Over 2500 active satellites are in orbit as of October 2020, with an increase of ~1000 smallsats in the past two years. Since 2012, over 1700 smallsats have been launched into orbit. It is projected that by 2025, there will be 1000 smallsats launched per year. Currently, these satellites do not have sufficient delta v capabilities for missions beyond Earth orbit. They are confined to their pre-selected orbit and in most cases, they cannot avoid collisions. Propulsion systems on smallsats provide orbital manoeuvring, station keeping, collision avoidance and safer de-orbit strategies. In return, this enables longer duration, higher functionality missions beyond Earth orbit. This article has reviewed electrostatic, electrothermal and electromagnetic propulsion methods based on state of the art research and the current knowledge base. Performance metrics by which these space propulsion systems can be evaluated are presented. The article outlines some of the existing limitations and shortcomings of current electric propulsion thruster systems and technologies. Moreover, the discussion contributes to the discourse by identifying potential research avenues to improve and advance electric propulsion systems for smallsats. The article has placed emphasis on space propulsion systems that are electric and enable interplanetary missions, while alternative approaches to propulsion have also received attention in the text, including light sails and nuclear electric propulsion amongst others.