Report : North America Satellite Propulsion Market Forecast to 2031 - Regional Analysis - by Propulsion Type (Solid Propulsion, Cold Gas Propulsion, Green Propulsion, Electric Propulsion, and Ambipolar Propulsion), System Type (Monopropellant, Bipropellant, and Electric Ion Propulsion), Application (Launchers, Spacecraft, Satellites, Space Tugs, and Landers), and Orbit Type (LEO, MEO and GEO, and Beyond GEO)
At 14.3% CAGR, North America Satellite Propulsion Market is Projected to be Worth US$ 9,307.63 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America satellite propulsion market was valued at US$ 3,196.51 million in 2023 and is expected to reach US$ 9,307.63 million by 2031, registering a CAGR of 14.3% from 2023 to 2031. Rising number of strategic initiatives by market players and growing initiatives to launch space landers, spacecraft, and space tugs are among the critical factors attributed to drive the North America satellite propulsion market growth.
Companies operating in the satellite propulsion market, including Exotrail SA, Thales Group, Bellatrix Aerospace Private Limited, and others, are majorly focusing on new product development in alliance with space and satellite research organizations. In 2023, Neumann Space announced that its propulsion system, Neumann Drive, accomplished its first space mission from Vandenberg Space Force Base in California through the SpaceX Falcon 9 rocket (Transporter-8). In 2023, NASA awarded a contract to Aerojet Rocketdyne to fabricate a new type of electric propulsion system for deep space exploration operations. Thus, the growing new product development in the satellite propulsion sphere is anticipated to propel the growth of the satellite propulsion market over the forecast period.
On the contrary, increasing space debris hampers the growth of North America satellite propulsion market.
Based on propulsion type, the North America satellite propulsion market is segmented solid propulsion, cold gas propulsion, green propulsion, electric propulsion, and ambipolar propulsion. The electric propulsion segment held 49.5% market share in 2023, amassing US$ 1,583.18 million. It is projected to garner US$ 4,494.76 million by 2031 to register 13.9% CAGR during 2023-2031.
In terms of system type, the North America satellite propulsion market is categorized into monopropellant, bipropellant, and electric ion propulsion. The electric ion propulsion segment held 54.5% share of North America satellite propulsion market in 2023, amassing US$ 1,742.66 million. It is anticipated to garner US$ 5,246.82 million by 2031 to expand at 14.8% CAGR during 2023-2031.
By application, the North America satellite propulsion market is segmented into launchers, spacecraft, satellites, space tugs, and landers. The spacecraft segment held 40.1% market share in 2023, amassing US$ 1,281.63 million. It is projected to garner US$ 3,617.46 million by 2031 to register 13.8% CAGR during 2023-2031. The satellites is further sub segmented into Below 500 Kg, 500-1000 Kg, and Above 1000 Kg.
In terms of orbit type, the North America satellite propulsion market is categorized into LEO, MEO and GEO, and beyond GEO Kg. The LEO segment held 75.8% market share in 2023, amassing US$ 2,422.42 million. It is projected to garner US$ 7,299.09 million by 2031 to register 14.8% CAGR during 2023-2031.
By country, the North America satellite propulsion market is bifurcated into the US and Canada. Our regional analysis states that the US captured 81.1% share of North America satellite propulsion market in 2023. It was assessed at US$ 2,591.44 million in 2023 and is likely to hit US$ 7,760.96 million by 2030, registering a CAGR of 14.7% during 2023-2031.
Key players operating in the North America satellite propulsion market are Moog Inc, Thales SA, Safran SA, Northrop Grumman Corp, Airbus SE, IHI Corp, and ArianeGroup, among others.
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