Space Propulsion Systems Market Overview
Space Propulsion Systems Market Size was valued at USD 4.9 billion in 2022. The space propulsion systems market industry is projected to grow from USD 6.14607 Billion in 2023 to USD 23.93349 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.43% during the forecast period (2023 - 2030).
Space Propulsion Systems Market is expected to grow USD 5.69 Billion at a CAGR of 14.8% during the forecast period, says market research future (MRFR). Space propulsion systems alter the spacecraft's velocity in order to propel it forward. Any mechanism used to accelerate spacecraft and satellites is considered spacecraft propulsion. Additionally, the increasing number of space missions is significantly supporting the space propulsion system market's growth. Additionally, propulsion systems, often known as engines, come in a variety of configurations, including electric propulsion engines, air-breathing engines, and non-air-breathing engines. Additionally, market participants such as manufacturers of propulsion systems, technological support providers, government and certification organizations, and manufacturers of aircraft, unmanned aerial vehicles, and drones invest heavily in research and development to ensure major breakthroughs. The global market for increase pulsion systems is expected to expand in the next years as the number of space exploration missions increases, supported by large investments by governments and the private sector of various nations. Additionally, the prolusion systems are driven by technological breakthroughs, resulting in increased fuel efficiency at a lesser cost. Additionally, propulsion systems are used for a variety of functions during space excursions, which increases the market's use and growth.
The market witnessed significant traction in recent years owing to various countries launching their own earth observatory satellites. Currently, space propulsion technology is in a nascent stage and various efforts by governments and private companies have been made to commercialize different propulsion technologies that are efficient and low cost. Technological breakthroughs such as EmDrive are expected to occur during the forecast period which is expected to change the landscape and dynamics of the space propulsion systems market.
Market USP
Various private companies and government agencies investing in research & development of space technologies.
Key Players
Leading market players are heavily investing in R&D to expand their product lines, which will promote further market growth for Space Propulsion Systems Players.
· Accion Systems Inc. (US)
· Aerojet Rocketdyne (US)
· Avio SpA (Italy)
· Blue Origin (US)
· IHI Corporation (Japan)
· Moog Inc. (US)
· Northrop Grumman Corporation (US)
· OHB SE (Germany)
· Safran (France)
· Sierra Nevada Corporation (US)
· Space Exploration Technologies Corporation (US)
· Yuzhnoye SDO (Ukraine)
Growth Opportunities in the Market
Dominance of satellite propulsion systems in the market: The satellite propulsion systems segment dominated the global Space Propulsion Systems Market in 2018 and this trend is expected to continue during the forecast period. Moreover, the development of all-electric satellites is expected to drive the segmental growth during the forecast period. Thus, it is expected to replace traditional chemical-based propulsion systems. The satellite propulsion systems accounted for more than 51% share of the space propulsion systems market.
The government expected to actively invest in space technologies:
The government segment is expected to register the highest CAGR during the forecast period. Governments are actively launching satellites for earth observation and communication purposes. For instance, US-based Defense Advanced Research Projects Agency (DARPA) launched a small satellite through Rocket Lab, a commercial small satellite launches service provider. The satellite was launched to improve radio communication in the military.
Industry Updates
March 2022: Agile Space Industries, a Durango, Colorado-based firm focused on chemical propulsion in space, is additively manufacturing thrusters for Astrobotic Technology, space, and Mastan Space Systems' robotic lunar landers. Agile is specifically developing attitude control thrusters for Astrobotic's Griffin lunar lander. Agile is contributing thrusters for both attitude and axial control on Mastan’s Xylene and Tokyo-based space’s Series 2 lunar landers. The great majority of propulsion research has concentrated on launch vehicles in recent years. As NASA and commercial businesses prepare to launch a succession of robotic spacecraft to the moon in advance of the Artemis astronaut transfer missions, in-space propulsion is gaining increasing interest and financing.
Space Propulsion Systems Market Research Report By Type (Satellite, Launch Vehicle), By End-User (Commercial, Government Military) and By Region (North America, Europe, Asia-Pacific, Middle East Africa, Latin America) - Forecast to 2030
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