Electric Propulsion Satellite Market to Hit USD 24.59 Billion by 2030 | With a CAGR 7.61%
Key companies covered in electric propulsion satellite market are Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), Thales Group (France), The Boeing Company (U.S.), Airbus S.A.S. (France), OHB S.E. (Germany), INVAP S.E. (Argentina), Accion Systems Inc. Aerojet Rocketdyne Holding Inc. (U.S.), ArianeGroup GmbH (France), AeroAstro Inc. (U.S.) and more players profiled.
Pune, India, May 08, 2023 (GLOBE NEWSWIRE) -- The global electric propulsion satellite market size was valued at USD 13.59 billion in 2022 and is anticipated to be worth USD 14.72 billion in 2023. The market is projected to be valued at USD 24.59 billion by 2030, recording a CAGR of 7.61% during the forecast period of 2023-2030.
The global electric propulsion satellite market is anticipated to register strong growth due to the satellite’s widespread usage in a variety of space-based applications including navigational & telecommunication, astronomy, earth observation, environmental studies, space exploration, and others. Small satellites are being preferred over medium and heavy satellites as they can be used for civilian, commercial, and military applications. These satellites are also gaining traction among end-users due to the high demand for satellite constellations, cyberattack threats, commercialization of the space industry, and growing focus of new market players on small satellites. Such factors will play a vital role in expanding the electric propulsion satellite market share.
Fortune Business Insights™ displays this information in a report titled, "Global Electric Propulsion Satellite Market, 2023-2030."
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LIST OF LEADING COMPANIES PROFILED IN THE REPORT:
Lockheed Martin Corporation (U.S.)
Northrop Grumman Corporation (U.S.)
Thales Group (France)
The Boeing Company (U.S.)
Airbus S.A.S. (France)
OHB S.E. (Germany)
INVAP S.E. (Argentina)
Accion Systems Inc.
Aerojet Rocketdyne Holding Inc. (U.S.)
ArianeGroup GmbH (France)
AeroAstro Inc. (U.S.)
SSC Roscosmos (Russia)
Safran Group (France)
Sitael S.p.A. (Italy)
Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2023-2030 |
Forecast CAGR | 7.61 % |
2030 Value Projection | USD 24.59 Billion |
Market Size in 2023 | USD 14.72 Billion |
Historical Data | 2017-2019 |
No. of Pages | 200 |
Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
Segments Covered |
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Regions Covered |
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Electric Propulsion Satellite Market Growth Drivers | Rising Number of Space Launches for Defense & Commercial Applications to Bolster Market Growth |
Increased Emphasis on and Investments in Space-based Activities to Propel Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/electric-propulsion-satellite-market-105552
Russia-Ukraine War Impact
Threats of Aerial Attacks during Russia-Ukraine War Accelerated the Market Growth
Amid the Russia-Ukraine war, the market was exposed to several vulnerabilities and threats. However, the war also had a positive influence on the space industry as the satellites facilitated transmission of crucial military intelligence data and internet network over the Ukrainian airspace.
Segments:
Robust Deployment of All-electric Satellites to Boost Satellite Manufacturing will Drive Market
Based on satellite type, the market is divided into hybrid and all-electric.
The all-electric segment was the largest and fastest-growing segment in 2022. Space-based services are finding robust application in commercial and military domains, which will drive the demand for all-electric propulsion satellites during the forecast timeframe. This is because these satellites are lightweight and do not incur high launch cost/kg as the conventional propellant storage system are not present in these systems.
High Adoption of Small Satellites for Satellite Constellation for Commercial and Military Sectors to Drive Market Growth
In terms of satellite size, the market is classified into small satellites, medium satellites, and heavy satellites. The small satellites segment is projected to record the fastest CAGR during the forecast period. Various countries are increasing their R&D investments in small, micro, and nano-satellites-based constellations as they will be widely deployed in armed forces, environmental research, in-flight communication, and satellite-based internet.
