Advent of low cost satellites and development of reusable space launch vehicles are some of the major factors driving the growth of the market. The usage of new-generation and reusable launch vehicles is paving the way for another successful and cost-effective makeover of the domain of satellite systems. In the recent years, a number of the countries are focused on innovative, cost-effective satellite launches.
In addition, satellite launches are mostly done using expendable launch vehicles (ELV) that carry a payload to the orbit and can be used only once. The majority of the satellite launch cost comes from building the rocket, which gets used for a single mission. However, instead of an ELV, a reusable space launch vehicle can substantially reduce the cost of access to space, if the rockets could be effectively used for multiple missions, similar to that of airplanes. Companies such as SpaceX have been working to develop such reusable space launch vehicles that can re-enter the earth without burning and return to the launch pad for a vertical landing.
Also, rapid deployment of Cubesats is one of the newest trends of the market. With the growing demand for nano and microsatellite, it is expected that the manufacturing base of satellites will widen to various regions of the world. Many of the developing nations have also shown a keen interest in the utilization of satellites such as CubeSats (U-class spacecraft). These satellites use enhanced electro-optical/infrared (EO/IR) sensor systems to obtain images of Earth. Earth Observation (EO) from such nano satellite platforms will revolutionize the scope of the EO/IR sensors. These satellites are majorly accelerated using all-electric propulsion systems, which widen their mission capabilities, reduce their weight, and lessen their launch costs.
Aerojet Rocketdyne (U.S.), Airbus Defense and Space (France), Bellatrix Aerospace (India), Boeing (U.S.), OHB System AG (Germany), Safran S.A. (France), Ball Aerospace & Technologies Corp. (U.S.), Mitsubishi Electric Corporation (Japan), Orbital ATK Inc. (U.S.) and Thales Group (France) are some of the leading players operating in the global satellite propulsion system market.
As of 2016, North America dominated the global Satellite Propulsion System Market, with U.S accounted for the largest share. The countries in the region have advanced infrastructures and are involved in various space programs. Companies, such as National Aeronautics and Space Administration (NASA) and SpaceX, in the U.S., are developing new systems (such as the reusable satellite launch vehicle) that can be used for multiple satellite launch missions and to meet the growing demand for satellites in the future.
On the basis of propulsion type, the global satellite propulsion system market is segmented as chemical propulsion, hybrid propulsion and all-electric propulsion. Chemical propulsion accounted for the largest share in 2016. Chemical propulsion systems are the traditionally used propulsion systems. They carry a substantial amount of fuel for the satellite missions, which is not possible in the case of nano and microsatellite designs.
Scope of the Report
This study provides an overview of the global satellite propulsion system market, tracking one market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for Asia-Pacific, North America, Europe and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global satellite propulsion system market by its propulsion type and region.
Access Report Details @ https://www.marketresearchfuture.com/reports/satellite-propulsion-system-market-4608
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