Dublin, May 19, 2022 (GLOBE NEWSWIRE) -- The "Global Space Propulsion Market by Type (Chemical Propulsion, Non-Chemical Propulsion), System Component (Thrusters, Propellant Feed System, Nozzle), Platform (Satellite, Launch Vehicle), Orbit, End User, Orbit, Support Service, Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The space propulsion market is projected to grow from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, at a CAGR of 22.1% from 2021 to 2026.
Developed economies of North America and Europe are currently the leaders in the market, considering the strong presence of OEMs in these regions, while emerging economies, especially those from the Asia Pacific region, are projected to be the upcoming major markets for space propulsion systems.
Conventionally, access to space has been extremely costly. But prices continue to fall with each passing decade as new technologies are created and the sector becomes more commercialized. SpaceX, for instance, has demonstrated the capability of reusable rockets.
Other advances in the future may involve lighter materials, the use of inflatable modules, new fuel types, space planes, and/or more efficient engines.
Based on component systems used in space propulsion systems, this report studies thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). By system component, the thrusters segment is projected to lead the space propulsion market during the forecast period. Thrusters are extensively used for maneuvering and orbit control of satellites.
Based on propulsion type, report is categorized as chemical propulsion technologies, which include solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. By propulsion type, the non-chemical propulsion segment is projected to lead the space propulsion market during the forecast period. The demand for low-cost and reusable space propulsion systems is fueling the growth of the non-chemical propulsion segment.
By platform, the satellites segment is projected to lead the space propulsion market and have the highest CAGR during the forecast period due to the increasing small satellite launches for commercial and government applications and the adoption of advanced technology in small satellites and CubeSats.
Based on end use segment, this research report covers space propulsion market comprising chemical and non-chemical propulsions across government & defense and commercial end users. Based on end users, Government & defense sub-segment would have the highest market share during the forecast period. The growth of this segment can be attributed to the increasing number of space exploration missions and the rising budgets for space exploration.
By orbit, the LEO (Low earth Orbit) segment is projected to lead the space propulsion market during the forecast period. The rising demand for communications and earth observation satellites fueling the growth of the Low Earth Orbit (LEO) segment.
North America is projected to hold the largest share of the space propulsion market during the forecast period. This is owing to the ever-rising small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent times.
Key players of space propulsion market comprise Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) and few others.
These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East & Africa and South America.
Premium Insights
- Increase in Space Exploration Missions to Drive Market
- Satellites Segment Expected to Register Highest CAGR During Forecast Period
- Thrusters Segment to Lead Space Prolusion Market from 2021 to 2026
- Low Earth Orbit (Leo) Segment to Dominate During Forecast Period
- Commercial Segment to Grow Faster During Forecast Period
- Non-Chemical Propulsion to be Larger Segment During Forecast Period
- North American Market to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increase in Number of Space Exploration Missions
- Increasing Demand for Leo-Based Services
- Increasing Focus on Reducing Mission Costs
- Demand for Advanced Electric Propulsion Systems
- Technological Advancements in Space Propulsion
- Significant Investments by Venture Capital Companies in Space Exploration Missions
- Increasing Use of Small Satellites in Various Applications
- Increasing Players in Space Launch Vehicles Market
- Increasing Demand for Commercial-Off-The-Shelf Components for Cubesats
Restraints
- Complex Government Frameworks and Stringent Policies
- Lack of Dedicated Small Satellite Launch Vehicles
Opportunities
- Increase in Research & Development in Space Propulsion Technologies
- Technological Upgrade in Electric Propulsion to Reduce Cost and Improve Efficiency
- Increased Government Investments in Space Technology
- Technological Development in Plasma Thrusters
- Increase in Use of Nuclear Technology in Propulsion Systems
Challenges
- Concerns Over Space Debris
- Emissions due to Space Missions
- Failure of Satellite Launch Vehicles and Satellites
Average Selling Prices
- Average Price of Space Propulsion Thrusters, 2020-2022 (USD)
- Pricing Range of Satellites, 2020-2022 (USD Million)
- Pricing Range for Satellite Subsystems, 2020-2022
- Pricing Range for Cubesats (USD Million)
- Pricing Range for Cubesat Subsystems
- Cost Composition of Various Types of Spacecraft
- Cost Comparison of Launch Vehicles, 2018-2022
- Nasa's Space Transportation System and Components Costing
- Cost Composition of Leo Payloads from 1981-2060 (Forecast)
Industry Trends
Technology Trends
- Ultra Cold Storage Tanks for Liquid Hydrogen to Support Future Space Missions
- Use of Micro Propulsion
- Space Elevator Propulsion by Mechanical Waves
- Low-Cost Electric Propulsion Thruster for Deep-Space Robotic Missions
- Dedicated Launch Vehicles for Small Satellites
- Use of Plasma Thrusters for Space Exploration
- Nuclear Propulsion: Game-Changer for Space Exploration
- Use of Green Fuel as Propellant in Spacecraft
- Improvements in Propellant Technology
- Hypersonic Inflatable Aerodynamic Decelerator (Hiad)- Recovery Technology
- Reusable Launch Vehicles
Technology Analysis
- Dipole Drive for Space Propulsion
- Ion Propulsion
- Cubesat-Based New Propulsion Systems
- Nasa Solar Sail Mission
- Water as Fuel
- Iodine Electric Propulsion System
Use Cases
- Water Electrolysis Propulsion
- Solar Sail Technology
- Busek Firm's Bht-200 - High Performance and Mature Propulsion System
- Propulsion Technology in Super Heavy-Lift Expendable Launch Vehicle
- Propulsion Technology for Cubesats
Impact of Megatrends
- Miniaturization in Space Technology
- Space 4.0
- Rideshare Program
Innovations & Patent Registrations
Companies Mentioned
- Accion Systems Inc.
- Aerojet Rocketdyne Holdings, Inc.
- Airbus Se
- Arianegroup GmbH
- Ast Advanced Space Technologies GmbH (Ast)
- Avio
- Blue Origin
- Bradford Space
- Busek Co. Inc.
- Dawn Aerospace
- Eaton (Cobham Mission Systems)
- Edb Fakel
- Enpulsion
- Exotrail
- Ihi Corporation
- Lockheed Martin Corporation
- Manastu Space
- Moog, Inc.
- Northrop Grumman Corporation
- Npo Energomash
- Nuspace
- Ohb Se
- Phase Four
- Rafael Advanced Defense Systems Ltd.
- Ram Aviation, Space and Defense
- Safran
- Sierra Nevada Corporation
- Sitael S.P.A
- Space Exploration Technologies Corp.
- Stanford Mu Corporation (Smc)
- Thales Alenia Space
- Thrustme
- Ursa Major
- Vacco Industries
- Virgin Orbit
For more information about this report visit https://www.researchandmarkets.com/r/h4xk4u
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