Electric Propulsion Satellite Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric Propulsion Satellite Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Electric Propulsion Satellite Market

The electric propulsion satellite market size was valued at USD 13.59 billion in 2022, and the market is now projected to grow from USD 14.72 billion in 2023 to USD 24.59 billion by 2030, exhibiting a CAGR of 7.61% during the forecast period of 2023-2030.

OECD states that the COVID-19 pandemic affected the electric propulsion satellite market growth, delayed satellite contracts, and especially affected SMEs. This resulted in market concentration thereby eradicating various new cross-breeding innovative, and economically essential small firms and start-ups.

The growing demand for satellites in defense and commercial sectors, including ISR, command & control, and government operations, is driving the electric propulsion satellite market share. Electric propulsion satellites are favoured for their efficiency and performance, leading to increased deployment across various industries. Affordable and available on the commercial level, these all-electric small satellites are applied in banking, aviation, retail chains, the energy sector, the telecommunication industry, and so on, increasing the market scale continuously.

Small satellite constellations have become increasingly important for defense and business applications because of threats posed by cyber-vandalism, as well as anti-sat apparatuses. For instance, there is a record of over 1,700 small satellites that were launched from 2012 to 2022 and a projection to an additional 1000 by 2022 from 2020. Current estimates indicate that within the next ten years 2025, about one thousand small satellites are set to be launched.

Comprehensive Analysis of Electric Propulsion Satellite Market

The electric propulsion satellite market is growing rapidly, driven by detailed regional assessments of supply and demand forces affecting the aerospace and defense sectors. Market segmentation includes satellite type, satellite size, subsystem, propulsion, and application. This expansion impacts the aerospace and defense industry. The satellite type, include Hybrid & All-electric. The satellite size, include Small, Medium, and Heavy. The subsystem include, Structure & Mechanisms, Thermal Control System, Electric Power System and Altitude Control System. The propulsion include, Electrothermal, Electrostatic and Electromagnetic. The application include, Earth Observation & Sciences, Navigation, Telecommunications, Astronomy and Interplanetary & Space Exploration.

The North American region accounted for the major market share in 2022 and is said to grow at an astonishing pace. High budgets for military, civilian, and commercial satellite launches will drive regional market growth. Since space industry commercialization in 2008, many new entrants have emerged in North America. The increase in small satellite launches is also expected to boost the market growth.

In the aerospace and defense industry leading organizations need market leaders so that they can help drive growth and set the pace. These players include, Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), Thales Group (France), The Boeing Company (U.S.), Airbus S.A.S. (France), OHB S.E. (Germany), INVAP S.E. (Argentina), Accion Systems Inc., Aerojet Rocketdyne Holding Inc. (U.S.), ArianeGroup GmbH (France), AeroAstro Inc. (U.S.), SSC Roscosmos (Russia), Safran Group (France) and Sitael S.p.A. (Italy).

In February 2023, By 2027, Korea Aerospace Research Institute (KARI) commissioned Thales Alenia Space to supply the GEO-KOMSAT-3 satellite that encompasses the Satellite-Based Augmentation System (SBAS) having in view several electric propulsion units for communicating varied bands.

Segmentation Table

GlobalElectric Propulsion Satellite Market Scope

Study Period 2019-2030

Base Year 2022

Forecast Period 2023-2030

Growth Rate CAGR of 7.61% from 2023 to 2030

Historical Period 2019-2021

Unit Value (USD Billion)

Segmentation By Satellite Type, Satellite Size, Propulsion, Subsystem, Application, and Region

By Satellite Type Hybrid

All-electric

By Satellite Size Small Satellites

Medium Satellites

Heavy Satellites

By Propulsion Electrothermal Propulsion

Electrostatic Propulsion

Electromagnetic Propulsion

By Subsystem Structure & Mechanisms

Thermal Control System (TCS)

Electric Power System (EPS)

Altitude Control System (ACS)

Telemetry Tracking & Command (TT&C)

Flight Software

Propulsion System

Others

By Application Earth Observation & Sciences

Navigation

Telecommunication

Astronomy

Interplanetary & Space Exploration

Others

By Region North America (By Satellite Type, By Satellite Size, By Propulsion, By Subsystem, By Application, and By Country)

- U.S. (By Satellite Size)

- Canada (By Satellite Size)

Europe (By Satellite Type, By Satellite Size, By Propulsion, By Subsystem, By Application, and By Country)

- U.K. (By Satellite Size)

- Germany (By Satellite Size)

- France (By Satellite Size)

- Russia (By Satellite Size)

- Italy (By Satellite Size)

- Spain (By Satellite Size)

- Rest of Europe (By Satellite Size)

Asia Pacific (By Satellite Type, By Satellite Size, By Propulsion, By Subsystem, By Application, and By Country)

- China (By Satellite Size)

- India (By Satellite Size)

- Japan (By Satellite Size)

- South Korea (By Satellite Size)

- Australia (By Satellite Size)

- Rest of Asia Pacific (By Satellite Size)

Rest of the World (By Satellite Type, By Satellite Size, By Propulsion, By Subsystem, By Application, and By Country)

- Latin America (By Satellite Size)

- Middle East & Africa (By Satellite Size)


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