LEO-focused Satellite Propulsion Technology Markets, 2031 - Rising Demand for Smaller Telecom and Commercial Earth Observation Satellites in Low Earth Orbit (LEO)
DUBLIN, Nov. 25, 2021 /PRNewswire/ -- The "LEO-focused Satellite Propulsion Technology Market - A Global and Regional Analysis: Focus on End User, Application, Propulsion Type, Satellite Mass, Component, Orbit, Propellant Type and Country - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global LEO-focused satellite propulsion technology market is expected to reach $13,212.7 million by 2031, with a CAGR of 6.98% during the forecast period 2021- 2031.
The increasing number of satellite constellations for applications such as communication, technology development, Earth observation, and remote sensing is expected to be the major driving factors for the market. In addition, increasing demand for building efficient propulsion systems s at low cost are key drivers for the growth of the global LEO-focused satellite propulsion technology market.
LEO-Focused Satellite Propulsion Technology Industry Overview
Currently, many space agencies and commercial companies across the globe have been focusing on developing low Earth orbit (LEO) satellite constellations. This will drive the market for the propulsion system. Moreover, rising research and development activities to develop cost-efficient propulsion technologies and advancements in 3D printing technology for developing the components of satellite propulsion systems are other factors contributing to the growth of the LEO-focused satellite propulsion technology market.
LEO-Focused Satellite Propulsion Technology Market
Between 1957 and 2021, many governments and commercial organizations such as SpaceX, Ariane Space, Europe Space Agency (ESA), National Aeronautics and Space Administration (NASA), and Japan Aerospace Exploration Agency (JAXA), among others, started demonstration for new propulsion system for different satellites in low Earth orbit (LEO). Since then, technology has evolved continually and transformed the entire space industry by developing unique products and systems.
LEO-Focused Satellite Propulsion Technology by End-User
The commercial end user segment is estimated to dominate the global LEO-focused satellite propulsion technology market due to the increasing development of small satellite constellations for communication, remote sensing, Earth observation, and navigation by commercial industries.
LEO-Focused Satellite Propulsion Technology by Application
The market is currently flourishing with the development of small satellites for communication missions. Companies and space agencies aim to develop long-range, high-capacity, and cost-effective communication constellations using small satellites.
LEO-Focused Satellite Propulsion Technology by Propulsion Type
Electric propulsion is the most prominent propulsion system contributing to the global LEO-focused satellite propulsion technoloy market. It is anticipated that, by 2031, the market penetration of electric satellites will grow to more than 40% in the overall satellite launches.
However, the high cost, development complexity, and low thrust capability are restraining the growth of the electric propulsion system segment. However, technological advancements are anticipated to overcome these challenges, and electric propulsion systems are anticipated to witness huge growth.
LEO-Focused Satellite Propulsion Technology by Satellite Mass
201-600kg is one of the leading segments and is expected to grow year by year due to the increase in small satellite constellations from various key manufacturers such as SPACE X, Amazon, Cloud Constellation, Urthecast, and ISRO, among others.
LEO-Focused Satellite Propulsion Technology by Component
With the growing number of LEO-based satellite launches, it is anticipated that the requirement for thrusters' components will grow in the upcoming years.
LEO-Focused Satellite Propulsion Technology by Region
North America is expected to account for the highest share of the global LEO-focused satellite propulsion technology market, owing to a significant number of companies based in the region, increased spending by government and commercial organizations such as the National Aeronautics and Space Administration (NASA), Aerojet Rocketdyne, Ariane Group, Exotrail, Space X, and Enpulsion for LEO-based propulsion systems.
Key Market Players and Competition Synopsis
Key Topics Covered:
5 Markets - Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/xy9vwg
Research and Markets
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