Satellite Propulsion System Market USD 25.6 Billion by 2032, Driven by Rising Space Missions and LEO Demand
Satellite Propulsion System Market Outlook
The global Satellite Propulsion System market size is poised for remarkable growth over the next decade, with industry projections estimating a surge from USD 11.5 billion in 2024 to USD 25.6 billion by 2032. This growth, reflecting a robust compound annual growth rate (CAGR) of 10.40%, is primarily fueled by the accelerating number of space exploration missions and the increasing demand for low Earth orbit (LEO)-based services and technologies. As the space economy gains traction worldwide, satellite propulsion systems are playing a pivotal role in reshaping communication, surveillance, navigation, and Earth observation capabilities.
The competitive landscape of the satellite propulsion system market is vibrant, with key players investing heavily in product development, strategic collaborations, and mergers and acquisitions to strengthen their market positions. Companies such as Aerojet Rocketdyne, Northrop Grumman, Airbus Defence and Space, Thales Alenia Space, and IHI Aerospace are among the notable players contributing…