Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Propulsion Satellite Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Electric Propulsion Satellite Market is expected to witness remarkable growth, with a forecasted increase of USD 8,534.23 million during the period 2022-2027.
The market's growth is projected to accelerate at a CAGR of 8.56% over the forecast period. The comprehensive report on the electric propulsion satellite market provides in-depth insights into its dynamics, including market size, trends, growth drivers, challenges, and vendor analysis.
Driving Factors and Market Segmentation
Several key factors are propelling the growth of the electric propulsion satellite market. These include a growing preference for hosted payloads, cost-effective commercial launch vehicles, and increased utilization of electric propulsion satellites in military and defense applications. The market is segmented by application (military and commercial), by type (hybrid and all-electric), and by geographical landscape (North America, APAC, Europe, South America, Middle East, and Africa).
Sustainable Satellite Operations and Demand for Small Satellites
One of the prime drivers of the electric propulsion satellite market is the increasing emphasis on sustainable and green satellite operations. As the industry continues to adopt environmentally friendly practices, the demand for electric propulsion satellites is expected to surge. Additionally, the market is benefiting from the growing demand for small satellites and the focus on long-duration missions and deep space exploration.
Leading Players and Industry Insights
The report provides a robust vendor analysis to help businesses enhance their market position. Key electric propulsion satellite market vendors include Accion Systems Inc., Ad Astra Rocket Co., Aerojet Rocketdyne Holdings Inc., Airbus SE, Bellatrix Aerospace Pvt. Ltd, Busek Co. Inc., INVAP S.E., Lockheed Martin Corp., MIT AeroAstro, Northrop Grumman Corp., OHB System AG, Safran SA, Sitael S.p.A., Thales Group, The Boeing Co., and ThrustMe.
Trends and Analyst Commentary
An analyst from the research team highlighted that a significant trend in the market is the increase in sustainable and green satellite operations. This trend aligns with the broader global movement towards environmentally responsible practices.
Conclusion and Future Growth
The electric propulsion satellite market is poised for substantial expansion, fueled by factors such as sustainability initiatives, increasing preference for hosted payloads, and the demand for small satellites. With a combination of primary and secondary research, the report offers a comprehensive view of the market landscape, vendor analysis, and growth projections. This study aims to help businesses strategize and capitalize on upcoming growth opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/8smde1
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