LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global satellite propulsion system market is projected to grow to USD 21.59 billion by 2021, at a CAGR of more than 4% over the forecast period.
This research report titled ‘Global Satellite Propulsion System Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Satellite propulsion systems are used to accelerate/power a satellite into the orbit. The development and launch of low-cost propulsion systems for micro and nano satellites have successfully brought down the overall launch costs. The fall in launch costs have resulted in the boost in the global satellite market, and thereby the satellite propulsion market.
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Based on the propulsion type, the report categorizes the global satellite propulsion system market into the following segments:
- Chemical propulsion satellite
- Hybrid propulsion satellite
- All-electric propulsion satellite
Chemical propulsion satellite
“The chemical propulsion satellite systems constitute the dominant market segment of the satellite propulsion system market. These are the most common propulsion system used in most of the larger satellites,” says Avimanyu Basu, a lead analyst at Technavio for space research.
The chemical propulsion systems carry a substantial amount of fuel for satellite missions, which makes it unsuitable for nano and microsatellite designs. The adoption of these systems is expected to decrease over the forecast period due to the emergence of nano-scale satellites, demand for satellites with higher payload-carrying capacity, and need for environmentally-friendly propulsion systems.
Hybrid propulsion satellite
The hybrid propulsion satellites market is expected to be worth USD 4.51 billion by the end of 2017 and is expected to grow at a moderate pace through the forecast period. These satellites have been in existence for the past two decades, and are mainly used to reduce overall launch costs, launch multiple geostationary satellites using a single launch vehicle, and reduce dependence on chemical fuels. The highest growth for the market segment is expected to originate from the emerging space-based research countries such as China and India.
All-electric propulsion satellite
“Launched in 2016, all-electric propulsion satellites are expected to increase their adoption rates swiftly. The cost-effective, efficient, and capability to carry larger payloads nature of all-electric propulsion satellites are the key factors driving its adoption rates,” says Avimanyu.
Since the provision of electric propulsion enhances the performance and payload-carrying capacity of a satellite, satellite operators will be able to accommodate or equip a higher number of payloads into one satellite. Also, the swift developments in the propulsion system are drawing investments from countries such as China, Japan, India, Germany, France, the UK, and the US.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Aerojet Rocketdyne
- Bellatrix Aerospace
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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