Connect with us

Technology

Satellite Propulsion System Market size is set to grow by USD 15.34 billion from 2024-2028, Emergence of low-cost satellites to boost the market growth, Technavio

Published

7 months ago

on

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.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

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. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

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.

For more insights on driver and challenges – Download a Sample Report

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.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/satellite-propulsion-system-market-size-is-set-to-grow-by-usd-15-34-billion-from-2024-2028–emergence-of-low-cost-satellites-to-boost-the-market-growth-technavio-302180155.html

SOURCE Technavio

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Galloway Company Expansion Nearly Doubles United States Industrial Sweetened Condensed Milk Capacity

Published

47 minutes ago

on

January 9, 2025

By

NEENAH, Wis., Jan. 9, 2025 /PRNewswire/ — Galloway Company, a leader in premium dairy ingredients, announces the completion of a major expansion to its production capabilities. The addition of a custom-built evaporator will nearly double the United States’ total capacity for industrial sweetened condensed milk. The expansion comes at a critical time, relieving a highly constrained market for premium concentrated dairy ingredients in the United States.

The expansion will set new industry benchmarks in capacity, operational efficiency, and quality.

The expansion will allow the company to serve existing clients with the same premium quality ingredients they’ve come to rely on, while also welcoming new customers for the first time in four years.

“Over the last four years, we’ve seen growing constraints from the bakery and confectionery markets, with extended lead times and maxed-out production capacities,” said Mike Hasler, Director of Industrial Sales, Galloway Company. “This expansion ensures we can not only meet the demand of our existing customers but also welcome new business.”

With the addition of the second evaporator, Galloway Company is building redundancy into its production process, minimizing the risk of service interruptions for clients. The new system will also enable greater customization of products, allowing the company to meet the needs of clients of all sizes—from full tanker trucks to smaller batches packaged in totes and 5-gallon pails.

The expansion will set new industry benchmarks in capacity, operational efficiency, and quality. The upgraded system includes high-efficiency motors and precision-engineered valve systems, with a fully automated homogenization process, advanced lactose seeding technologies, and state-of-the-art cooling systems. These updates minimize energy consumption and reduce environmental impact while advanced quality control measures ensure consistent performance and accuracy. 

For more information or to place an order, please visit gallowaycompany.com or contact Mike Hasler at mhasler@gallowaycompany.com.

About Galloway Company

Galloway Company is the number one supplier of cream liqueur bases and sweetened condensed milk in the U.S. Located in Neenah, Wisconsin, Galloway specializes in producing unique formulations of condensed dairy blends and beverage bases. Classic Mix Partners, a subsidiary of Galloway Company, is the largest manufacturer of frozen dairy dessert mixes in Wisconsin, serving customers nationwide. For more information on our complete line of innovative dairy product mixes and bases, visit gallowaycompany.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/galloway-company-expansion-nearly-doubles-united-states-industrial-sweetened-condensed-milk-capacity-302346533.html

SOURCE Galloway Company

Continue Reading

Technology

SOCi Scales its AI Agent Solutions While Bolstering Path to Profitability

Published

47 minutes ago

on

January 9, 2025

By

SAN DIEGO, Jan. 9, 2025 /PRNewswire/ — SOCi, Inc., the leader in AI-powered marketing solutions for multi-location businesses, today announced initial results from its AI Agent strategy. In less than eight months, SOCi’s Genius AI™ solutions now account for more than 10% of the company’s annual recurring revenue (ARR). These results cap off a year of remarkable milestones for SOCi, including surpassing $100 million in ARR—a feat that places the company among the elite Centaur SaaS organizations globally.

In 2025, the company plans to continue to enhance and expand its advanced Genius AI™ technology, allowing SOCi’s AI Agents to take on even more local marketing tasks at scale and deliver unprecedented efficiency and value for SOCi’s nearly 1,000 multi-location customers. Additionally, SOCi is committed to accelerating its journey to profitability by strategically realigning resources to focus on high-impact areas with proven success. This reorganization is designed to enhance efficiency, drive scalability, and position the company for sustainable, long-term growth.

“We remain committed to revolutionizing the industry with our AI Agent innovation and Genius solutions, delivering the first digital workforce to drive unparalleled value for our customers,” said Afif Khoury, CEO of SOCi. “Simultaneously, we are focused on achieving sustainable growth by prioritizing financial stability and operational efficiency, solidifying our position as the leader in marketing innovation.”

Recently recognized as an Inc. 5000 fastest-growing company for the seventh consecutive year, and named one of Fast Company Most Innovative Companies, SOCi continues to expand its reach into new high-growth markets with its cutting-edge local marketing solutions. Over the past two years, the company has forged partnerships with iconic enterprises such as Ford, Jersey Mike’s Subs, and Ace Hardware, while establishing a strong presence in the Financial Services and Insurance sectors with notable partners like Liberty Tax and Motto Mortgage.

