Market Outlook:

The Satellite Propulsion Market size is poised to reach USD 10,065.44 Million by 2023, with a projected escalation to USD 19,648.87 Million by 2031, reflecting a compound annual growth rate (CAGR) of 11.34% during the forecast period (2024-2031). 

Space propulsion technology is growing because of technical improvements combined with rising commercial space operations. NASA will prioritize Solar Electric Propulsion in its development and programs through a 2023 budget of USD 98 million. Developers now make better and greener space propulsion technology by creating water-powered engines and eco-friendly fuel types. Dawn Aerospace leads as they build environmentally friendly propulsion systems that meet REACH standards and use nitrous oxide and propylene fuel which is widely available. The ESA plans to invest 18.5 billion euros in space activities from 2023 to 2025 through their support for international collaborations. Through their backing IENAI SPACE obtained two contracts from ESA during February 2023 to design ATHENA propulsion systems which demonstrates official support drives space propulsion technology innovation. In 2023 Thales Alenia Space combined efforts with Korea Aerospace Research Institute to supply the GEO-KOMPSAT-3 satellite with integrated electric propulsion systems through their joint partnership.

Market Dynamics:

Driver:

The satellite propulsion system market grows at a fast rate because many countries plan space exploration missions. The space exploration industry has evolved greatly during the last 15 years because governments private companies and start-ups team up to develop satellites and spacecraft that launch using rockets. More propulsion systems are needed in space since nations and new governments have increased their space exploration efforts. The market will see profitable expansion due to officials planning to increase their space technology investments during the next years. In December 2021 the Westcott Space Cluster put funds into NSPTF at Aylesbury Vale Enterprise Zone through Space Agency government funds totaling USD4.91 million. The new testing facility will advance rocket science through trials of stronger engines for outer space trips and budget-friendly development work. Space technology investments will create market growth in space propulsion technologies for the future. Demand for custom propulsion systems grows quickly because of satellite miniaturization which applies to small satellite and CubeSat needs. DEWA-Sat 2 launched in April 2023 as proof uses an EPSS C1 propulsion system which produces 6% higher efficiency than classic hydrazine propulsion. The satellite market now requires spacecraft engines that deliver good performance outcomes at affordable prices in dependable designs.

Restraint:

The small satellite ecosystem develops based on both country-based and international government rules and guidelines. National and worldwide authorities have not created a complete regulatory system for space activities. The European space policy leader known as Copernicus faces many issues currently. The slow growth of Copernicus products depends mainly on the weak data distribution system plus organizational and space industry complexities. Satellite businesses want to create rules that will assure investors of a consistent environment. Regulations that company owners find too strict might push them to shift their business activities between different nations. Even though companies and policy makers often sequence their work improperly the combined efforts needed to build worldwide agreements will slow down space sector oversight development during the next ten years.

Opportunity:

NASA works on EP technology to deliver more powerful thrusters that reduce space project costs and risks for successful operations. Many commercial satellite operators use EP for on-orbit station keeping since it delivers total operating cost savings. NASA is working through its SEP project to improve spacecraft systems and make space missions more effective. SEP technology helps deep-space missions bring more freight using less launch vehicles and saves mission expenses. SEP enables space missions to use 90% less fuel due to its efficient fuel consumption. SEP helps NASA and military missions as well as space companies across their space operations. In 2019 NASA awarded Maxar Technologies with a logistics contract to deliver solar electric propulsion power and install solar arrays for their Gateway service module. Over the past two decades space start-ups demonstrated their ability to hold their ground against top aerospace companies including Boeing and Lockheed Martin. SpaceX rocket launching costs 97% less than Russian Soyuz prices did in the 1960s. These factors will support growth in space propulsion market through the coming years.

Key Players:

• Safran S.A. (France)
•  L3Harris Technologies Inc. (US)
•  Aerojet Rocketdyne Holdings Inc. (US)
• IHI Corporation (Japan)
•  Space Exploration Technologies Corporation (US)
•  Northrop Grumman Corporation (US)
•  Moog Inc. (US)
•  Rafael Advanced Defense Systems Ltd. (Israel)
•  Thales Alenia Space (France)
•  Lockheed Martin Corporation (US)
•  Others

Recent Development:

• In December 2023, NASA chose Blue Origin to launch its spacecraft via the New Glenn orbital rocket beginning under an IDIQ contract. 

