The global satellite propulsion system market to grow at a CAGR of 4.09% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global satellite propulsion system market for 2017-2021. To calculate the market size, the report considers the new installations. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is low-cost propulsion systems for micro and nano satellites. One of the major advantages of the relatively economic nano and microsatellites, when compared with the conventional large satellites, is their lower construction and propulsion costs. Therefore, a constellation of such satellites can be used to provide low-cost solutions, which will otherwise cost a significant amount.
The cost to build a nano or microsatellite is almost nil in comparison with traditional satellites. Most of the cost, however, comes from the cost to propel a satellite. The emergence of low-cost launch services for nano and microsatellites has further helped to lower the launch cost.