The global demand for Solar Electric Propulsion Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Solar electric propulsion (SEP) refers to the combination of solar cells and electric thrusters to propel a spacecraft through outer space. Solar electric propulsion combines solar panels on spacecraft and one or more electric thrusters, used in tandem. It is also possible to generate electricity from the Sun without using photovoltaic panels, such as solar concentrators and a Stirling engine. This technology has been exploited in various spacecraft by the European Space Agency, the Japanese Space Agency, the Indian Space Research Organisation, and NASA. SEP has a significantly higher specific impulse than regular chemical rockets, thus requiring less propellant mass to be launched with a spacecraft and evaluated for missions to Mars.
Market Dynamics
The market is primarily driven by various factors, such as increasing the number of space exploration missions, demand for LEO-based services, and growing demand for advanced electric propulsion systems. The introduction of low-cost satellites and the development of reusable space launch vehicles are some of the major factors driving the growth of the market. In recent years, many countries are focused on innovative, profitable satellite launches. Also, the rapid deployment of CubeSats is one of the current trends in the market. With the rising demand for nano and microsatellite, it is expected that the manufacturing base of satellites will widen to various regions of the world.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of solar electric propulsion. The growth and trends of solar electric propulsion industry provide a holistic approach to this study.
Market Segmentation
This section of the solar electric propulsion market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Thruster Type
- Hall Effect Thruster (HET)
- Pulsed Plasma Thruster (PPT)
- Others
By Application
- Nano Satellite
- Microsatellite
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Solar Electric Propulsion market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Solar Electric Propulsion Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the solar electric propulsion market include Aerojet Rocketdyne, QinetiQ and Northrop Grumman. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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