• In February 2023, NASA let Blue Origin serve as the mission provider for the Escape and Plasma Acceleration and Dynamics Explorers (ESCAPADE) project. Blue Origin will supply New Glenn reusable technology through the contract with ESCAPADE. 

• In February 2023, Thales Alenia Space entered into a contract with KARI for electric propulsion integration on GK3.

Segment Insights:

By Propulsion

The use of Chemical propulsion leads the space propulsion sector with 73% control in 2024 market. The technology's traits of top performance control reliability and extended service life allow it to lead space operations markets at 73%. Major economies invest more in satellites as the liquid propulsion technology leads in space propulsion thanks to rising investments from major economies plus satellite launch growth with less carbon outputs through alternative fuels and evolving advancements that lower production costs and improve fuel efficiency. Space agencies worldwide are taking measures to increase their investments which allows these organizations to conduct extensive research and develop better advanced space technologies. The lead position of propulsion systems comes from developing eco-friendly rocket fuels and accessing new ways to power satellites using water.

By Component

Due to rising satellite launching demand from commercial and government organizations the thrusters segment produced most revenue. Thrusters serve as the main power source for satellites because they control flight direction and positioning through thrust. Many companies now need smaller more efficient thrusters because of their modern spacecraft projects. The developing satellite sector pushes up product sales to boost market development.  Engineers trust propellant feed systems more than other satellite components because they need them to handle satellite complexity and deliver powerful mission operations. The arrival of electric propulsion technology and its particular propellant needs push manufacturers to develop improved propellant feed systems. The demand for safe propellant transfers during space servicing missions expands the propellant feed systems market portion of satellite propulsion systems.

Regional Insights:

Our findings show that the satellite propulsion system market value reached USD 11.05 billion in 2024. The expanding space missions from business companies and organizations support satellite propulsion system demand which boosts market growth.  Many companies now study space while building satellite groups that push the market ahead. Interest grows in space servicing applications and space debris removal because these sectors need advanced propulsion systems which strengthen the market development. The market for satellite propulsion systems grows due to improved propulsion technologies especially electric propulsion which improves satellite operations. NASA began supporting space missions with its new electric satellite propulsion system when it launched it in April 2024. Following its technology commercialization strategy NASA buys essential technology from industry suppliers to use in future endeavors. The new satellite propulsion system technologies will open up important business prospects for the industry. 3D printing technology is now used to make more advanced and economical propulsion parts while also producing lighter components. The advancement of satellite missions creates higher demand for better satellite propulsion systems allowed by new inventions. Private companies join forces with public organizations as part of space exploration projects to fuel the growth of satellite propulsion systems.

Segmentation:

By Platform

• Satellite
• Launch Vehicle

By Propulsion Type

• Chemical Propulsion
• Non-Chemical Propulsion

By Component

• Thrusters
• Propellant Feed System
• Nozzle

By End-user

• Commercial
• Government & Defense

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Satellite Propulsion market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Satellite Propulsion market.

3. Leading company profiles reveal details of key Satellite Propulsion market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Satellite Propulsion market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Satellite Propulsion Market?

• Growing Demand for Small Satellites & LEO Deployments has intensified the demand for satellite propulsions.

2) What would be the CAGR of the Global Satellite Propulsion Market over the forecast period?

• The Global Satellite Propulsion Market is poised to grow at a CAGR of 11.3% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Satellite Propulsion Market in the future?

• The North America region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Satellite Propulsion Market?

• Safran S.A. (France), L3Harris Technologies Inc. (US), Aerojet Rocketdyne Holdings, Inc. (US), IHI Corporation (Japan), Space Exploration Technologies Corporation (US), Northrop Grumman Corporation (US), Moog, Inc. (US), Rafael Advanced Defense Systems Ltd. (Israel), Thales Alenia Space (France), Lockheed Martin Corporation (US), and others.

5) What are the segments in the Global Satellite Propulsion Market?

• By Platform, By Propulsion Type, By Component, By End-user are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Satellite Propulsion Market in 2032?

The estim