Satellite Propulsion Market Scope And Analysis

Satellite Propulsion Market Report Scope

Regional Analysis:

The scope of the satellite propulsion market report encompasses 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 dominated the satellite propulsion market share in 2023. APAC is the second-largest contributor to the global market, followed by Europe. The US, Canada, and Mexico are among the major economies in North America. Rising satellite launches, as well as product developments, bolster the market growth in the region. The US is leading the satellite propulsion market share owing to the wide presence of satellite propulsion system manufacturers and growing focus of the governments on advancing the space sector. Northrop Grumman Corporation, Moog Inc., and AQST Canada Inc. are among the players offering satellite propulsion solutions in North America. Further, product innovation and major developments such as collaboration and mergers are anticipated to propel the satellite propulsion market growth in North America during the forecast period. The Government of Canada is also focusing on initiatives toward establishing new regulations and support policies for the space sector. In 2023, the Government of Canada announced a multi-year plan to support the privately built rocket launch initiatives in the country.

The space industry in the US is witnessing rapid development in terms of satellite launches and growing advancements in propulsion systems. The US led the market in terms of satellite launches in 2023. SpaceX independently launched 98 of the 109 satellite launch attempts made by the US in 2023, and 1,937 of the 2,234 US-built satellites were successfully orbited. The growing number of satellite launches, along with rising product developments in the satellite industry, is contributing to the growing satellite propulsion market size in the US. In 2023, Terran Orbital collaborated with Safran to explore US-based production of satellite propulsion systems. As per the agreement, Terran Orbital and Safran Electronics & Defense are anticipated to investigate opportunities and requirements for the manufacturing of electric propulsion systems primarily for satellites based on Safran's PPSX00 plasma thruster. In March 2024, Benchmark Space System's Xantus electric propulsion system was launched into space with the SpaceX Transporter-10 rideshare mission. SpaceX is manufacturing a network of hundreds of spy satellites in collaboration with a US intelligence agency. SpaceX's Starshield business unit is establishing the network under a US$ 1.8 billion contract sealed in 2021.

Key Player Analysis:

Moog Inc.; ArianeGroup; Northrop Grumman Corporation; Thales SA; Airbus SE; IHI Corp.; Bellatrix; Aerospace Private Limited; Busek, Co. Ltd.; Safran S.A.; and Avio S.p.A are among the key players profiled in the satellite propulsion market report. The report includes growth prospects in light of current satellite propulsion market trends and factors influencing the market growth.

Recent Developments:

A few recent developments by the satellite propulsion market players, as per their press releases, are listed below:

Year	News	Region
February 2023	Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), signed a contract with the Korea Aerospace Research Institute (KARI) to provide electric propulsion for incorporation on their GEO-KOMPSAT-3 (GK3) satellite. Scheduled for launch in 2027, GK3 is a multi-band communications satellite that will provide broadband satellite communication services in the Korean Peninsula and surrounding maritime areas. In particular, it will support national maritime rescue and protection; monitor water disasters in mountains, rivers, and dams; and help in emergency response to other disaster situations.	APAC
November 2023	The École Polytechnique engineering school, the French national scientific research center CNRS, and Safran Electronics & Defense signed a partnership agreement for a joint laboratory dedicated to the research and development of electric satellite thrusters. The new unit is called COMHET (laboratoire Commun pour l’étude des Hall Effect Thrusters) and will focus on improving HET technology.	Europe