The satellite propulsion market is anticipated to grow significantly, reaching a value of US$ 26,074.53 million by 2031, up from US$ 8,424.55 million in 2023. This growth represents a compound annual growth rate (CAGR) of 15.4% from 2023 to 2031.

The global satellite propulsion market is experiencing robust expansion, driven by the increasing utilization of propulsion systems in spacecraft. The surge in funding and investments directed towards satellite launch initiatives highlights a heightened interest in space exploration, satellite deployment, and services based in space. The public sector is a major driver of demand for heavy and super-heavy-lift launch services, while the private sector predominantly fuels the need for small and medium-lift satellites. In 2023, a consortium including HyPrSpace, Leonardo, Thales, and CT Engineering secured US$ 38 million in funding for a project aimed at demonstrating an innovative rocket engine intended for space launches. Consequently, the escalating investments in the satellite sector, which lead to a higher frequency of satellite launches, are significantly contributing to the growth of the global satellite propulsion market.

The market is categorized by propulsion type into several segments: solid propulsion, cold gas propulsion, green propulsion, electric propulsion, ambipolar thrusters, and others. Additionally, it is divided by system type into bipropellant propulsion systems, monopropellant propulsion systems, and electric ion propulsion systems. The applications of satellite propulsion are also varied, encompassing launchers, spacecraft, and satellites categorized by weight (below 500 Kg, 500-1,000 Kg, and above 1,000 Kg), as well as space tugs and landers. Furthermore, the market is segmented by orbit type, which includes Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Orbit (GEO), and beyond GEO.

Globally, several space constellation programs are in operation, including those by SpaceX, Iridium, and Globalstar. For example, in 2023, Iridium successfully launched an additional 14 spare satellites, bringing its total constellation to 80 satellites. The Globalstar constellation project, initiated in 1991 through a partnership between Loral Corporation and Qualcomm Corporation, currently manages 48 LEO satellites, which are monitored from over 24 ground stations. In 2022, Rocket Lab was awarded a contract to design and produce 17 spacecraft buses for upcoming Globalstar satellites, which are set to be launched in the near future. Additionally, in 2023, Globalstar engaged SpaceX to launch Apple-supported satellites in 2025 to enhance its LEO connectivity constellation. The American Global Navigation System, comprising 24 operational satellites, functions as a GPS constellation, providing radio signals to users. In 2023, the US also launched its sixth Global Positioning System III (GPS III) satellite, developed by Lockheed Martin, which plays a crucial role in the modernization efforts of the US Space Force's GPS constellation. The increasing deployment of satellite constellations is expected to create substantial opportunities for the satellite propulsion market throughout the forecast period.

Key players in the satellite propulsion market include Moog Inc., ArianeGroup, Northrop Grumman Corporation, Thales SA, Airbus SE, IHI Corp., Bellatrix Aerospace Private Limited, Busek Co. Ltd., Safran S.A., and Avio S.p.A. These companies employ a mix of organic strategies, such as launching new products, expanding operations, and obtaining product approvals, alongside inorganic strategies, including collaborations and partnerships, to maintain their competitive edge in the satellite propulsion market.