US LLC, Moog Inc., Northrop Grumman Corp., OHB SE, Rafael Advanced Defense Systems Ltd., Safran SA, SES SA, SKY Perfect JSAT Holdings Inc., Starfish Space, Telesat Corp., Thaicom Public Co. Ltd., and Thales Group
Key Market Trends Fueling Growth
The satellite propulsion system market is driven by the increasing demand for electric propulsion technology in satellite applications. Air Liquide, a leading company in this field, contributes significantly with its Xenon supply. Xenon’s favorable properties for ionization and inertness make it an ideal propellant for electric engines. High-purity Xenon is used for satellite orbit raising and station-keeping, enabling a 50% increase in load capacity and reducing launching costs. Technavio projects over 30% of the satellite market to adopt Xenon-driven electric propulsion technology in the coming years. Air Liquide’s advanced technologies and diverse sourcing methodologies ensure a sustainable Xenon supply for this growing market.
The Satellite Propulsion System market is experiencing significant growth due to the increasing demand for advanced communication and navigation systems. Propulsion systems play a crucial role in satellite orbit maintenance and station keeping. Recent trends include the use of chemical propulsion systems, such as hydrazine and nitrous oxide, for small satellites. However, electric propulsion systems, like ion thrusters and Hall-effect thrusters, are gaining popularity due to their efficiency and long-term performance. Additionally, the development of reusable propulsion systems is a key trend, as it reduces the cost of satellite launches and operations. Overall, the market is expected to continue growing as the need for reliable satellite technology increases.
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Market Challenges
The satellite propulsion system market faces challenges due to the increasing use of all-electric propulsion systems in small and low-cost satellites. While these systems offer advantages, they struggle to meet the high-reliability standards and longer mission life required for various space applications. The all-electric propulsion system’s inability to provide sufficient thrust during satellite launches and its lower thrust compared to chemical fuels can prolong the time it takes for satellites to adjust their positions in orbit. This poses challenges for satellite manufacturers and operators.The Satellite Propulsion System market faces several challenges in the chemical and rocket sectors. One challenge is the high cost of propellants, which can impact the overall cost of satellite production and deployment. Another challenge is the need for efficient and long-lasting propulsion systems to ensure the longevity of satellites in space. Additionally, the increasing demand for smaller and lighter satellites requires the development of compact and lightweight propulsion systems. Furthermore, the growing trend towards reusable propulsion systems presents an opportunity for innovation and cost savings in the industry. Overall, the Satellite Propulsion System market requires continuous research and development to address these challenges and meet the evolving needs of the satellite industry.
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Segment Overview
This satellite propulsion system market report extensively covers market segmentation by
Type 1.1 Chemical propulsion1.2 Hybrid propulsion1.3 All-electric propulsionApplication 2.1 MEO satellite2.2 GEO satellite2.3 LEO satelliteGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Chemical propulsion- The satellite propulsion system market primarily consists of chemical propulsion systems, which are traditionally used due to their cost-effectiveness. However, these systems carry a substantial amount of fuel, limiting the payload capacity for nano and microsatellites. They also cannot be stopped or restarted once ignited, requiring multiple stages for multiple burns and increasing weight. Despite these drawbacks, China’s successful launch of a methane-powered rocket in July 2023 signifies the growing use of chemical propulsion systems, expected to expand significantly during the forecast period.
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Research Analysis
The Satellite Propulsion System market encompasses technologies and systems used to maneuver and maintain the orbit of artificial satellites in the Solar System. These systems include Electric Propulsion Systems, such as Ion Thrusters and Hall Effect Thrusters, and Chemical Rockets, which utilize propellant to generate thrust. Industrialized countries have historically dominated this market due to their fiscal climate and advanced space technology. However, developing nations are increasingly investing in affordable broadband and low-cost satellites, propelled by the private sector and space startups. Space agencies and spacecraft manufacturers continue to innovate and improve primary propulsion systems, while launch vehicles and launch pads facilitate the deployment of these satellites. The market for Satellite Propulsion Systems is expected to grow significantly due to technological improvements and the increasing demand for station-keeping and orbit raising.
Market Research Overview
The Satellite Propulsion System market encompasses the production, supply, and installation of technologies that enable satellites to maintain their orbits in space. These systems utilize various propellants and techniques, such as chemical propulsion, electric propulsion, and ion propulsion. They play a crucial role in ensuring the proper functioning of satellites, including communication, navigation, remote sensing, and Earth observation. The market for Satellite Propulsion Systems is driven by the increasing demand for advanced satellite technologies and the growing need for reliable and efficient space transportation. Additionally, the expansion of broadband satellite services and the exploration of deep space are significant factors fueling market growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeChemical PropulsionHybrid PropulsionAll-electric PropulsionApplicationMEO SatelliteGEO SatelliteLEO SatelliteGeographyNorth 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
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