The global Satellite propulsion system market is anticipated to reach over USD 29.9 billion by 2027. In 2021, the chemical propulsion segment dominated the global market, in terms of revenue. In 2021, North America accounted for the majority share in the global Satellite propulsion system market.
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The growing adoption of small satellites for commercial applications owing to its low cost and light weight supports the Satellite Propulsion System Market growth. Growing use of satellites in defense sector would boost the growth of this market. Technological advancement in terms of miniaturization of components, and associated software has encouraged established organizations, and small and medium enterprises to invest in small satellites, thereby supporting market growth. The increasing deployment of satellites in commercial applications such as remote sensing, earth observation, and technology development, and rising deployment of cubesats fuels the growth of the Satellite Propulsion System Market. Growth in space expeditions, rising need for long range missiles, increasing military expenditure worldwide, and technological advancements are expected to provide growth opportunities during the forecast period.
The North America Satellite Propulsion System Market is expected to dominate throughout the forecast period. Rise in applications of satellites in agriculture, real estate, defense, and government sectors in this region is the major driver for market growth. The affordable price of small satellites also accelerates the penetration in the commercial sector. Rise in investment in the defense sector, along with technological advancement is expected to drive the market growth during the forecast period.
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The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Satellite Propulsion System Market also experienced a slowdown. Statista estimates that the Satellite Propulsion System Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Satellite Propulsion System Market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Satellite Propulsion System Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The leading companies profiled in the Satellite Propulsion System Market report include Ball Aerospace & Technologies Corp., Thales Group, Safran S.A, Mitsubishi Electric Corporation, Airbus Defense and Space, Airbus Defense and Space, The Boeing Company, Orbital ATK Inc., Aerojet Rocketdyne, OHB System AG, Bellatrix Aerospace, and Northrop Grumman Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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