The satellite propulsion system market is expected to gain a market value of USD 8.4 billion by 2030 at a CAGR of 22 % from 2022-2030.
Spacecraft propulsion helps to change the velocity of spacecraft and artificial satellites. In-space propulsion deals with systems that can operate in a vacuum, while space launch and atmospheric entry deal with the environment.
The primary factor influencing the satellite propulsion system market is the rising number of assignments for space exploration. Technological developments in space propulsion are driving the growth of the space propulsion system market. However, issues related to strict government policies may hamper the growth of the space propulsion system market. Furthermore, as the newest project initiatives include expansions, this is further anticipated to likely create market opportunities for the space propulsion system market during the forecast period. For instance, In June 2022, NASA and the European Space Agency (ESA) partnered to launch a pathfinder data relay satellite. This satellite will provide much-needed support for missions on the polar regions and the far side of the moon. The ESA's satellite has been launched by a United States commercial rocket launch system that increases our technological capabilities in the Artemis lunar program. Recently, several young startup companies have also successfully developed viable rockets and propulsion systems, further driving the market demand.
During COVID-19, the satellite propulsion system industry experienced a massive loss due to the lockdown and social distancing norms. This caused many investors to leave and major disruption of their supply chains in the market.
However, with new strategies in the works, the satellite propulsion system market is expected to grow in the upcoming years.
Satellite Propulsion System Market Size is expected to reach USD 8.4 Billion by 2030, registering a CAGR of 22 % during 2020-2030.
Top Investors : Airbus SAS (Netherlands), ,Aerojet Rocketdyne (US), ,Boeing (US), ,Busek Co. Inc. (US),,Mitsubishi Electric Corporation (Japan),,Northrop Grumman Corporation (US), ,ENPULSION GmbH (Austria),,Bellatrix Aerospace Private Limited (India),,OHB System AG (Germany),,MOOG INC. (US),,Cobham plc (UK),,CU Aerospace (US),,BALL CORPORATION (US), ,Safran S.A. (France), ,Exotrail SA (France).
The global Fast Attack Craft Market is segmented into two such as types and applications.