SatellitePropulsion System Market Size And Forecast
SatellitePropulsion System Market size was valued at USD 1,817.0 Million in 2019 and isprojected to reach USD 3,181.2 Million by 2027, growing at a CAGR of 6.36% from 2020 to2027.
Spaceagencies are constantly looking to exploit private sector collaborations toachieve their objectives more cost-effectively while promoting sustainablespace exploration, this growth of space expeditions and commercial use ofsatellites are driving the growth of the market. The Global SatellitePropulsion System Market report provides a holistic evaluation of the market.The report offers a comprehensive analysis of key segments, trends, drivers,restraints, competitive landscape, and factors that are playing a substantialrole in the market.
GlobalSatellite Propulsion System Market Definition
Asatellite is a semi-independent, computer-controlled, artificial device that islaunched into the earth’s orbit. Popular types of satellites includecommercial, military, and surveillance, serving various purposes includingscience, weather, navigation, and communication. The satellites are alsodeployed for unique purposes in various orbits. The satellite data is used invarious applications, such as urban development, maritime security, mineralprospecting, and agriculture.
Thesatellites are launched via launch vehicles into the earth’s orbits. They useboosters to supply early thrust and reduce the mass of further stages, thusallowing for larger payloads to be carried into the orbit. Not only the launchpads but also the satellites in the orbit need propulsion systems used toaccelerate/power into the orbit. Satellite propulsion systems are designed toprovide precise impulse bits for accurate control of satellite locations oraltitudes.
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GlobalSatellite Propulsion System Market Overview
Thespace exploration business has changed substantially in the last fifteen years,with space startups and private companies joining governments to create andlaunch satellites and other spacecraft with the launch vehicles. The demand forpropulsion systems in space has therefore increased. Driven by initiatives inleading countries and new countries investing in space exploration, globalinvestment has increased in the last few years.
Globalspace exploration budgets are expected to grow to over $20 billion by 2027 in astill restrained budgetary environment. Space exploration draws interest notonly from a rising number of governments but also from the private sector;start-ups to large businesses are trying to explore the economic potential ofexploration activities. Space agencies are constantly looking to exploitprivate sector collaborations to achieve their objectives more cost-effectivelywhile promoting sustainable space exploration, this growth of space expeditionsand commercial use of satellites are driving the growth of the market.
GlobalSatellite Propulsion System Market: Segmentation Analysis
TheGlobal Satellite Propulsion System Market is Segmented on the basis of SystemType, Application, Propulsion Type, and geography.
SatellitePropulsion System Market, By System Type
•Bipropellant Propulsion System
• Monopropellant Propulsion System
• Pneumatic Propulsion System
• Others
Basedon System Type, the market is segmented into Bipropellant Propulsion System,Monopropellant Propulsion System, Pneumatic Propulsion System, and Others. Thebipropellant segment accounted for the largest market share in 2019 and isprojected to grow at a CAGR of 4.85% during the forecast period. Bipropellantpropulsion systems for satellite injections and orbit corrections have beenused since the late 1960s. It was soon recognized that bipropellant propulsionsystems offered higher specific impulses with respect to the traditionalsolid/monopropellant systems and allowed to increase the payload capability.
SatellitePropulsion System Market, By Application
•Applications Satellite
• Science Satellite
• Technology Experiment Satellite
Based on Application, the market is segmented intoApplications Satellite, Science Satellite, and Technology Experiment Satellite.Applications Satellite segment accounted for the largest market share in 2019and is projected to grow at a CAGR of 7.71% during the forecast period. ScienceSatellite was the second-largest market in 2019 and it is projected to grow atthe CAGR of 4.43%.
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SatellitePropulsion System Market, By Propulsion Type
•Cold Gas Propulsion
• Ambipolar Thrusters
• Green Liquid
• Pulsed Plasma Propulsion
• Water Electrolyzed
• Others
Basedon Propulsion Type, the market is segmented into Cold Gas Propulsion, AmbipolarThrusters, Green Liquid, Pulsed Plasma Propulsion, Water Electrolyzed, andOthers. Cold Gas Propulsion accounted for the largest market share in 2019 andis projected to grow at a CAGR of 6.16% during the forecast period. Cold gaspropulsion technology relies on expanding the gas to produce thrust through anozzle. It allows the propellant to flow from a propellant storage tank to aconverging/diverging nozzle from which it expands into open space. Furthermore,cold gas propulsion systems are characterized by a low specific impulse of tensto a few hundred seconds, depending on the propellant atomic mass, relative tochemical or electric propulsion systems.
SatellitePropulsion System Market, By Geography
•North America
• Asia-Pacific
• Europe
• Rest of the World
Onthe basis of regional analysis, the Global Satellite Propulsion System Marketis classified into North America, Europe, Asia Pacific, and the Rest of theworld. North America accounted for the largest market share and Asia-Pacificwas the second-largest in 2019.
Ahigh presence of major players in this region and the entry of new entrantssuch as SpaceX and blue origin in the market, who are engaged in thedevelopment of advanced space propulsion systems for space launch vehicles iscontributing to the growth of the market. Furthermore, ongoing governmentfunding for the continuous development of high-powered solar electricpropulsion technologies will enable greater efficiency in orbit transfer.
KeyPlayers
The“Global Satellite Propulsion System Market” study report will provide valuableinsight with an emphasis on the global market including some of the majorplayers such as MoogInc., ENPULSION GmbH, Exotrail SA, Aerojet Rocketdyne, Airbus SE, BALLCORPORATION, Bellatrix Aerospace Private Limited, Busek Co. Inc., and CobhamPLC.
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