About SOCi, Inc.
SOCi is the leader in AI-powered marketing solutions for multi-location businesses. With its proprietary Genius AI™ and suite of Genius Agents™, SOCi provides a first-of-its-kind, AI-powered digital workforce capable of handling the workload of 1,000 local marketers™, empowering brands to achieve unmatched digital visibility, strengthen customer engagement, and scale faster than ever before.

SOCi is recognized by Fast Company as one of the World’s Most Innovative Companies, and is trusted by nearly 1,000 top brands—including Ford, Ace Hardware, Kumon, Liberty Tax, and more—to automate and optimize local marketing tasks across all locations. Founded in 2012 and backed by leading strategic investors, SOCi is transforming how multi-location brands manage and scale their marketing efforts. Learn more at www.soci.ai or contact us at hello@soci.ai.

View original content to download multimedia:https://www.prnewswire.com/news-releases/soci-scales-its-ai-agent-solutions-while-bolstering-path-to-profitability-302346626.html

SOURCE SOCi, Inc.

Continue Reading

Technology

Verdantas Acquires M-H-M, Inc. Expanding Water Services Throughout Northern California

Published

47 minutes ago

on

January 9, 2025

By

TAMPA, Fla., Jan. 9, 2025 /PRNewswire/ — Verdantas, a leader in digitally enabled technical consulting solutions for the environment, water, and energy transition markets, backed by Sterling Investment Partners, is pleased to announce the acquisition of M-H-M, Inc. (MHM). The acquisition aims to enhance Verdantas’ expertise in the northern California water market and expand the services offered by both firms.

Based in Marysville, California, MHM brings invaluable expertise and experience to Verdantas, broadening the depth and range of services within the water, and land development markets with strong relationships with municipalities, public agencies, and private clients. The integration of MHM into Verdantas enhances its water service capabilities bringing valuable expertise in water supply and storage, distribution, irrigation, water master planning, flood control, storm drainage, as well as land development and surveying.

Jesse Kropelnicki, CEO of Verdantas, stated about the acquisition: “Integrating MHM into Verdantas will continue our growth strategy by further diversifying our business on the west coast, and by furthering our capabilities in the water market. This expansion enhances our expertise and ability to serve water clients more effectively in northern California. Additionally, MHM improves our land development and surveying capabilities, which will enhance other services we provide in the same geography. We look forward to providing their team with new opportunities for growth while they continue to contribute to our mission.”

“California brings unique engineering design complexities. By partnering with Verdantas, we can now integrate robust in-house geotechnical and geological, structural engineering, and environmental expertise into our projects that we previously outsourced,” stated Sean Minard, President of MHM. “Our collaboration with Verdantas aims to expand our service offerings, providing comprehensive solutions in flood control, storm drainage, and water resource management as well as land development. This growth will add value to our current clients in Northern California, enabling us to deliver a more extensive suite of engineering and environmental solutions.”

James Soldano, Partner at Sterling, said, “We are proud to support Verdantas in this strategic acquisition of MHM. This move reflects our shared vision of growing Verdantas’ presence throughout the western United States and addresses the critical need for water-related expertise in a region facing challenges related to water resources and flood control.”

This acquisition is a vital component of the company’s sustainable service offerings objectives. By participating in significant projects, Verdantas plans to address critical water challenges, advocate for conservation, improve water quality, and encourage sustainable practices.

About Verdantas

Verdantas is a leader in digitally enabled technical consulting solutions for the environment, water, and energy transition markets. Blending balanced strengths in environmental and engineering expertise, we partner with clients and communities to create comprehensive solutions that contribute to a sustainable future. With a team of over 1,700 professionals nationwide, we harness diverse skills and innovative technologies to address complex challenges, protect vital resources, and foster resilient communities. For more information, visit www.verdantas.com.

About Sterling Investment Partners

Sterling Investment Partners is a leading private equity firm that has been building leading middle-market companies for over 30 years with a highly experienced, cohesive team of senior investment professionals. Sterling focuses on control investments in value-added distribution and business services, acquiring businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Over its history, Sterling has completed over 230 transactions, representing over $31 billion in aggregate value, and was recently ranked a Top 10 performing middle market private equity firm globally by Dow Jones-HEC Paris. For more information, visit www.sterlinglp.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/verdantas-acquires-m-h-m-inc-expanding-water-services-throughout-northern-california-302346364.html

SOURCE Verdantas LLC

Continue Reading

Trending