High Demand for Electrothermal Propulsion of Satellites to Aid Segmental Growth
Based on propulsion, the market is classified into electrothermal propulsion, electrostatic propulsion, and electromagnetic propulsion. The electrothermal propulsion segment is considered the largest segment, with the highest market share in 2022 and is expected to maintain its dominance during the forecast period, owing to high demand for electrothermal propulsion of satellites.
Increased Investment in Propulsion Systems to Bolster the Electric Propulsion Satellite Market Growth
In terms of subsystem, the market is segmented into structure & mechanisms, Thermal Control System (TCS), Electric Power System (EPS), Altitude Control System (ACS), telemetry tracking & command, flight software, propulsion system, and others. The propulsion system segment held the largest market share in 2022 and is anticipated to be the fastest-growing segment during the forecast period. Space agencies and leading companies across the globe are heavily investing in and adopting next-generation propulsion systems through their governments’ financial support toward space propulsion due to high demand for satellite solutions for various applications.
Creation of Next-Gen Earth Observation Satellites to Drive Market Growth
In terms of application, the market covers earth observation & sciences, navigation, telecommunication, astronomy, interplanetary & space exploration, and others. The earth observation & sciences segment captured the largest market share in 2022. Space agencies are developing cutting-edge earth observation & environmental sciences satellites for Low Earth Orbit (LEO) systems. This development will positively impact the market outlook.
Based on region, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage:
The research report provides a detailed analysis of the global market. It focuses on different aspects such as key players, product offerings, and end-users of electric propulsion satellites. The report also provides valuable insights into advanced technologies, trends, competitive landscape, competition, and product pricing and highlights key industry developments. In addition to the aspects mentioned above, it encompasses several direct and indirect factors that have contributed to the global market’s growth over the years.
Drivers and Restraints:
Growing Space Launches for Defense & Commercial Applications to Bolster Market Growth
Electronic propulsion satellites are being increasingly used in several sectors due to their high efficiency and performance. All-electric small satellites are being increasingly utilized owing to their low cost and commercial availability of off-the-shelf systems & spare parts for satellite assembly.
According to a report by the European Commission – electric propulsion & related industry, the process of manufacturing electric propulsion systems and satellites is a technical challenge that calls for long-term, high-risk capital investments. These factors are negatively affecting the market growth due to the high entry barriers for new entrants.
Regional Insights:
North America to Dominate the Market due to High-tech Military, Civilian, and Commercial Satellite Launches
North America held the largest share in the market in 2022 and is projected to be the fastest-growing region during the forecast timeframe. Growing government investments in high-tech military, civilian, and commercial satellite launches due to rising need for satellite services will boost the regional market growth. Since the commercialization of the space industry in 2008, many new entrants have flourished in the North American space sector. Rising number of small satellite launches will bolster the market growth during the forecast period.
Competitive Landscape:
Companies to Focus on Developing Advanced E-axle Technologies
The top five companies operating in the market include Lockheed Martin Corporation, the Boeing Company, Thales Group, Aerojet Rocketdybe Holding Inc., Airbus S.A.S., and Northrop Grumman Corporation. The market is highly concentrated with various regional players.
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Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Quantitative Insights-Impact of COVID-19 Pandemic on Global Electric Propulsion Satellite Market
Impact of COVID-19 Pandemic on Global Electric Propulsion Satellite Market
Impact of Russia-Ukraine War on Global Electric Propulsion Satellite Market
Global Electric Propulsion Satellite Market Analysis, Insights, and Forecast, 2019-2030
Key Findings / Definitions
Market Analysis, Insights, and Forecast – By Satellite Type
Hybrid
All-Electric
Market Analysis, Insights, and Forecast – By Satellite Size
Small Satellites
Medium Satellites
Heavy Satellites
TOC Continued...!
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Key Industry Development:
February 2023: Thales Alenia Space was awarded a contract by Korea Aerospace Research Institute (KARI) to deliver electric propulsion systems for GEO-KOMSAT-3 multi-band communication satellite equipped with Satellite-based Augmentation System (SBAS), and is scheduled to launch by 2027.
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