According to a market report, published by Sheer Analytics and Insights, The global electric propulsion market was valued at $0.56 billion in 2021 and it is expected to reach $1.34 billion at a CAGR of 8.2% between 2022 and 2032. A type of spacecraft propulsion known as an electric propulsion system alters a spacecraft's velocity using electrical energy. Since the 1950s, electric propulsion system technology has been employed in spacecraft propulsion. For far space missions requiring a lot of propellants, such as interplanetary travel and outer planet exploration, electric propulsion systems are a crucial piece of technology. The efficiency with which electric propulsion systems convert chemical energy into kinetic energy can be up to ten times greater than that of traditional rocket engines, and thus require significantly less fuel to produce thrust. Additionally, the firms have agreed to implement their preferred strategy to improve their competitiveness in the world market for electric satellite propulsion. For instance, the Italian Ministry of Defense signed a contract with Thales Alenia Space and Telespazio (a joint venture between Thales and Leonardo) in June 2022 for the development of the SICRAL 3 satellite communications and propulsion system.
Currently, the development of low Earth orbit (LEO) satellite constellations is a major focus for many commercial enterprises and space organizations throughout the world. The market for the propulsion system would be driven by this. Other factors influencing the expansion of the LEO-focused satellite propulsion technology market include increasing research and development efforts to provide cost-effective propulsion technologies and developments in 3D printing technology for creating the parts of satellite propulsion systems. Moreover, space activity has dramatically increased in the global economy. Many countries throughout the world have been making significant financial investments in various space endeavors, including satellite and spacecraft launches for a variety of purposes, including military, communications, weather monitoring, exploration, and plant observation. Additionally, as smaller CubeSats have been developed, end-users have been able to launch numerous satellites in a single flight, leading to a fast-growing number of satellite launches. One or two satellite launches on a single flight were customary in the past.
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Furthermore, the incorporation of new propellers into vessels involves utilizing marine hybrid & full electric propulsion technology. As an illustration, Bruntons Propellers Ltd., a company that designs and manufactures propellers for ships, has been spending money on research and development to develop new automatic pitch adjustment systems for propellers. With the development of new propeller systems in boats that enable the performance including continuous torque produced by the electric drive, businesses in the marine hybrid & full electric propulsion sector are therefore benefiting. For instance, large-scale information dissemination, immediate communication, and the simultaneous creation and transmission of high-resolution images of specific areas of interest located around the globe are all made possible by satellite technology. Smaller electronics and a rise in the use of intelligent manufacturing materials have enabled the production of small satellites with shorter development timelines and lower deployment costs. Hence, these rising factors are expected to drive market growth during the forecast period from 2022 to 2032.
On the other hand, electric propulsion is one of the many propulsion technologies used by satellites and other spacecraft. Many other systems are offered on the global market. Some of the most common solutions available include chemical propulsion systems, bipropellant propulsion systems, unified propulsion systems, and monopropellant hydrazine propulsion systems. In addition, these systems are being used by end users under the demands of their applications. There are many uses for each of these technologies, including small, medium, and large satellites and spacecraft. On the other side, electric propulsion is quickly gaining favor due to its low cost and practical benefits.
According to the study, key players dominating the global electric propulsion market are Aerospace Corporation (U.S), Ad Astra Rocket Company (U.S), AirBus (Netherlands), Aerojet Rocketdyne Holdings (U.S), Accion Systems (U.S), Boeing (U.S), Busek (U.S), Bellatrix Aerospace (India), INVAP (Argentina), Lockheed Martin (U.S), Northrop Grumman (U.S), OHB (Germany), Raytheon Technologies Corporation (U.S), SpaceX (U.S), Safran (France), SITAEL (Italy), among others.
The Global Electric Propulsion Market Has Been Segmented Into:
The Global Electric Propulsion Market – by Type:
The Global Electric Propulsion Market – by Application Type:
The Global Automotive Electronics Market – by Regions:
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