Global satellite propulsion system market valuation is projected to surpass $29.9 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the chemical propulsion segment dominated the market with regards to revenue in 2017. The same year, North America recorded majority share in the global market.
Some of the driving factors of the satellite propulsion system market highlighted in the report include:
- Surging adoption of small satellites for commercial applications due to its light-weight and cost-effective features will support market growth.
- The increasing adoption of satellites in the defense sector would propel the growth of this market.
- Technological advancement with regards to the component miniaturization, and associated software has spurred investments in small satellites from established organizations and SMEs, thereby boosting market growth.
- Extensive use of satellites in commercial applications like earth observation, remote sensing, and technological advancement, and increasing deployment of CubeSats would augment industry growth.
- Rise in space expeditions, increasing need for long-range missiles, surge in military spending worldwide, and technological developments are expected to present lucrative growth opportunities over the forecast period.
Speaking of regional bifurcation, North America is estimated to dominate the global satellite propulsion system market throughout the foreseeable period. The key market driver in this region is the rising applications of satellites across various sectors including real estate, agriculture, defense, and government. The affordability of small satellites has also accelerated the product’s penetration through the commercial sector. Moreover, increasing investments in the defense sector, paired with technological advancement, is anticipated to augment market growth in the region over the forecast period, cites the report.
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The report also delivers an in-depth analysis of the satellite propulsion system market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of type, regional landscape, and competitive ranking analysis has also been included in the report. In addition, company profiles of market majors have been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The leading companies profiled in the global satellite propulsion system market include Safran S.A, Thales Group, Mitsubishi Electric Corporation, The Boeing Company, Ball Aerospace & Technologies Corp., Airbus Defense and Space, Aerojet Rocketdyne, Orbital ATK Inc., OHB System AG, Northrop Grumman Corporation, and Bellatrix Aerospace among others. The prime growth strategies practiced by these companies include launching innovative products and teaming up with other market leaders to design new products and suffice the rising consumer needs and requirements, thereby boosting market growth over the foreseeable years.