Innovations and Advancements to Enhance Growth of Global Satellite Electric Propulsion Systems Market

Published On : 27 Dec 2018

The market for satellite electric propulsion systems is expanding at a fast pace across the globe. These satellites make use of electro-optical sensor systems and are projected to use the all-electric propulsion systems. Also, they offer low launch cost, reduced weight, and improved mission capabilities are further estimated to support the development of the market in the near future. As per the research study by QY Research Report, the global market for satellite electric propulsion systems is expected to register a promising CAGR in the next few years. 

Advancements in Technology to Propel Satellite Electric Propulsion Systems Market

The global market for satellite electric propulsion systems has been classified on the basis of product type into electromagnetic drive, electrostatic drive, and electrothermal drive. Furthermore, in terms of application, the market has been categorized into geostationary satellites, geosynchronous satellites, low earth orbits satellites, and others. 

The global market for satellite electric propulsion systems is likely to develop at a healthy pace in the coming few years. The constant advancements in technology and the substantial rise in the development of required infrastructure are estimated to support the development of the market in the next few years. In addition to this, the high pace of urbanization and the growing disposable income of consumers are further expected to enhance the growth of the market in the coming years. Also, the increasing government funding and the rising investments by investors and the increasing adoption of automation are expected to accelerate the market growth in the near future.

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North America to Lead Global Satellite Electric Propulsion Systems Market in Near Future

The global market for satellite electric propulsion systems has been classified on the basis of geography. Among the main segments, the North America market is projected to hold a substantial share of the market over the next few years. The rise in the number of space-based programs that have been conducted by several countries, including the U.S. is projected to boost the growth of the market in the next few years. The development of new products and systems and the rising investment in this field by government organizations are estimated to accelerate the growth of this region in the next few years. 

The global market for satellite electric propulsion systems is expected to showcase a healthy competitive environment over the next few years. The competition among the players is projected to rise over the next few years. The growing focus of these players on advancements in technology and innovations in this field are expected to support the growth of the overall market in the next few years. In addition to this, the mergers and acquisitions that are taking place are expected to boost the development of the market in the next few years. Some of the key players engaged in the satellite electric propulsion systems market across the globe are Sitael, Accion Systems Inc., Aerojet Rocketdyne, Airbus, Space Electric Thruster Systems, and Safran. 

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