Satellite propulsion system market to reach $29.9 billion by 2026

In 2017, the chemical propulsion segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global Satellite propulsion system market.

The growing adoption of smallsats for commercial applications owing to their low unit cost and light weight supports the Satellite Propulsion System Market growth. Growing use of satellites in the defense sector would also boost the growth of this market. Technological advancement in terms of miniaturization of components and associated software has encouraged established organizations, as well as small and medium enterprises, to invest in smallsats, thereby supporting market growth.

The increasing deployment of satellites in commercial applications such as remote sensing, Earth Observation (EO), and technology development, and the rising deployment of cubesats, fuels the growth of this market. Growth in space expeditions, the rising need for long range missiles, increasing military expenditure worldwide, and technological advancements, are all expected to provide growth opportunities during this forecast period.

The North America Satellite Propulsion System Market is expected to dominate throughout the forecast period. Rise in applications of satellites in agriculture, real estate, defense, and government sectors in this region is the major driver for market growth.

The companies profiled in the Satellite Propulsion System Market report include Ball Aerospace & Technologies Corp., Thales Group, Safran S.A, Mitsubishi Electric Corporation, Airbus Defense and Space, Airbus Defense and Space, The Boeing Company, Northrop Grumman Innovation Systems, Aerojet Rocketdyne, OHB System AG, Bellatrix Aerospace, among others. These companies launch new products and collaborate with other market leaders to meet the increasing needs and requirements of consumers. Sat News