Report : Europe 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 15.6% CAGR, Europe Satellite Propulsion Market is Projected to be Worth US$ 6,827.31 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe satellite propulsion market was valued at US$ 2,148.19 million in 2023 and is expected to reach US$ 6,827.31 million by 2031, registering a CAGR of 15.6% from 2023 to 2031. Growing initiatives to launch space landers, spacecraft, and space tugs and rising number of satellite launches are among the critical factors attributed to drive the Europe satellite propulsion market growth.
The global 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, Exotrail announced its plans to launch a new orbital vehicle aimed at small satellites that are required to transit from geostationary transfer orbit to their destination. In November 2023, the company introduced SpaceVan, its first payload-hosting vehicle for low Earth orbit. The geostationary version of the vehicle is anticipated to launch in 2026. In 2023, Russia launched its first moon landing spacecraft in 47 years in an attempt to become the first country to soft land on the lunar south pole, which is thought to contain coveted pockets of water ice. 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 Europe satellite propulsion market.
Based on propulsion type, the Europe satellite propulsion market is segmented solid propulsion, cold gas propulsion, green propulsion, electric propulsion, and ambipolar propulsion. The electric propulsion segment held 49.0% market share in 2023, amassing US$ 1,051.63 million. It is projected to garner US$ 3,289.12 million by 2031 to register 15.3% CAGR during 2023-2031.
In terms of system type, the Europe satellite propulsion market is categorized into monopropellant, bipropellant, and electric ion propulsion. The electric ion propulsion segment held 52.8% share of Europe satellite propulsion market in 2023, amassing US$ 1,134.49 million. It is anticipated to garner US$ 3,756.12 million by 2031 to expand at 16.1% CAGR during 2023-2031.
By application, the Europe satellite propulsion market is segmented into launchers, spacecraft, satellites, space tugs, and landers. The spacecraft segment held 40.0% market share in 2023, amassing US$ 858.89 million. It is projected to garner US$ 2,687.40 million by 2031 to register 15.3% 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 Europe satellite propulsion market is categorized into LEO, MEO and GEO, and beyond GEO Kg. The LEO segment held 74.6% market share in 2023, amassing US$ 1,602.67 million. It is projected to garner US$ 5,261.73 million by 2031 to register 16.0% CAGR during 2023-2031.
By country, the Europe satellite propulsion market is bifurcated into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Russia captured 31.9% share of Europe satellite propulsion market in 2023. It was assessed at US$ 684.59 million in 2023 and is likely to hit US$ 2,035.13 million by 2030, registering a CAGR of 14.6% during 2023-2031.
Key players operating in the Europe satellite propulsion market are Moog Inc, Thales SA, Safran SA, Northrop Grumman Corp, Airbus SE, Avio SPA, IHI Corp, and ArianeGroup, among others.
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