As per the report published by Kings Research, The global Satellite Propulsion Systems Market was valued at USD 2.3 billion in 2022 and is projected to reach USD 3.78 billion by 2030, growing at a CAGR of 6.51% from 2023 to 2030.
New satellite design advancements are driving the development of more advanced and efficient satellite propulsion systems. The growing trend toward smaller and more agile spacecraft is driving the development of compact, high-performance propulsion systems that can provide precise and efficient control of the satellite's direction and speed.
Additionally, advances in materials science and 3D printing are enabling the creation of lighter, stronger, and more complex propulsion system components that improve performance and reduce costs. These advancements are helping to push the boundaries of satellite technology and drive innovation in areas like remote sensing, climate monitoring, and communications.
Moreover, the increasing demand for Low Earth orbit (LEO) satellites has driven the development of more advanced and efficient satellite propulsion systems. With the growing demand for applications like remote sensing, climate monitoring, and communications, there has been increased investment in research and development of propulsion systems that can provide precise and efficient control of the satellite's direction and speed. This includes electric propulsion systems, which offer advantages such as improved fuel efficiency, longer operational lifetimes, and greater maneuverability.
Additionally, advancements in materials science and 3D printing are enabling the creation of lighter, stronger, and more complex propulsion system components that can help maintain and advance satellite technology. Overall, the demand for LEO satellites is driving innovation and advancements in satellite propulsion systems to meet the needs of various industries and applications.
Key Insights
- Based on the system type, the bipropellant segment accounted largest market share of 29.90% in 2022
- Based on propulsion type, the water-electrolyzed segment is anticipated to register a significant growth rate of 8.52% over the forecast period
- Based on the application, the applications satellite segment accounted for the largest market share at 48% in 2022
- On the basis of region, Asia Pacific is expected to hold the fastest CAGR of 6.08% during the forecast period
NASA's Lunar Flashlight Team Modifies Plan to Verify Water Ice on Moon and Characterizes New Propulsion System
January 2023: NASA's Lunar Flashlight Team has been characterizing their new green propulsion system and developing a modified plan for the briefcase-size satellite's journey to verify water ice on the Moon.
New Partnership between Exotrail and Airbus for Small Earth Observation Satellite Propulsion Systems
September 2022: Exotrail and Airbus announced a partnership to work on the propulsion systems for small Earth Observation satellites. The collaboration aims to provide high-performance and competitive Earth observation platforms to customers with Exotrail's expertise in electric propulsion systems supporting this endeavor.
New Product Launch in Partnership with Lockheed Martin and University of Southern California (USC)
February 2022: ION Elysian Eleonora has launched the Dodona, a 3U CubeSat developed by the University of Southern California (USC) in collaboration with Lockheed Martin into orbit to support the space qualification of several Artificial Intelligence (AI) and Machine Learning (ML) technologies.
Increasing Adoption of Green Chemical Propulsion is Driving the Market Growth
Green chemical propulsion systems have been developed as an alternative to conventional chemical propulsion systems that use hydrazine propellants, which are toxic and hazardous. These systems use propellants that are less toxic and more environmentally friendly, such as Hydroxyl Ammonium Nitrate (HAN) or LMP-103S. NASA's Green Propellant Infusion Mission (GPIM) is one example of a mission that aims to demonstrate the viability of green propellants for future space missions. These systems offer improved safety, efficiency, and environmental benefits compared to conventional chemical propulsion systems. For instance, in April 2022, Bellatrix successfully tested India's first high-performance green propulsion system for satellites, while Phase Four achieved electric thruster operation using the Air Force's green propellant.
Rising Government Support Will Create New Opportunities for the Market Growth
The rising government initiatives and investment in satellites around the world are augmenting market growth. In the United States, government initiatives such as NASA's In-Space Propulsion Technology Program and the Department of Defense's investments in satellite propulsion technology are driving innovation and advancement in the field. The European Space Agency's Electric Propulsion Mission Initiative and China's Long March series of rockets are also examples of government initiatives focused on satellite propulsion technology. Governments are recognizing the importance of satellite technology and are investing in advancements in propulsion systems to drive progress across the globe. With the increasing demand for satellite services and growing interest in space exploration, government initiatives and investment in satellite propulsion systems will likely continue to rise in the coming years.
Asia Pacific is Anticipated to Emerge as the 2nd Fastest Growing Region over the Forecast Period Acquiring a CAGR of 6.08%
The increasing demand for satellite services and a growing number of space agencies operating in the region. China, Japan, and India are some of the key countries in the region with active space programs and capabilities in satellite propulsion. In addition, several private aerospace companies have emerged in the region in recent years, such as the Singapore-based Astroscale, which is developing space debris removal technology and propulsion systems. For instance, according to Indian Space Association (ISpA) in December 2022, the Indian space economy will likely reach USD 12.8 billion by 2025 and is expected to contribute 2-4% to the global space economy. The Asia Pacific region is expected to drive significant growth in the global satellite propulsion market in the coming years, with increasing investments in space exploration and satellite technology.
Rising Investment in Product Innovations to Propel the Market Growth
The satellite propulsion systems market is fragmented with significant players in the market, such as Dawn Aerospace, Safran, Northrop Grumman Corporation, MT Aerospace AG, Moog Inc., Rafael Advanced Defense Systems Ltd., IHI Corporation, CU Aerospace, ArianeGroup GmbH, Exotrail, and others, are concentrated on expanding their business through collaboration and partnership strategies.