Global Space Propulsion Systems Market Size to Grow at a CAGR of 14.1% in the Forecast Period of 2023-2028
The ‘Global Space Propulsion Systems Market Share, Size, Scope, Outlook, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global space propulsion systems market, assessing the market on the basis of its segments like type, class of orbit, end user, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Space Propulsion Systems Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 14.1%
The increasing usage of space propulsion systems in space research organisations to facilitate post launch, in-orbit, and campaign-related operations, is driving the global space propulsion systems market. Several applications of space propulsion systems include interplanetary spacecraft operations, control and re-entry of vehicles on earth, and automated resupply missions to the space station, among others. They are also responsible for providing stability to light to heavy space vehicles.
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The rapid development of space exploration activities and increasing space-related expenditure across the emerging economies are fuelling the demand for space propulsion systems. In addition, the growing need for efficient space propulsion systems for utility satellites, in order to gain a geopolitical upper hand, is further escalating the space propulsion systems market growth.
Different space propulsion systems are designed differently, according to the nature of the space mission being carried out. In this regard, the increasing demand for monopropellant hydrazine propulsion systems are adding to the market growth. This can be attributed to the increasing demand for small and medium satellites to reduce fuel costs and increase the overall operational efficiency of space projects. Furthermore, the increasing standards of emerging economies and favourable policies of various governments are expected to stimulate the space propulsion systems market growth in the coming years.
Space Propulsion Systems Industry Definition and Major Segments
A space propulsion system, also known as a spacecraft propulsion system, is defined as a system which is used to launch a spacecraft into space, outside the atmosphere. Space propulsion systems are used by space research organisations to carry out different space-related operations. This system generates thrust using electromagnetic fields which provides the necessary force to the spacecraft.
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Based on type, the market is bifurcated into:
- Chemical Propulsion
- Non-Chemical Propulsion
By class of orbit, the market is segmented into:
- Elliptical
- GEO
- LEO
- MEO
On the basis of end user, the market is divided into:
- Civil and Earth Observation
- Government and Military
- Commercial
Based on region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Space Propulsion Systems Market Trends
The key trends in the global space propulsion system market include the growing research and development activities by space system manufacturers, aimed towards reducing the dependence on traditional non-renewable fuels to carry out space exploration activities. These activities and initiatives are proving to be fruitful as electrical propulsion systems are anticipated to revolutionise the space field. Electrical propulsion systems exhibit high performance, low complexity, narrow divergence of beams, superior design, high specific impulses, and reduced mass of power processing units.
Progressive product launches by major market players, aimed towards designing and deploying hybrid motors for space activities, are likely to witness the development of superior space propulsion systems. In addition, the increasing efforts by the authorities, aimed towards reducing budgets and improving the cost-effectiveness of space exploration activities are likely to heighten the innovations in space propulsion systems. The increasing investments in LEO and MEO missions are expected to be the crucial trends in the space propulsion systems market.
In geographical terms, North America holds the largest share in the market. This can be attributed to the high space exploration budget across the United States and presence of well-trained experts and engineers.
Key Market Players
The major players in the global space propulsion systems market report are:
- Northrop Grumman Corporation
- Safran S.A.
- Moog Inc.
- Rafael Advanced Defense Systems Ltd.
- IHI Corporation
- OHB System AG
- VACCO Industries Inc.
- Accion Systems Inc.
- Ariane Group
- CU Aerospace, L.L.C
- others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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