Satellite Electric Propulsion Market to Reach $1.02 Billion by 2032
The global satellite electric propulsion was valued at $522.3 million in 2021 and is projected to reach $1.02 billion by 2032.
"While GEO satellite operators are choosing all-electric platforms for their new missions and replacement phases of existing missions, weight and volume constraints are driving small-satellite operators to choose electric propulsion over chemical propulsion."
Arunkumar Sampathkumar, Principal Analyst, BIS Research.
According to BIS Research, the primary factors responsible for the projected growth are increasing demand for large constellations for smaller telecom satellites in low Earth orbit (LEO), and rising research and development activities for building low-cost and efficient propulsion systems for satellites.
The electric propulsion system has garnered significant interest from several satellite industry players in 2020-2021. This has been rapidly growing owing to the increasing requirement of launching satellite constellations for communication and Earth observation.
The satellite electric propulsion market is divided on the basis of mass class, mission type, mission application, component, and region.
Large Satellites Will Dominate the Satellite Electric Propulsion Market
According to the latest study by BIS Research, the satellite electric propulsion market, in the mass class category, is expected to be dominated by large satellites that are above 2,200 kg (≈4,850 pounds).
"While GEO satellite operators are choosing all-electric platforms for their new missions and replacement phases of existing missions, weight and volume constraints are driving small-satellite operators to choose electric propulsion over chemical propulsion," said Arunkumar Sampathkumar, Principal Analyst, BIS Research.
"This does not indicate the end of the road for chemical propulsion, but the access to a wide range of lighter electric propulsion capabilities is driving the migration while altering the ratio of electric vs. chemical propulsion on satellites. With the improving scalability of electric propulsion, they are now being deployed for applications that traditionally relied on relatively high-thrust chemical propulsion systems. Besides launch cost savings, the fact that electric propulsion systems enable extended mission lives is driving the operators to consider electric propulsion for their satellites. This segment of the satellite manufacturing market is expected to see steady progressive growth as they continue to gain prominence in the small-satellite segment."
(Source: BIS Research news release. Images from file)