New York, NY, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Space Propulsion Market Share, Size, Trends, Industry Analysis Report, By Type (Chemical Propulsion, Non-Chemical); By System Component; By Platform; By End-use; By Region; Segment Forecast, 2022 - 2030” in its research database.
“According to the latest research study, the demand for global Space Propulsion Market size & share is expected to generate revenue of USD 22,536.23 million by 2030 and is estimated to be valued at USD 6,170.55 million in 2021, at a compound annual growth rate (CAGR) of 15.5% from 2022 to 2030”
What is Space Propulsion? What is the expected Size/Share of the Space Propulsion Market?
- Report Overview
Space propulsion is used to accelerate spacecraft and artificial satellites by producing propulsive force or changing the velocity. The propulsion system includes tanks, pumps, pressure regulators, propellants, power heads, and rocket nozzles. Most spacecraft today are driven by heating the reaction mass engine and ejecting out mass at high speed into the air or space. This type of engine is called a rocket engine which plays a key role in acceleration, attitude control and drag makeup.
When launching a spacecraft from the Earth, a propulsion system is used to provide a net positive acceleration. Aeronautics and space agencies are increasingly using many space propulsion systems due to the presence of a broad range of satellites and space crafts. Many technological developments and the use of composite materials in the manufacturing of components are fueling the growth of the space propulsion market.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Highlights of the Report
- Market size (value & volume) by company, key regions/countries, products and applications, history data, and forecast.
- The value and volume of submarkets, with respect to key regions.
- Data on significant drivers, restraints, and opportunities.
- Market segment analysis by types, applications, and regions.
- Value chain analysis with price analysis and forecast.
- Current market trends, application solutions, and market landscapes may be useful to organizations in the industry.
Some of the Top Market Players Are:
- Accion Systems
- Aerojet Rocketdyne Holdings
- IHI Corporation
- Blue Origin
- Northrop Grumman Corporation
- Space Exploration Technologies
- Safran
- Airbus Se
- Thales Alenia Space
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Growth Driving Factors
- Increasing demand for advanced propulsion systems to push the market growth
The growing investment, rising growth in space missions for exploring, and rise in conflicts on borders, are boosting the space propulsion market size. Rockets are used as low Earth orbit (LEO) elevators due to their cost-effectivity, low launch cost, and availability of off-the-shelf satellite components. Thus increasing development of reusable rockets and their demand is anticipated to accelerate the space propulsion industry. For instance, in Oct 2022, OneWeb successfully launched 36 new LEO (Low Earth Orbit) satellites into its constellation from India. This led to enhance global coverage and form connectivity in India and South Asia. A rise in space exploration missions, growing R&D activities, and growing demand for satellite data are the market trends driving the overall demand.
Moreover, a surge in the collaboration between government and private companies is another factor propelling the market growth. The rise in demand for advanced propulsion systems, as well as propulsion systems produced through 3D printing, is predicted to create lucrative opportunities in the space propulsion market. In addition, the increase in demand for satellites for satellite imaging applications is augmenting the industry's growth.
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Segmental Analysis
- Non- Chemical propulsion type dominates the market over the forecast period
Based on type, the non-chemical propulsion category witnessed the largest space propulsion market share. Solar propulsion is the latest propulsion technology that is cost-effective and safer. It offers superior propulsive power to assist different space exploration missions. In a Laser propulsion system, a spaceship can receive velocity through two methods. The first method transfers energy by the application of photon radiation pressure.
- The thrusters segment is expected to witness the major revenue share
By system, the thrusters category is predicted to account for the highest market share in the space propulsion market because thrusters are majorly used for orbital station-keeping, attitude control, maneuvering, or long-duration, low-thrust acceleration orbit control of satellites. These systems can be classified as either pressure-supplied or pump-fed. Pressure-supplied thrusters are used in auxiliary propulsion as well as space propulsion applications which require low system pressures. However, a pump-fed system is used in a high-pressure, high-performance application.
- The Government and Defense segment holds the largest revenue share during the anticipated period
On the basis of end-use, the Government and Defense generate the greatest market share throughout the foreseen period. A military satellite is an artificial satellite used for military purposes. It has been launched into orbit to perform military activities on the surface of the Earth, including communications, navigation, and reconnaissance.
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Space Propulsion Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2030 | USD 22,536.23 Million |
| Market size value in 2022 | USD 7,110.94 Million |
| Expected CAGR Growth | 15.5% from 2022 - 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 - 2030 |
| Top Market Players | Accion Systems, Aerojet Rocketdyne Holdings, IHI Corporation, Blue Origin, Northrop Grumman Corporation, Space Exploration Technologies, Safran, Airbus Se, Thales Alenia Space. |
| Segments Covered | By Type, By System, By Platform, By End Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- North America is predicted to acquire the highest market share over the forecast period
Based on geography, the space propulsion market in North America is expected to lead the market with the highest CAGR throughout the predicted period. The key factors supporting regional growth include a large number of commercial space organizations and a high space budget. Also, the presence of the key market players in the region and the expansion of the space industry is favoring the industry growth.
Moreover, Asia-Pacific is likely to grow over the study period owing to the rise in space budgets in China, India, and Japan which has led to rising government and commercial satellite launches. In addition, defense utilities growing demand for satellites in Asia is positively influencing the regional market growth. Increasing space spending and an increasing number of military satellite programs from various APAC countries are driving the space propulsion industry expansion.
Browse the Detail Report “Space Propulsion Market Share, Size, Trends, Industry Analysis Report, By Type (Chemical Propulsion, Non-Chemical); By System Component; By Platform; By End-use; By Region; Segment Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/space-propulsion-market
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Recent Developments
- In Sept 2022, Airbus signed an agreement with the Dutch and Czech defense ministries for satellite communications. Airbus UHF (Ultra High Frequency) military communications hosted payload will be used by the armed services on 2 or 3 channels. It will be launched as part of the EUTELSAT 36D communications satellite in 2024.
The Report Responds to The Following Key Questions
- What will be the market size and growth rate by the conclusion of the forecast period?
- What are the major trends in the market that are influencing its growth?
- Who are the key players in this market?
- Which are the key areas of applications and product types that may expect a huge demand during the forecast period?
- What are the main findings of Porter’s five forces analysis and the SWOT analysis of the major companies in the market?
- What are the key strategies adopted by companies in the impact market?
Polaris Market Research has segmented the space propulsion market report based on type, system, platform, end-use, and region:
By Type Outlook
- Chemical Propulsion
- Non-Chemical
By System Outlook
- Thrusters
- Propellant Feed System
- Rocket Motors
- Nozzles
- Propulsion Thermal Control
- Power processing units
By Platform Outlook
- Satellites
- Capsules or Cargo
- Interplanetary Spacecraft and Probes
- Rovers and Spacecraft Landers
- Launch Vehicles
By End-Use Outlook
- Commercial
- Satellites Operators and Owners
- Space Launch Service Provider
- Government of Defense
- Departments of Defense
- National Space Agencies
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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