The satellite propulsion market is projected to reach US$ 26,074.53 million by 2031 from US$ 8,424.55 million in 2023; the market is expected to register a CAGR of 15.4% during 2023-2031.

The satellite propulsion market is witnessing strong growth and development globally in the space sector, owing to their rising adoption in spacecraft. Increased funding and investments in satellite launching programs reflect a growing focus on space exploration, satellite deployment, and space-based services. The public sector propels the demand for heavy- and super-heavy-lift space launch services, whereas the private sector leads the demand for small- and medium-lift satellites. In 2023, HyPrSpace, Leonardo, Thales, and CT Engineering received funding for a project worth US$ 38 million that aims to demonstrate a new kind of rocket engine to be launched into space. Thus, the growing investments in the satellite industry, leading to the upsurging number of satellite launches, propel the global satellite propulsion market growth.

Based on propulsion type, the satellite propulsion market is segmented into solid propulsion, cold gas propulsion, green propulsion, electric propulsion, ambipolar thrusters, and others. In terms of system type, the market is categorized into bipropellant propulsion systems, monopropellant propulsion systems, and electric ion propulsion systems. Based on application, the satellite propulsion market is segmented into launchers, spacecraft, satellites (Below 500 Kg, 500-1,000 Kg, and Above 1,000 Kg), space tugs, and landers. The market, by orbit type, is segmented into LEO, MEO and GEO, and beyond GEO.

SpaceX, Iridium constellation, and Globalstar constellation project are operating space constellation programs gloablly. For instance, in 2023, Iridium launched 14 more spare Iridium satellites, which made the number of satellites in the constellation to 80. Globalstar constellation project was launched in 1991 as a collaboration of Loral Corporation and Qualcomm Corporation. Globalstar currently operates 48 LEO satellites that are controlled from over 24 Globalstar satellite ground stations. Further, in 2022, Rocket Lab won a contract to design and manufacture 17 spacecraft buses for new Globalstar satellites that are expected to be launched in the coming years. Moreover, in 2023, Globalstar contracted SpaceX to launch Apple-backed satellites in 2025 to replenish its low Earth orbit (LEO) connectivity constellation. The American Global Navigation System consists of 24 operational satellites that make it a GPS constellation and is used for transmitting radio signals to its users. Further, in 2023, the US launched its sixth Global Positioning System III (GPS III) satellite designed and built by Lockheed Martin, which is contributing to the ongoing modernization of the US Space Force's GPS constellation. Thus, the growing deployment of satellite constellations is anticipated to provide lucrative 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 both 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.