Asia-Pacific Space Propulsion Market Trends

Statistics for the 2023 & 2024 Asia-Pacific Space Propulsion market trends, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Space Propulsion trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of asia-pacific space propulsion Industry

Increased spending by China, India, Japan, and South Korea are the growth drivers

  • The demand for satellite propulsion systems is driven by increased spending on satellite programs by various countries, such as the manufacture and launch of national satellite internet constellation of up to 13,000 satellites. China's SatNet has been engaging with commercial companies as it develops a blueprint for constructing the "Guowang" constellation. Notably, these and other small satellites require onboard propulsion to reduce the chances of collision and mitigate the issue of debris in low Earth orbit. Several companies in the region are developing space propulsion technologies. In May 2022, a Chinese satellite electric propulsion company named Kongtian Dongli announced that it secured a multi-million yuan angel round financing amid a proliferation of Chinese satellite constellation plans. The company's main products are Hall thrusters and microwave electric propulsion systems, with an on-orbit test of the latter planned before December this year.
  • Likewise, in February 2023, the Indian government announced that ISRO is expected to receive USD 2 billion for various space-related activities, including the development of the Liquid Propulsion Systems Centre (LPSC) and the ISRO Propulsion Complex. In March 2021, Japan announced spending USD 4.14 billion on space-related activities. The country mentioned having allocated JPY 18.9 billion for the H3 rocket development. In January 2020, JAXA mentioned that JPY 3.6 billion was allocated to fund the research and development of core engine technologies that significantly improve fuel consumption and reduce environmental burden, as well as the research and development of the silent supersonic aeroplane and emission-free aircraft (electric-powered propulsion systems).
Asia-Pacific Space Propulsion Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

Asia-Pacific Space Propulsion Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029