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Space Propulsion System Market Size is projected to grow at over 14.6% CAGR to 2028

The global space propulsion system market size is expected to reach 19.97 billion in 2028 and register a revenue CAGR of 14.6% in 2028, according to latest analysis by Emergen Research. The increase in focus on lowering space mission costs can be linked to the growth of the market. A less expensive launch for a particular mission or the launch of a more sophisticated and effective spacecraft for a given mass is made possible by space propulsion systems, notably non-chemical propulsion.

For more than ten years, Airbus Defense and Space has used electric space propulsion systems to maintain orbital station keeping. Now, the company is concentrating on building huge satellites and employing exclusively electric space propulsion systems to raise the initial orbit. Space propulsion technologies offer dependable ways to reduce the overall system cost and the time needed to raise an object into orbit.

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The market for space propulsion is expanding as a result of increased spending in space exploration and an increase in the number of space exploration missions. For instance, the US Air Force’s Space Force, a separate component of the armed forces, declared in 2019 that the global space economy will earn between USD 1.0 trillion and USD 1.5 trillion by 2040. Additionally, it is anticipated that growing investments in space missions by China and Russia in the near future will boost demand for space propulsion systems.

Market Scope:

One of the report’s central components is the broad Space Propulsion System market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.

Major companies profiled in the market report include Space Exploration Technologies Corporation, Safran SA, Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., Thales Alenia Space, Moog Inc., IHI Corporation, OHB SE, Northrop Grumman Corporation, and Sierra Nevada Corporation.

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Key Highlights from the Report

NASA announced in October 2021 that it has signed agreements with Cincinnati-based GE Aviation (GE) and Redmond-based MagniX USA Inc. to facilitate the flight demonstration of an electric propulsion system (EPFD). Through ground and flight demonstrations, Electrified Aircraft Propulsion (EAP) technology will develop quickly. By 2035, NASA wants to have EAP technologies implemented in all U.S. aviation fleets.

According to spacecraft type, the rovers category is anticipated to post a sizably consistent revenue CAGR during the forecast period. Rovers can explore additional territory, advance our understanding of how well remote robotic vehicle control works, and even position themselves where there is sunshine on their own volition. The rovers are specifically outfitted with instruments/tools to examine a diverse soil and rock collection that may contain hints about the planet’s past water activity. This is especially important for missions tasked with discovering past water activity on Mars through examination of minerals and rocks.

Compared to chemical propellants, nuclear propulsion technology offers tremendous thrust and a twofold increase in propellant efficiency. The heat from the reactor is transferred via this mechanism to a liquid propellant, where it is converted to gas. After that, the gas expands through a nozzle to produce thrust for spacecraft propulsion. Nuclear propulsion systems can deploy propellants far more effectively than chemical ones, but their thrust is modest.

Space Propulsion System Market Segmentation by Regions:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key Benefits of the Report:

Comprehensive analysis of the competitive scenario and its changing dynamics

Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis

In-depth 8-year analysis of the Global Space Propulsion System Market

Critical understanding of the key market segments

Comprehensive analysis of the drivers, restraints, trends, and opportunities

Detailed regional analysis and extensive company profiling

Extensive assessment of current and emerging trends of the market

Emergen Research has segmented global space propulsion system market on the basis of component, spacecraft type, propulsion type, orbital path, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)

Thrusters

Rocket Motors

Propellant Feed Systems

Propulsion Thermal Control

Nozzles

Power Processing Units

Others

Spacecraft Type Outlook (Revenue, USD Billion; 2018–2028)

Satellites

Capsules

Rovers

Interplanetary Spacecraft & Probes

Launch Vehicles

Propulsion Type Outlook (Revenue, USD Billion; 2018–2028)

Chemical Propulsion

Non-Chemical Propulsion

Solar Propulsion

Electric Propulsion

Tether Propulsion

Laser Propulsion

Nuclear Propulsion

Orbital Path Outlook (Revenue, USD Billion; 2018–2028)

LEO

MEO

GEO

Others

End-use Outlook (Revenue, USD Billion; 2018–2028)

Government & Defense

Commercial

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Thank you for reading our report. Please get in touch with us if you have any queries regarding the report or its customization. Our team will ensure the report is best suited to your needs.

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About Us:

At Emergen Research, we believe in advancing with technology. We are growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: www.emergenresearch.com

Direct Line: +1 (604) 757-9756

E-mail: [email protected]

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