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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challenges - Download a Sample Report
Segment Overview
This satellite propulsion system market report extensively
covers market segmentation by
- Type
- 1.1 Chemical propulsion
- 1.2 Hybrid propulsion
- 1.3 All-electric propulsion
- Application
- 2.1 MEO satellite
- 2.2 GEO satellite
- 2.3 LEO satellite
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 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
- Type
-
- Chemical Propulsion
- Hybrid Propulsion
- All-electric Propulsion
- Application
-
- MEO Satellite
- GEO Satellite
- LEO Satellite
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle 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