According to our latest study on "Satellite Propulsion Market – Global Analysis – by Propulsion Type, System Type, Application, and Orbit Type," the market is expected to grow from US$ 8,424.55 million in 2022 to US$ 26,074.53 million by 2031; it is anticipated to record a CAGR of 15.4% from 2023 to 2031. Apart from growth drivers, the report covers the satellite propulsion market trends and their foreseeable impact during the forecast period.
The global space sector is driven by rising demand from services such as earth observation, satellite communications, and positioning timing and navigation. The space sector is witnessing the growing presence of private players and experiencing heightened demand arising from the need for information related to space. Constellations of small satellites in Low Earth Orbit are a major part of this movement, known as NewSpace. In January 2024, Exotrail announced its plans to launch a new orbital vehicle aimed at small satellites that are required to transit from geostationary transfer orbit to their destination. In November 2023, the company introduced SpaceVan, its first payload-hosting vehicle for low Earth orbit. The geostationary version of the vehicle is anticipated to launch in 2026. In February 2024, a lunar lander took off for the moon to make the first US landing. SpaceX also launched the private Odysseus lander Falcon 9 rocket as the US lander took off for the moon. In January 2024, Japan's lunar lander successfully landed on the moon's surface. With this landing, Japan happens to be the fifth country to land a craft on the moon, after the US, China, Russia, and India. In March 2024, Blue Origin announced to launch Blue Moon lunar lander in 2025. In March 2024, SpaceX launched a Starship rocket into orbit on a test flight. In 2022, Iran launched a space tug that can shift satellites between orbits. The real-time scenario of the Earth and the solar system can be obtained from space exploration activities. Thus, the growing number of initiatives toward space landers, spacecraft, and space tugs propels the satellite propulsion market growth.
Satellite Propulsion Market Share — by Region, 2023
Satellite Propulsion Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Propulsion Type (Solid Propulsion, Cold Gas Propulsion, Green Propulsion, Electric Propulsion, and Ambipolar Propulsion), System Type (Monopropellant, Bipropellant, and Electric Ion Propulsion), Application (Launchers, Spacecraft, Satellites, Space Tugs, and Landers), and Orbit Type (LEO, MEO & GEO, and Beyond GEO), and Geography (North America, Europe, Asia Pacific, Rest of the World)
Satellite Propulsion Market Statistics, Share, Growth by 2031
Download Free Sample
Source: The Insight Partners Analysis
The scope of the satellite propulsion market report includes North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, North America accounted for the largest market share in 2023. APAC is the second-largest contributor to the global market, followed by Europe. The Europe satellite propulsion market is growing due to technological and product innovation and strategic collaborations. With a strong emphasis on satellite launches for Earth observation and other research activities, European countries have emerged as key players in advancing satellite propulsion technologies. Major industry contributors include leading aerospace and space companies such as Airbus and Thales Alenia Space, renowned for their expertise in developing cutting-edge satellite propulsion systems.
The Europe satellite propulsion market benefits from collaborative initiatives facilitated by organizations such as the European Space Agency (ESA). These partnerships foster research and development, encouraging the exchange of knowledge and expertise regarding space-related technologies and developments among member states. The region's commitment to space exploration is evident in projects such as the Copernicus program, which emphasizes Earth observation and environmental monitoring. As demand for small satellites and satellite consortiums is rising, the Europe satellite propulsion market is positioned to thrive, contributing significantly to advancements in space technology and reinforcing Europe’s position as a key region in the global space sector.
The satellite propulsion market analysis is based on propulsion type, system type, application, orbit type, and geography. Based on application, the market is segmented into launchers, spacecraft, satellites, space tugs, and landers. The market for the satellites segment is growing rapidly owing to increasing investments by several countries' governments in the space industry. According to the United Nations Office for Outer Space Affairs (UNOOSA), more than 11,330 individual satellites were orbiting around the Earth as of June 2023, which was an increase of 37.94% compared to January 2022. Rising satellite launches by several government organizations across the world contribute to the growing satellite propulsion market size.
The spacecraft segment is anticipated to hold a significant satellite propulsion market share during the forecast period. Spacecraft are used for a wide range of purposes, including planetary exploration, satellite communications, earth observation, navigation, meteorology, and space tourism. Spacecraft used for human spaceflights carry people on board as crew or passengers. Spacecraft used for robotic space missions operate autonomously or telerobotically. A few examples of spacecraft are the Apollo Spacecraft Flag, US; the Gemini Spacecraft, US; the Mercury Spacecraft, US; the Manned Maneuvering Unit, US; the Mir Flag, Soviet Union, Russia; Salyut, Soviet Union; Shuttle Buran, Soviet Union; Shenzhou Spacecraft, China; Skylab, US; Soyuz Spacecraft, Soviet Union, Russia; Space Shuttle, US; Voskhod Spacecraft, Soviet Union; and Vostok Spacecraft, Soviet Union. Further, increasing spending in the space industry with significant government investments and funding fuels the growth of the satellite propulsion market size. According to the Space Foundation Organization, revenue of the space industry in the commercial sector increased by 6.4% in 2022 compared to 2021. Also, the government spending on the military and civil space programs increased by 18% in the US. In the first half of 2022, around 958 spacecraft were launched worldwide by various space organizations around the globe. Such increasing spending in the space industry and the rising number of spacecraft launches have created a massive demand for spacecraft.
Polar Satellite Launch Vehicle, Geosynchronous Satellite Launch Vehicle, Small-lift launch vehicle, Ariane 6, Falcon 9, Kuaizhou-11, Zhuque-1, Ariane 5, and Falcon 1 are among the launchers offered by different countries across the world. These launchers are used to send small and medium-sized satellites into space. India has three operational launchers—Polar Satellite Launch Vehicle (PSLV), Geosynchronous Satellites Launch Vehicle (GSLV), and Geosynchronous Satellites Launch Vehicle Mk-III (LVM3). Several organizations in various countries offer launching services to launch small and medium satellites into space for respective countries. SHAVIT launcher of Israel Aerospace Industries (IAI), an aerospace and defense company, provides various options for launching small satellites into Lower Earth Orbit (LEO). The launch vehicle system consists of software and hardware with a unique integration system to launch the satellites. This reduces launch preparation time and offers low launch costs.
Further, increasing satellite launching activities across the world with increasing investments in the space industry drive the satellite propulsion market growth for the launcher segment. According to the Space Foundation Organization, global satellite launching attempts reached around 223 launches, and around 212 satellites have been successfully launched in 2023. Commercial satellite launching activities increased by 50% in 2023 compared to 2022. The US recorded a 33% increase in launching attempts, followed by India, China, and Japan. According to the Space Foundation Organization, more than 2,800 satellites were deployed into orbit in 2023, an increase of 23% compared to 2022. Such increasing satellite deployments across the world have created a massive demand for launchers.
Moog Inc.; ArianeGroup; Northrop Grumman Corporation; Thales SA; Airbus SE; IHI Corp.; Bellatrix; Aerospace Private Limited; Busek, Co. Ltd.; Safran S.A.; and Avio SpA are among the key players profiled in the satellite propulsion market report. The companies implement organic (such as product launches, expansion, and product approvals) and inorganic (such as collaborations and partnerships) strategies to stay competitive in the market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com