New Satellite Design Advances Fuel Market Growth for Satellite Propulsion Solutions
Satellite constellations generate ongoing demand for propulsion systems, according to Frost & Sullivan
SAN ANTONIO, Dec. 5, 2022 /PRNewswire/ -- Satellite propulsion is vital to the successful operation of satellites as it is used to produce thrust for orbit insertion, position control, station keeping, and other in-orbit maneuvers. According to Frost & Sullivan's recent report, Global Satellite Propulsion Solutions Market, commercial and private end-user satellite constellations generate a steady demand for propulsion systems because they provide communications and satellite imaging. The global market is expected to reach $216.32 billion by 2031, up from $93.33 billion in 2021, representing an impressive 8.7% compound annual growth rate (CAGR).
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"Technological advances have enabled cheaper satellite manufacturing and increased the need for space launches, necessitating cost-effective and energy-efficient propulsion systems," said Tiffany Kahapea, Aerospace & Defense Research Analyst at Frost & Sullivan. "Due to this, new satellites' design, development, and implementation will bring new opportunities and enhance the satellite propulsion market."
Kahapea added: "Communications satellites will remain the largest share of the satellite propulsion industry, fueling market expansion. From satellite forecast by mass, minisatellites will dominate the market between 2021 and 2031 as the growing demand for small satellites, nearly 93%, will come from the commercial sector."
To capitalize on the expanding satellite propulsion solutions market, businesses should:
- Invest more in micro-propulsion system R&D and identify manufacturers developing propulsion systems suitable for their satellite applications and operations to capitalize on the growing satellite propulsion solutions market.
- Concentrate on developing air-scooping electric propulsion (ASEP) technology that benefits very low earth orbit (VLEO), as many satellite markets are low earth orbit (LEO), and new launches are aimed at VLEO.
- Invest more in solar sails R&D. The initial process can be costly, but once implemented, it is an inexpensive means of propulsion.
Global Satellite Propulsion Solutions Market is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion
Global Satellite Propulsion Solutions Market
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