According to our latest study on "Satellite Propulsion Market - Global Analysis - by Propulsion Type, System Type, Application, and Orbit Type," the market is expected to grow from US$ 8,424.55 million in 2022 to US$ 26,074.53 million by 2031; it is anticipated to record a CAGR of 15.4% from 2023 to 2031. Apart from growth drivers, the report covers the satellite propulsion market trends and their foreseeable impact during the forecast period.
There is a growing preference for outsourcing manufacturing resources in satellite launch vehicles. India is making noteworthy progress in its space program. In 2023, ISRO took the initiative to privatize part of its operations. The organization, initiated bids for the construction of its Small Satellite Launch Vehicle, which attracted interest from 20 companies. Space Exploration Technologies Corp; United Launch Alliance, LLC (ULA); and Northrop Grumman are among the major companies operating in the satellite launch vehicle sphere. Space Exploration Technologies Corp's Starship spacecraft and Super Heavy rocket, Falcon 9, Northrop Grumman's Antares rocket, and United Launch Alliance LLC's Altas V are a few satellite launch vehicles. In February 2024, India introduced the INSAT-3DS meteorological satellite with a GSLV rocket. In 2023, SpaceX launched 49 Starlink satellites and orbital transfer vehicles into low-Earth orbit. In 2023, SpaceX launched another batch of its 56 Starlink satellites into space. Thus, the growing development and increasing number of manufacturers offering satellite launch vehicles are anticipated to offer new opportunities for the satellite propulsion market during the forecast period.
Moog Inc.; ArianeGroup; Northrop Grumman Corporation; Thales SA; Airbus SE; IHI Corp.; Bellatrix; Aerospace Private Limited; Busek, Co. Ltd.; Safran S.A.; and Avio S.p.A are among the key players profiled in the satellite propulsion market report. The companies implement organic (such as product launches, expansion, and product approvals) and inorganic (such as collaborations and partnerships) strategies to stay competitive in the satellite propulsion market.
Key Findings of Market Study:
Satellite projects are expensive, and launching payload by leveraging a rideshare mission offers a convenient and cost-effective way of transporting satellites into orbit. In March 2024, SpaceX launched 53 payloads in the Falcon 9 Transporter-10 smallsat rideshare mission from Space Launch Complex 4E at Vandenberg Space Force Base in California. SpaceX's Transporter-8, which was a dedicated rideshare mission, carried 72 payloads for deployment into the orbit. NASA selected SpaceX to launch a pair of smallsats to study space weather as a major part of a rideshare mission in 2025. In 2023, SpaceX introduced bandwagon rideshares for its potential commercial space travel. Initiating a new possibility in space exploration, rideshare missions are expected to emerge as a trend in the satellite propulsion market in the future.
The adoption of solid propulsion is growing at a moderate pace in the satellite propulsion market owing to increasing launches of the Mars travel missions by several countries' space organizations. In March 2021, Northrop Grumman Corporation, an aerospace and defense company, was selected by the National Aeronautics and Space Administration (NASA) to offer solid propulsion systems for the Mars Ascent Vehicle (MAV) for NASA's Mars mission. The MAV is planned to be launched to Mars by 2026 and will collect rock and soil samples prepared by NASA's rover. Further, several countries' governments are launching rockets and satellites that are propelled by solid propulsions. In January 2024, Orienspace, a Chinese commercial aerospace company, launched a powerful solid propellant rocket. Chinese government authorities launched rockets named Gravity-1(YL-1), which was propelled by solid fuel. This rocket has sent three Yunyao-1 meteorological satellites into orbit from Haiyang City, the coast of east China's Shandong Province. The rocket gravity-1 has a take-off weight of around 400 metric tons and a take-off thrust of 600 metric tons. This rocket has a lifting capacity of around 6,500 kilograms to lower Earth orbits. Thus, increase in the satellite launching and various Mars travel missions drives the satellite propulsion market growth for the solid propulsion segment.
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