Asia Pacific Electric Propulsion System Market Size, Share & Trends Analysis Report By Class (Gridded Ion Engine, Hall Effect Thruster, High Efficiency Multistage Plasma Thruster, Pulsed Plasma Thruster, Others), By Application (Spacecraft, Satellite) and By Country(China, Korea, Japan, India, Australia, Taiwan, South East Asia, Rest of Asia-Pacific) Forecasts, 2024-2032

Market Overview

The Asia-Pacific electric propulsion system market size in 2023 is estimated to be USD 186.79 million, and in 2032, it is projected to reach USD 910.72 million at a CAGR of 21.9% during the forecast period (2024-2032).

Electric Propulsion (EP) is a propulsion used in space that relies on electrical power to accelerate propellant through different electrical and/or magnetic methods. Compared to conventional chemical thrusters, EP thrusters provide enhanced propulsive capabilities. They require minimal mass to accelerate a spacecraft, and the propellant is expelled up to twenty times faster than in traditional chemical thrusters. This leads to a more efficient system in terms of mass utilization.

Market Dynamics

Asia-pacific electric propulsion system market drivers

Rising investment in space initiatives

The space industry is experiencing a significant upsurge in space activities, with countries allocating substantial funds toward diverse space programs. These programs involve launching satellites and spacecraft for various purposes, including plant observation, exploration, communication, weather monitoring, and defense. The increasing number of satellite launches is largely due to the advancements in smaller CubeSats, which enable the launch of a larger quantity of satellites in a single mission. Previously, only a few satellites were launched per flight, but in 2020, ISRO successfully launched over 100 satellites in a single mission. This presents a lucrative opportunity for countries without space agencies and launch capabilities.

Asia-pacific electric propulsion system market restraint

Wide variety of options

Although electric propulsion is widely used in satellites and spacecraft, it is not the sole option. The market provides various alternative propulsion systems for these applications. Research shows that chemical propulsion systems, bipropellant propulsion systems, unified propulsion systems, and monopropellant hydrazine propulsion systems are among the notable alternatives. The propulsion system choice depends on the application's specific requirements, and these technologies can be utilized for satellites and spacecraft of different sizes. Nonetheless, the demand for electric propulsion is increasing due to its cost-effectiveness and operational advantages.

Asia-pacific electric propulsion system market opportunities

Collaboration with academic institutions and research organizations

Satellites and spacecraft have multiple options for propulsion systems, and electric propulsion is not the exclusive choice. The market provides various alternatives, such as chemical propulsion systems, bipropellant propulsion systems, unified propulsion systems, and monopropellant hydrazine propulsion systems. The selection of a particular propulsion system depends on the application's specific needs. These technologies can be employed across satellites and spacecraft of varying sizes. However, there is a notable surge in the demand for electric propulsion due to its cost-effectiveness and operational benefits.

Regional Analysis

The Asia-Pacific electric propulsion system market is segmented by country: China, Japan, India, and Rest of Asia-Pacific. The rest of Asia-Pacific is the most significant contributor to the market, with a CAGR of 23.0% during the forecast period.

The Asia-Pacific region is expected to grow significantly in the electric propulsion system market. The increasing investments in space exploration and satellite deployments by countries like China and India drive the demand for electric propulsion systems. Additionally, the growing commercial space sector in countries like Japan and South Korea further contributes to market growth.

Segmental Analysis

The Asia-Pacific electric propulsion system market is segmented into type, power rating, techniques, and applications.

Based on type, the market is categorized into gridded ion engine (GIE), hall effect thruster (HET), high efficiency multistage plasma thruster (HEMPT), pulsed plasma thruster (PPT), magneto plasma dynamic (MPD), and others.

Hall Effect Thruster (HET) is the most significant contributor to the market and is expected to register a CAGR of 22.7 % over the forecast period. HET is an electric propulsion system in which a perpendicular magnetic field rather than a grid system is utilized. The generated magnetic field captures electrons in an azimuthal Hall current traveling around the circumference of an annular ceramic channel. The electron then ionizes the onboard propellant, resulting in ionized plasma.

By Power Rating, the market is segmented into low power electric propulsion systems, medium power electric propulsion systems, and high power electric propulsion systems. Low power electric propulsion systems are typically used in satellites and small spacecraft. Medium power electric propulsion systems are commonly emloyed in a variety of space applications, whereas high power electric propulsion systems are used in heavy-duty space missions and exploration.

By application, it is further segmented into satellite based and marine based.

The satellite is the most significant contributor to the market and is expected to register a CAGR of 22.2% over the forecast period. Electric propulsion satellite refers to a satellite that is propelled by a hybrid or entirely electric propulsion system. It is a form of space propulsion that uses electrical power to accelerate or ignite propellant combustion using various electrical or electromagnetic techniques. Electrothermal propulsion, electrostatic propulsion, and electromagnetic propulsion are all propulsion used in satellites. Its usefulness determines the range of space-based uses to which it can be put, from earth observation to navigation and communications to astronomy, exploration, and even environmental research.

Recent Developments

• February 2023- Starfish Space announced that its electric propulsion-powered Otter Pup satellite will be launched in the middle of 2023 and dock with another satellite by the end of 2023.
• Airflow, an electric short takeoff, and landing (eSTOL) aircraft business, has partnered with Pipistrel, the world’s first and presently one type-certified electric airplane designer and manufacturer. Pipistrel will supply the motors, motor controllers, and batteries for Airflow’s Distributed Electric Propulsion proof-of-concept aircraft as part of this agreement.
• BAE Systems announced Next-Generation Power and Propulsion System to Assist Marine Operators in Achieving Zero-Emissions Status.