Global Satellite Propulsion System Market to Reach $4.30 Billion in 2023, Driven by Technological Innovations and Increasing Space Exploration Activities

Dublin, July 21, 2023 (GLOBE NEWSWIRE) -- The "Satellite Propulsion System Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This comprehensive report provides critical information for strategists, marketers, and senior management to assess the satellite propulsion system market. The market is projected to grow from $3.64 billion in 2022 to $4.30 billion in 2023, with a compound annual growth rate (CAGR) of 18.0%. Furthermore, the market is expected to reach $8.10 billion by 2027, exhibiting a CAGR of 17.1%.

Major players 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, Boeing, Mitsubishi Electric Corporation, OHB System AG, Safran S A, Orbital Atk Inc., Thales Group, Northrop Grumman Corporation, and CU Aerospace.

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A satellite propulsion system refers to a system that provides thrust to a satellite, enabling it to move through space. It converts an external energy source into momentum for generating thrust required for the satellite's operations. The main types of satellite propulsion systems include chemical propulsion, electric propulsion, hybrid propulsion, and others. These systems are used in various applications such as commercial use, science and environment, national security and military, meteorology, and others.

Product innovations are driving the satellite propulsion system market, with major players focusing on developing new technological solutions to strengthen their market position. Technological advancements in satellite propulsion systems enhance the capabilities of satellites, enabling deep space exploration, controlled landings, and improved space missions.

North America accounted for the largest share of the satellite propulsion system market in 2022, while the Asia-Pacific region is expected to witness significant growth. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Key countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The growth in space exploration activities is expected to propel the satellite propulsion system market. Space exploration involves the discovery and investigation of celestial bodies using advanced space technologies. Satellite propulsion systems play a vital role in deep space exploration by enabling travel through space and controlled landings. The increasing number of active satellites and the budget allocation for deep space exploration by organizations like NASA indicate the growing focus on space exploration.

For instance, in January 2022, there were 5,465 active satellites, with 703 satellites added in 2021, according to the Union of Concerned Scientists. Additionally, NASA's annual budget increased by 3% to approximately $24 billion, with $7.6 billion allocated for deep space exploration. These factors contribute to the growth of the satellite propulsion system market.

The satellite propulsion system market comprises sales of propellers, turbines, hydrazine monoprops, ramjets, and related services. The market value includes the value of goods sold by manufacturers or creators, either to other entities or directly to end customers. It also includes the value of related services sold by the creators of the goods.

Key Attributes:

Key Topics Covered:

1. Executive Summary

2. Satellite Propulsion System Market Characteristics

3. Satellite Propulsion System Market Trends And Strategies

4. Satellite Propulsion System Market - Macro Economic Scenario
4.1. COVID-19 Impact On Satellite Propulsion System Market
4.2. Ukraine-Russia War Impact On Satellite Propulsion System Market
4.3. Impact Of High Inflation On Satellite Propulsion System Market

5. Satellite Propulsion System Market Size And Growth
5.1. Global Satellite Propulsion System Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Satellite Propulsion System Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Satellite Propulsion System Market Segmentation
6.1. Global Satellite Propulsion System Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Chemical Propulsion
• Electric Propulsion
• Hybrid Propulsion
• Other Types

6.2. Global Satellite Propulsion System Market, Segmentation By Orbit, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Low Earth Orbit (LEO)
• Medium Earth Orbit (MEO)
• Geostationary Earth Orbit (GEO)
• Beyond Geosynchronous Orbit

6.3. Global Satellite Propulsion System Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Commercial Use
• Science And Environment
• National Security And Military
• Meteorology
• Other Applications

7. Satellite Propulsion System Market Regional And Country Analysis
7.1. Global Satellite Propulsion System Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Satellite Propulsion System Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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• Global Satellite Propulsion System Market