The market for electric propulsion satellites has expanded as a result of the rising need for small and medium-sized satellites. Cost-effective technologies, such electric propulsion systems that are more efficient than conventional fuel-based systems, are required for the deployment of huge constellations with hundreds or even thousands of satellites. The market for electric propulsion systems is also likely to be driven by the significant investments being made in space exploration initiatives by numerous government agencies and space agencies.
The growing demand for lightweight, cost-effective, and miniature spacecraft has increased the requirement for electric propulsion satellites. Small satellites with limited power and thrust capabilities that need longer mission periods benefit particularly from this technique. Electric propulsion is appropriate for high performance space missions since it requires less logistics than chemical propulsion systems. As a result, the market for electric propulsion satellites will experience phenomenal growth from 2021 to 2031.
During the forecast period, the market for electric propulsion satellites is anticipated to have astounding growth. The multiple benefits of electric propulsion systems, including their improved performance, greater efficiency, smaller size and weight, longer life duration, reduced fuel consumption, and cheaper cost, can be credited for this growth. Because of these benefits, electric propulsion systems are more desirable than traditional propulsion systems and are rapidly being used in a variety of applications, including nano- and microsatellites. The market for electric propulsion satellites is also anticipated to have further expansion in the years to come.
Satellites with electric propulsion are an alternative to those with conventional chemical rocket propulsion, which are typically utilised in space launch vehicles. These satellites have increased speed and manoeuvrability while weighing less and using less fuel by generating thrust with high-power electric fields and ionised gas (plasma). Electric propulsion is gaining popularity as a result of its capacity to lower mission costs by delivering more effective and dependable launches.
According to estimates, the market for electric propulsion satellites would increase from USD 1.14 billion in 2021 to USD 3.16 billion by 2031, at a CAGR of 15.02%.
There are some reasons that could limit the market's expansion. Some of the main market limitations include the expensive cost of developing and deploying these satellites as well as strict government policies and regulations regarding space exploration. Additionally, it is anticipated that the complicated design and construction process for electric propulsion satellites, as well as the dearth of qualified personnel, will restrain market expansion. However, the industry will be able to overcome these obstacles as a result of the expanding number of private spaceflight businesses, an increase in venture capitalist investments, and rising demand for satellite launches. Additionally, it is anticipated that rising demand for launch services and technological developments in electric propulsion satellites would provide new market opportunities.
In the next years, the need for electrically propelled satellites is anticipated to drive astounding expansion in the global market for electric propulsion satellites. This will cause more manufacturers and suppliers to increase their investments. Aerojet Rocketdyne, Airbus Group, Boeing, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Orbital ATK, Thales Group, and Teledyne Technologies are important major participants in the electric propulsion satellites industry.
The Hall Effect Thruster (HET) Type to Emerge as the Most Lucrative Segment
Based on the kind of propulsion system, the market for electric propulsion satellites is divided into three categories: Hall Effect Thruster (HET), Pulsed Plasma Thruster (PPT), and Others. Due to its benefits including low power consumption and high efficiency, the HET category is anticipated to account for the majority share of the market between 2021 and 2031. PPT is anticipated to increase significantly because, when compared to other electric propulsion systems, it may produce more thrust and, as a result, offer more control over a spacecraft's attitude or mobility.
The Most Popular Application Segment is Nano Satellite
The market for electric propulsion satellites is divided into three categories: nanosatellites, microsatellites, and others. Due to its numerous benefits, including low operational and launch costs, compact size, higher adaptability, and robustness, the nanosatellite segment is anticipated to dominate the global market between 2021 and 2031. Due to their improved functional capabilities, which enable them to perform a wide range of services like earth observation, environmental monitoring, disaster monitoring, and communication, microsatellites are also experiencing tremendous growth potential.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
Due to the existence of major satellite makers in nations like China, India, and Japan, the APAC region is anticipated to dominate the global market between 2021 and 2031. As enterprises need better communication services, North America is anticipated to experience tremendous development. Government programmes to promote investments in the space industry are also probably to spur commercial expansion in this area. Due to its significant financial investments in space exploration, Europe is anticipated to be the second-largest market in terms of revenue. During the projection period, the MEA and South America regions are also anticipated to experience robust expansion.
COVID-19 Impact and Market Status
The COVID-19 pandemic in 2020 had a big impact on the world market for electric propulsion satellites. The industry's expansion was hampered by the supply chain disruption, the worldwide lockdown, and the slowing economy. However, with rising R&D for satellite launches and government spending in numerous nations, the market is anticipated to experience astounding rise from 2021 to 2031. Additionally, the market is projected to expand due to the rising need for satellites, particularly for applications in communication and navigation.
Latest Innovations in the Global Electric Propulsion Satellites Market: A Snapshot
• Aerojet Rocketdyne Holdings, Inc.'s electric propulsion system, used in the successful launch of the GPS III satellite by Boeing and the U.S. Air Force in October 2020, is anticipated to help the company expand its presence in the market for electric propulsion satellites over the course of the forecast period.
• For its GEOStar-3 platform, Northrop Grumman Corporation recently unveiled the highest performance and most cutting-edge electric propulsion system in the globe.
Electric Propulsion Satellites Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 3.16 billion|
|Growth Rate||CAGR of 15.02% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Aerojet Rocketdyne, Airbus Group, Boeing, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Orbital ATK, Thales Group, and Teledyne Technologies|
Key Segments of the Electric Propulsion Satellites
• Hall Effect Thruster (HET)
• Pulsed Plasma Thruster (PPT)
By Application Overview, 2021-2031 (USD Billion)
• Nano Satellite
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa