NEW YORK, United States, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market - By Application (Space Transportation, Asteroid Mining, ISS, And Space Tug), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market size was valued at approximately USD 55 billion in 2022. The market is expected to grow at a CAGR of 10% and is anticipated to reach a value of USD 77 billion by 2030.”
VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market Overview:
The variable specific impulse magnetoplasma rocket (VASIMR) is an electrothermal thruster being developed for potential spacecraft propulsion applications. It employs radio waves for ionizing and heating an inert propellant, forming plasma, and accelerating plasma expansion to generate thrust. In addition, it is a plasma propulsion engine and one of several types of electric propulsion systems for spacecraft. In addition, VASIMR is capable of bridging the divide between chemical rockets with high thrust, low thrust, and low specific impulse and electric propulsion with high specific impulse.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historic and Forecast Growth, Porter's 5 Forces Analysis
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 55 Billion |
| Market Forecast in 2030 | USD 77 Billion |
| Growth Rate | CAGR of 10% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Key Insights from Primary Research
- The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is anticipated to grow rapidly over the forecast timeline owing to the need for eradicating electrode corrosion along with growing demand for high-performance valves.
- Based on the application, the space transportation segment is set to dominate the application segment over the forecast period.
- Region-wise, the Asia-Pacific VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry is projected to register the fastest CAGR during the assessment timeline.
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VASIMR Engine Market: Growth Factors
- Space exploration to boost global market trends throughout projection timeline
The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is anticipated to be bolstered by increasing space exploration activities. In addition, the VASIMR machine safeguards rocket plasma from hardware components, paving the way for the global expansion of the market. In addition, the need to eliminate electrode corrosion and the rising demand for high-performance valves will fuel the growth of the global market in the coming years.
The VASIMR engines have no mechanical parts and a longer lifespan than conventional rocket engines. This, in turn, will support the global expansion of the market.
VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market: Segmentation
The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market is sectored into application and region.
In terms of application, the global variable specific impulse magnetoplasma rocket engine market is divided into space transportation, ISS, asteroid mining, and space tug segments. Furthermore, the space transportation segment, which amassed nearly 71% of the global market revenue in 2022, is expected to record the fastest CAGR in the forecasting timeline. The growth of the segment in the forecasting years can be owing to its large-scale demand for spacecraft propulsion.
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Regional Analysis:
- North America should maintain its worldwide market leadership over time
North America, which accounted for approximately 47% of the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine market's revenue in 2022, will be the dominant region during the forecast period. In addition, the development of the regional market can be attributed to the increase in space exploration activities and the deployment of spaceships for space missions by NASA, the U.S. government agency responsible for civil space programs. In recent years, NASA has launched numerous space programs.
Asia-Pacific VASIMR (Variable Specific Impulse Magnetoplasma Rocket) engine industry is set to register the fastest CAGR in the next couple of years owing to the presence of key participants in emerging economies such as China and India in the region. Moreover, on 2 September 2023, ISRO (Indian Space Research Organization), the country's national space agency, launched the Aditya-L1 space mission to observe the sun's outermost layers.
Competitive Players:
The report contains qualitative and quantitative research on the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine market include;
- Ad Astra Rocket Company
- Agnikul Cosmos
- Skyroot Aerospace
- Pixxel
- Northrop Grumman
- Tsangs Group.
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The global VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine market is segmented as follows:
By Application
- Space Transportation
- Asteroid Mining
- ISS
- Space Tug
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine industry?
- What are the main driving factors propelling the VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market forward?
- What are the leading companies in the VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Industry?
- What segments does the VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market cover?
- How can I receive a free copy of the VASIMR (Variable Specific Impulse Magnetoplasma Rocket) Engine Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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