New York, United States , Nov. 13, 2023 (GLOBE NEWSWIRE) -- The Global Space Propulsion System Market size is anticipated to exceed USD 38.74 Billion by 2032, growing at a CAGR of 14.5% from 2022 to 2032.
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Space propulsion systems produce thrust in spacecraft, launch vehicles, capsules/cargoes, and rovers/spacecraft landers for orbit insertion, station keeping, lifting launch vehicles into space, and attitude control, among other things. Spacecraft propulsion refers to any technique used to accelerate artificial satellites and spacecraft. In-space propulsion, as opposed to atmospheric entry or space launch, is the use of propulsion systems in vacuum space. The space propulsion market is made up of companies that provide related services or sell space propulsion products used to propel artificial satellites and spacecraft. Spacecraft are typically propelled by rocket engines. The space propulsion market is expected to grow rapidly as space exploration missions increase, as demand for low-Earth orbit-based services increases, and as demand for satellite data increases. Major players have prioritised the development of LEO satellites due to numerous benefits such as lower launch costs, cost effectiveness, and availability of satellite parts. Because of the numerous advantages and properties of LEO spacecraft, space propulsion systems are in high demand. However, increased emissions from space missions, as well as increased concerns about space debris, are some of the key factors preventing the market for space propulsion systems from expanding.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on "Global Space Propulsion System Market Size, Share, and COVID-19 Impact Analysis By Type (Chemical Propulsion, Non-Chemical Propulsion), By System Component (Thrusters, Propellant Feed System, Nozzle, and Others), By Platform (Satellite, Launch Vehicle), By End-user (Commercial and Government & Defense), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032)".
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The non-chemical propulsion segment is expected to grow at the highest pace in the global space propulsion system market during the forecast period.
Chemical propulsion and non-chemical propulsion are the two types of space propulsion systems in the global market. Non-chemical propulsion is projected to expand at the fastest rate in the global space propulsion system market throughout the forecast period. Solar propulsion is a cutting-edge propulsion technology that provides safety and superior propellant power to a variety of space exploration missions.
The thrusters segment is expected to grow at the fastest pace in the global space propulsion system market over the projected period.
The global space propulsion system market is segmented by system component, including thrusters, propellant feed system, nozzle, and others. Thrusters are anticipated to expand at the fastest rate in the global space propulsion system market throughout the forecast period. Satellite thrusters are primarily used for maneuvering, orbital station-keeping, attitude control, and long-duration, low-thrust acceleration orbit control. As a result, it is expected to dominate the space propulsion system market for the duration of the study.
The satellite segment is expected to hold the largest share of the global space propulsion system market during the forecast period.
The global space propulsion system market is classified into satellite and launch vehicle platforms. Among these, satellite is projected to account for the majority of the global space propulsion system market throughout the forecast period. As a result of numerous applications such as satellite and spacecraft launch, the satellite market is rapidly expanding.
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North America is projected to hold the largest share of the global space propulsion system market during the study period.
During the forecast period, North America is projected to dominate the largest share of the global space propulsion system market. This is due to an increase in the number of small satellite launches and the recent entry of private players such as SpaceX, which have boosted the space industry. During the forecast period, Asia Pacific is predicted to expand at the highest pace in the global space propulsion system market. Asia-Pacific will experience rapid market growth. Government and commercial satellite launches will increase as China, India, and Japan increase their space budgets. Increasing space expenditures and military satellite projects in various APAC countries are propelling market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Space Propulsion System Market include Accion Systems, Mitsubishi Heavy Industries Ltd, Aerojet Rocketdyne Holdings, IHI Corporation, Blue Origin, Northrop Grumman Corporation, Space Exploration Technologies, Safran, Airbus Se, Thales Alenia Space, and Others.
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Recent Developments
In September 2022, Airbus has signed satellite communications contracts with the Dutch and Czech defence ministries. The armed services will use the Airbus UHF (Ultra High Frequency) military communications hosted payload on two or three channels, and it will be launched as part of the EUTELSAT 36D communications satellite in 2024.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Space Propulsion System Market based on the below-mentioned segments:
Global Space Propulsion System Market, By Type
- Chemical Propulsion
- Non-Chemical Propulsion
Global Space Propulsion System Market, By System Component
- Thrusters
- Propellant Feed System
- Nozzle
- Others
Global Space Propulsion System Market, By Platform
- Satellite
- Launch Vehicle
Global Space Propulsion System Market, By End-user
- Commercial
- Government & Defense
Global Space Propulsion System Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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