Report : Asia Pacific 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 16.4% CAGR, Asia Pacific Satellite Propulsion Market is Projected to be worth US$ 8,840.54 million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific satellite propulsion market was valued at US$ 2,621.67 million in 2023 and is expected to reach US$ 8,840.54 million by 2031, registering a CAGR of 16.4% from 2023 to 2031. Growing initiatives to launch space landers, spacecraft, and space tugs and deployment of satellite constellations are among the critical factors attributed to drive the Asia Pacific satellite propulsion market growth.
The space sector is driven by rising demand from services such as earth observation, satellite communications, and positioning timing and navigation. The space sector is witnessing the growing presence of private players and experiencing heightened demand arising from the need for information related to space. Constellations of small satellites in Low Earth Orbit are a major part of this movement, known as NewSpace. In January 2024, Japan's lunar lander successfully landed on the moon's surface. With this landing, Japan happens to be the fifth country to land a craft on the moon, after the US, China, Russia, and India. In 2022, Iran launched a space tug that can shift satellites between orbits. The real-time scenario of the Earth and the solar system can be obtained from space exploration activities. Thus, the growing number of initiatives toward space landers, spacecraft, and space tugs propels the growth of the satellite propulsion market.
On the contrary, increasing space debris hamper the growth of Asia Pacific satellite propulsion market.
Based on propulsion type, the Asia Pacific satellite propulsion market is segmented solid propulsion, cold gas propulsion, green propulsion, electric propulsion, and ambipolar propulsion. The electric propulsion segment held 48.6% market share in 2023, amassing US$ 1,275.07 million. It is projected to garner US$ 4,217.42 million by 2031 to register 16.1% CAGR during 2023-2031.
In terms of system type, the Asia Pacific satellite propulsion market is categorized into monopropellant, bipropellant, and electric ion propulsion. The electric ion propulsion segment held 53.7% share of Asia Pacific satellite propulsion market in 2023, amassing US$ 1,408.11 million. It is anticipated to garner US$ 4,956.96 million by 2031 to expand at 17.0% CAGR during 2023-2031.
By application, the Asia Pacific satellite propulsion market is segmented into launchers, spacecraft, satellites, space tugs, and landers. The spacecraft segment held 40.7% market share in 2023, amassing US$ 1,066.45 million. It is projected to garner US$ 3,520.20 million by 2031 to register 16.1% 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 Asia Pacific satellite propulsion market is categorized into LEO, MEO and GEO, and beyond GEO Kg. The LEO segment held 74.5% market share in 2023, amassing US$ 1,953.80 million. It is projected to garner US$ 6,758.28 million by 2031 to register 16.8% CAGR during 2023-2031.
By country, the Asia Pacific satellite propulsion market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 42.9% share of Asia Pacific satellite propulsion market in 2023. It was assessed at US$ 1,124.07 million in 2023 and is likely to hit US$ 3,925.73 million by 2030, registering a CAGR of 16.9% during 2023-2031.
Key players operating in the Asia Pacific satellite propulsion market are Moog Inc, Thales SA, Safran SA, Northrop Grumman Corp, Airbus SE, IHI Corp, ArianeGroup, and Bellatrix Aerospace Pvt. Ltd, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com