The
new electrical propulsion satellite market research from
Technavio indicates Negative growth in the short term as the business impact of
COVID-19 spreads
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"One of the primary growth drivers for this market is the growing
preference for hosted payload,” says a senior analyst for Industrials at
Technavio.
The growing preference for the hosted payload is one of the significant
factors that will drive market growth. As the hosted payload approach allows
the government and defense agencies to attach a small module to a commercial
satellite, it helps eliminate the need to build and launch a separate dedicated
satellite. Since these modules share the same power supply and transponders as
that of commercial modules, this approach helps achieve cost efficiencies and
reduce the risk of inadequate funding, launch delays, and operational failures.
As a result, the forecast period will witness an increase in funds from the
defense and government agencies for a number of commercial satellite launches
accommodating hosted payloads, which will fuel electric propulsion satellite
market growth.
As the markets recover Technavio expects the electrical propulsion
satellite market size to grow by USD 10.18 billion during the period 2020-2024.
Electrical Propulsion Satellite Market Segment Highlights for 2020
- The electrical propulsion
satellite market is expected to post a year-over-year growth rate of
11.50%.
- With growing concerns over
reducing the overall launching cost, it is expected that the adoption of
hybrid propulsion technology will become more prominent.
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