Dublin, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The "Space-qualified Propellant Tank Market - A Global and Regional Analysis: Focus on Platform, End User, Material Type, Manufacturing Process, Propellant Tank and Country - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global space-qualified propellant tank market is expected to reach $3,069.5 million by 2031, with a CAGR of 4.83% during the forecast period 2021-2031.
The rapid escalation of the production and launch of satellites is expected to be the major driving factor for the market. In addition, rising demand for building efficient propellant tanks at low cost are key drivers for the growth of the global space-qualified propellant tank market.
Space-qualified Propellant Tank Market by Platform
The satellite platform segment is estimated to dominate the global space-qualified propellant tank market due to the rising development of satellite constellations for communication, Earth observation, navigation, and tracking purposes.
Space-qualified Propellant Tank Market by End User
The commercial end user segment is estimated to dominate the global space-qualified propellant tank market due to the rising development of small satellite constellations for communication, remote sensing, Earth observation, and navigation by commercial industries.
Space-qualified Propellant Tank Market by Material
Carbon Fiber material is the most prominent material contributing to the global space-qualified propellant tank market. The space industry has been using carbon fiber composites for manufacturing satellite structures and launch vehicle structures. For instance, for NASA's Artemis Program Space Launch System (SLS), a heavy launch vehicle, rocket parts were manufactured using the automated fiber placement (AFP) machine. These rocket parts comprised sandwich structures of more than eight meters in diameter made of carbon fiber skins with an aluminum honeycomb core.
Space-qualified Propellant Tank Market by Manufacturing Process
Space will continue to be a major source of applications for compression molded composite parts. Compression molding using BMC is an enabling technology for the fabrication of complex composite parts for aerostructures, space, and satellites.
Space-qualified Propellant Tank Market by Propellant Tank Type
With the growing number of space-qualified propellant tanks, it is anticipated that the requirement for diaphragm tanks will grow in the upcoming years. The tanks are light in weight, reliable, and manufactured at low cost, which has proliferated their use in the aerospace sector over the years. The tanks are replacing titanium propellant tanks that were previously used for spacecraft application due to low cost and simple design.
Space-qualified Propellant Tank Market by Region
North America is expected to account for the highest share of the global space-qualified propellant tank market, owing to a significant number of companies based in the region, increased spending by government and commercial organizations such as the National Aeronautics and Space Administration (NASA), Lockheed Martin, Ariane Group, Northrop Grumman, Microcosm, and Stelia Aerospace North America for space-qualified propellant tank.
Market Growth Drivers
- Rapid Escalation of the Production and Launch of Satellites
- Rising Research and Development Activities to Develop Cost-Efficient Propellant Tank for Satellites and Launch Vehicles
Market Challenges
- High Cost Associated with Large Space-qualified Propellant Tank
Market Opportunities
- Growing Developments for Deep Space Exploration Programs
Key Questions Answered in the Report
- What are the futuristic trends in this market, and how is the market expected to change over the forecast years, 2021-2031?
- What are the key drivers and challenges faced by the companies currently working in the global space-qualified propellant tank market?
- How is the space-qualified propellant tank market expected to grow during the forecast period 2021-2031?
- What are the opportunities for the companies to expand their businesses in the global space-qualified propellant tank market?
- Which region is expected to lead the global space-qualified propellant tank market by 2031?
- What are the key developmental strategies implemented by the key players to sustain in this highly competitive market?
- What is the current and future revenue scenario of this market?
- What is the competitive scenario of the key players in the global space-qualified propellant tank market?
- What are the emerging technologies that the key companies are focusing on to increase their market share?
- What are the strengths and weaknesses of the companies that are influencing the growth of the market?
Company Profiles
- Airbus S.A.S
- Adam Works
- Ariane Group
- Busek Co Inc.
- Cobham Mission System
- Infinite Composites Technologies
- IHI Aerospace Co.
- Lockheed Martin Corporation
- Microcosm, Inc.
- Moog Inc.
- OHB SE
- Northrop Grumman Corporation
- Nammo AS
- Peak Technology
- Stelia Aerospace North America Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/d81ir4
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