New Satellite Design Advances Fuel Market Growth for Satellite Propulsion Solutions

Date: Issue 120 - February 2023

Satellite propulsion is vital to the successful operation of satellites as it is used to produce thrust for orbit insertion, position control, station keeping, and other in-orbit maneuvers. According to Frost & Sullivan’s recent report, Global Satellite Propulsion Solutions Market, commercial and private end-user satellite constellations generate a steady demand for propulsion systems because they provide communications and satellite imaging. The market is expected to reach $216.32 billion by 2031, up from $93.33 billion in 2021, representing an impressive 8.7% compound annual growth rate (CAGR).

“Technological advances have enabled cheaper satellite manufacturing and increased the need for space launches, necessitating cost-effective and energy-efficient propulsion systems,” said Tiffany Kahapea, Aerospace & Defense Research Analyst at Frost & Sullivan. “Due to this, new satellites’ design, development, and implementation will bring new opportunities and enhance this market.”