Satellite electric propulsion has gained significant importance over three years (2019-2021). An increase in the requirement of satellites around the globe from various end users, such as defense and government, and commercial, has generated the demand for electric propulsion during the forecast period. The industry is currently focusing on developing high-efficient and low-weight satellites that can be used for several years. The research study is based on extensive primary interviews (in-house industry players, market leaders, and experts) and secondary research (a host of paid and unpaid databases), along with analytical tools to predict the forecast analysis for the study period. With the help of these, the satellite electric propulsion study provides a broader perspective of the industry.
Read Report Overview: Satellite Electric Propulsion Market
The global satellite electric propulsion market is estimated to reach $1,027.3 million in 2032 from $522.3 million in 2021, at a growth rate of 4.10% during the forecast period. The satellite electric propulsion technology companies have witnessed the demand from the growing commercial industry. The ecosystem of the satellite propulsion system market comprises system manufacturers, original equipment manufacturers (OEMs), and end users.
Satellite Electric Propulsion Market Impact
- The increasing number of smaller telecom satellites in low Earth orbit (LEO) with the upcoming mega-constellation has placed a high demand for the production of electric propulsion during the forecast period.
- Furthermore, rising research and development activities for building low-cost and efficient propulsion systems for satellites.
North America to Dominate Satellite Electric Propulsion Market
The Global Satellite Electric Propulsion Market is expected to witness the second-highest growth during the forecast period 2022-2032, driven by space activities in China and India. Increased spending by commercial space organizations such as Airbus, ENPULSION GmbH, ArianeGroup, Orbion Space Technology, and government key agencies for the different mass classes is expected to drive huge growth in the satellite electric propulsion market during the forecast period.
Recent Developments in Global Satellite Electric Propulsion Market
- In July 2022, Thales Alenia Space received a contract of $2.4 million from European Space Agency (ESA) to develop Skimsat, a small satellite bus for very low Earth orbit (VLEO). The contract also includes developing electrical propulsion to air drag in VLEO.
- In June 2022, Safran signed a contract with Thales Alenia Space to supply its PPS 5000 plasma thruster for Thales's Galileo satellites.
- In August 2021, Neutron Star Systems (NSS) and Bradford Space signed a cooperative agreement to enhance the orbital transport and maneuver capability. In this agreement, Bradford would combine NSS electric propulsion technology with its green monopropellant technology for its space logistics services.
- In April 2021, ThrustMe was selected by Norwegian Space Agency to provide NPT30-I2 electric propulsion for the NorSat-TD mission. The company would provide collision avoidance maneuver capabilities to the NorSat-TD satellite with its iodine propulsion system.
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Competitive Landscape
The competitive landscape of the satellite electric propulsion market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
Some of the key players in the global satellite electric propulsion market include Airbus, ArianeGroup, Astra, Busek, Co. Inc, ENPULSION GmbH, and Orbion Space Technology. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.
