The new electrical propulsion satellite market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Electric Propulsion Satellite Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the growing preference for hosted payload,” says a senior analyst for Industrials at Technavio.
The growing preference for the hosted payload is one of the significant factors that will drive market growth. As the hosted payload approach allows the government and defense agencies to attach a small module to a commercial satellite, it helps eliminate the need to build and launch a separate dedicated satellite. Since these modules share the same power supply and transponders as that of commercial modules, this approach helps achieve cost efficiencies and reduce the risk of inadequate funding, launch delays, and operational failures. As a result, the forecast period will witness an increase in funds from the defense and government agencies for a number of commercial satellite launches accommodating hosted payloads, which will fuel electric propulsion satellite market growth.
As the markets recover Technavio expects the electrical propulsion satellite market size to grow by USD 10.18 billion during the period 2020-2024.
Electrical Propulsion Satellite Market Segment Highlights for 2020
- The electrical propulsion satellite market is expected to post a year-over-year growth rate of 11.50%.
- With growing concerns over reducing the overall launching cost, it is expected that the adoption of hybrid propulsion technology will become more prominent.
- The implementation of hybrid propulsion technology will allow satellite launch contractors to launch multiple geostationary satellites using a single launch vehicle.
- However, market growth in this segment will be slower than the growth of the market in the all-electric segment.
- 42% of the growth will originate from the APAC region.
- The increasing demand for miniaturized satellites for feeding information about fertile land, rainfall pattern, and water distribution to the farmers will significantly influence electric propulsion satellite market growth in this region.
- China and India are the key markets for electric propulsion satellites in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The electrical propulsion satellite market size is expected to accelerate at a CAGR of over 14% during the forecast period.
- The electrical propulsion satellite market is segmented by Type (Hybrid and All-electric) and Geographic (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Aerojet Rocketdyne Holdings Inc., Airbus SE, Ball Corp., Lockheed Martin Corp., Mitsubishi Electric Corp., Northrop Grumman Corp., OHB SE, Safran SA, Thales Group, and The Boeing Co.
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