LEO-focused Satellite Propulsion Technology Market to Expand at a CAGR of 6.98% by 2031

FREMONT, Calif. - Nov. 3, 2021 - PRLog -- The LEO-based satellite propulsion technology market, which was an exclusive domain of the U.S. and Russia, is now accessible to the other nations, in which companies from the U.S., the U.K., China, India, Russia, and Japan, among others, compete. In 2020, the U.S. and the U.K. were the dominant countries that launched more than 1,000 satellite launches, wherein propulsion systems were provided by companies such as SpaceX, Ariane Group, and Aerojet Rocketdyne. However, new companies are entering the propulsion system industry. For instance, in August 2021, ExoTerra signed a contract with Blue Canyon Technologies to provide an electric propulsion system for the Blackjack Phase 2 and Phase 3 mission of the Defense Advanced Research Project Agency (DAPRA). Furthermore, in April 2021, Phase Four signed a contract with the U.S. Air Force to test alternative fuel on its Maxwell electric thruster. The company received $750,000 from the U.S. Air Force under Small Business Innovation Research (SBIR) award.

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Apart from this, space agencies are also focused on developing more efficient and less toxic space propulsion systems. For instance, Japan Aerospace Exploration Agency (JAXA), in collaboration with IHI Corporation, is developing a propulsion system using liquid natural gas (LNG) with liquid oxygen. Similarly, the National Aeronautics and Space Administration (NASA), in alliance with private companies, is also developing advanced propulsion systems for various satellites missions. Such developments are expected to provide impetus to the LEO-focused satellite propulsion technology market over the coming years.

The LEO-focused satellite propulsion technology market is at the cusp of technological changes, as the adoption of additive manufacturing (AM) in the space industry is increasing. AM has the ability to manufacture hollow complex parts, which, in turn, leads to a reduction in the overall weight of the component and cost of applications in satellites. The major driving force behind the growth of the LEO-focused satellite propulsion technology market is the increase in the number of satellite constellations.

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The competitive landscape of the LEO-focused satellite propulsion technology market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.