Claim 30% Off Global Market Reports With Code ONLINE30 – Insights on Tariff Effects, Global Trade, and Industry Disruptors

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What Are The Market Size Estimates For The Satellite Propulsion System Market?

The market size for satellite propulsion systems has witnessed a swift expansion in recent years. It is projected to escalate from $5.05 billion in 2024 to $5.93 billion in 2025, with a compound annual growth rate (CAGR) of 17.5%. The historical growth has been propelled by factors such as early-stage space exploration, the advent of chemical propulsion systems, miniaturization and efficiency, the evolution of electric propulsion, and the proliferation of mission extension services.

The market size of the satellite propulsion system is projected to experience swift expansion in the coming years, reaching a value of $10.72 billion in 2029 with a compound annual growth rate (CAGR) of 15.9%. This growth in the forecast period can be associated with increased small satellite deployments, enhancement in electric propulsion, demand for in-orbit servicing, market growth in earth observation, and regulations for space traffic management. The major trends anticipated during the forecast period encompass a heightened demand for in-space maneuverability, progression in electric propulsion technology, the rise in small satellite missions, introduction of satellite constellations, and a focus on cost-effectiveness.

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What External And Internal Drivers Are Influencing The Satellite Propulsion System Market?

The expansion of space exploration is anticipated to boost the development of satellite propulsion systems in the future. Space exploration involves the probing and examination of cosmic bodies using continuously advancing space technologies. Advanced propulsion systems for satellites are utilized in space exploration to enhance deep-space exploration capabilities, offering space travel and making managed landings. In January 2022, the Union of Concerned Scientists, a science advocacy group based in the US, reported that there were 5,465 active satellites, with an addition of 703 satellites in 2021. Moreover, in March 2022, the National Aeronautics and Space Administration, an independent US agency tasked with overseeing the civil space program and conducting aeronautics research, announced a 3% annual budget increase, totaling about $24 billion, with $7.6 billion allocated for deep space exploration. Consequently, the upswing in space exploration is fueling the satellite propulsion systems market.

Which Sub-Segments Are Driving Growth Within The Satellite Propulsion System Market?

The satellite propulsion system market covered in this report is segmented –

1) By Type: Chemical Propulsion, Electric Propulsion, Hybrid Propulsion, Other Types

2) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit

3) By Application: Commercial Use, Science And Environment, National Security And Military, Meteorology, Other Applications

Subsegments:

1) By Chemical Propulsion: Monomethyl Hydrazine (MMH), Hydrazine, Hypergolic Propellants, Solid Propellant Systems

2) By Electric Propulsion: Ion Thrusters, Hall Effect Thrusters, Pulsed Plasma Thrusters

3) By Hybrid Propulsion: Hybrid Rocket Motors, Hybrid Electric Propulsion Systems

4) By Other Types: Cold Gas Thrusters, Green Propulsion Systems, Solar Sail Propulsion

What Future-Focused Trends Are Anticipated In The Satellite Propulsion System Market?

The ongoing trend of product innovation is gaining traction in the satellite propulsion system market, with key industry players striving to establish their dominance by pioneering advanced technological solutions. For example, Valiant Space made a significant breakthrough in March 2024 by successfully launching its debut propulsion system, the Valiant VS-1 thruster. The launch, executed on board the Optimus Orbital Servicing Vehicle (OSV) of the Space Machines Company (SMC) via a SpaceX Falcon 9 rocket, represents a noteworthy development. It stands out as the first instance of an Australian bi-propellant propulsion system achieving this, and it played an integral role in the launch of the largest-ever Australian spacecraft.

Who Are The Dominant Players In The Satellite Propulsion System Market Today?

Major companies operating in the satellite propulsion system market include Airbus SAS, Aerojet Rocketdyne Holdings Inc., Moog Inc., Busek Co Inc., Bellatrix Aerospace Private Limited, Exotrail SA, ENPULSION GmbH, Cobham Limited, Ball Corporation, The Boeing Company, Mitsubishi Electric Corporation, OHB System AG, Safran S A, Thales Group, Northrop Grumman Corporation, CU Aerospace, Rocket Lab, Rafael Advanced Defense Systems Ltd., Ariane Group, General Dynamics Mission Systems, Blue Origin, Lockheed Martin Corporation, Bradford Space, Sierra Nevada Corporation, Clyde Space Ltd., Comtech AeroAstro Inc., Dawn Aerospace, Deep Space Industries, Firefly Aerospace, General Atomics Electromagnetic Systems

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How Do Regional Dynamics Influence The Satellite Propulsion System Market Performance?

North America was the largest region in the satellite propulsion system market in 2024. The regions covered in the satellite propulsion system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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