The global market for satellite propulsion systems is expected to experience significant growth between 2023 and 2030. With the increasing adoption of strategies by key players, the market is projected to see a steady rise in the coming years. These propulsion systems are crucial for accelerating and powering satellites into orbit.
The COVID-19 pandemic has had an impact on the satellite propulsion systems market. It is estimated that the market size will reach USD 9,666.8 million in 2022 and is forecasted to reach USD 23,470 million by 2028, with a CAGR of 15.9% during the review period. Chemical propulsion satellites, accounting for a significant percentage of the global market in 2021, are projected to have a revised CAGR in the post-COVID-19 period. The Low Earth Orbits Satellites segment is expected to maintain its market dominance throughout the forecast period.
Chemical propulsion systems, which have traditionally been used in satellite missions, allow for carrying a large volume of fuel and enhance the payload-carrying capacity of satellites. This segment is expected to hold the majority of market shares and will continue to dominate the market.
The global satellite propulsion systems market is segmented by region, players, type, and application. The report provides revenue and forecast data for the period 2017-2028. Key manufacturers in the market include Boeing, OHB SE, Safran, Thales, Airbus, Ball Corporation, Mitsubishi Electric, Aerojet Rocketdyne, Bellatrix Aerospace, and Northrop Grumman.
Overall, with the rising adoption of strategies by key players and increasing demand for satellite propulsion systems, the market is poised for substantial growth in the coming years.