Global Satellite Propulsion System Market by Propulsion Type (Chemical Propulsion, Hybrid Propulsion and All-electric propulsion), & by Region - Global Forecast to 2023.
Advent of low cost satellites and development of reusable space launch vehicles are some of the major factors driving the growth of the market. The usage of new-generation and reusable launch vehicles are paving the way for another successful and cost-effective makeover of the domain of satellite systems. In the recent years, a number of the countries are focused on innovative, cost-effective satellite launches.
In addition, satellite launches are mostly done using expendable launch vehicles (ELV) that carry a payload to the orbit and can be used only once. The majority of the satellite launch cost comes from building the rocket, which gets used for a single mission. However, instead of an ELV, a reusable space launch vehicle can substantially reduce the cost of access to space, if the rockets could be effectively used for multiple missions, similar to that of airplanes. Companies such as SpaceX have been working to develop such reusable space launch vehicles that can re-enter the earth without burning and return to the launch pad for a vertical landing.
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Also, rapid deployment of Cubesats is one of the newest trends of the market. With the growing demand for nano and microsatellite, it is expected that the manufacturing base of satellites will widen to various regions of the world. Many of the developing nations have also shown a keen interest in the utilization of satellites such as CubeSats (U-class spacecraft). These satellites use enhanced electro-optical/infrared (EO/IR) sensor systems to obtain images of Earth. Earth Observation (EO) from such nanosatellite platforms will revolutionize the scope of the EO/IR sensors. These satellites are majorly accelerated using all-electric propulsion systems, which widens their mission capabilities, reduce their weight, and lessen their launch costs.
As of 2016, North America dominated the global satellite propulsion system market, with U.S accounted for the largest share. The countries in the region have advanced infrastructures and are involved in various space programs. Companies, such as National Aeronautics and Space Administration (NASA) and SpaceX, in the U.S., are developing new systems (such as the reusable satellite launch vehicle) that can be used for multiple satellite launch missions and to meet the growing demand for satellites in the future.
Aerojet Rocketdyne (U.S.), Airbus Defense and Space (France), Bellatrix Aerospace (India), Boeing (U.S.), OHB System AG (Germany), Safran S.A. (France), Ball Aerospace & Technologies Corp. (U.S.), Mitsubishi Electric Corporation (Japan), Orbital ATK Inc. (U.S.) and Thales Group (France) are some of the leading players operating in the global satellite propulsion system market.
Satellites are computer-controlled systems that can perform tasks such as thermal control, telemetry, power generation, attitude control, and orbit control. The data collected by satellites is used for various applications. The satellites are powered with various propulsion technologies, where chemical propulsion system has been the conventional approach for ensuring satellite propulsion. The global satellite propulsion system market is anticipated to grow at more than 5% CAGR, during the forecast period.
The report for Global Satellite Propulsion System Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.\
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