Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Thrust Vector Control Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive research on the global thrust vector control market shows a notable growth trajectory, with an anticipation of ascending from $10.74 billion in 2022 to $11.83 billion in 2023. This signifies an impressive compound annual growth rate (CAGR) of 10.2%. Despite the economic turmoil ushered in by the Russia-Ukraine conflict, the thrust vector control industry has been resilient, projecting that by 2027, the market might burgeon to a valuation of $16.84 billion at a CAGR of 9.2%.
Technological Advancements Propel Market Expansion
The advancement of 3D printing marks a pivotal trend within the industry, making significant headway as companies navigate towards novel innovations. Pioneers within the sector, focusing on employing 3D-printing in developing cutting-edge components, are poised to streamline their dominance in the market. Highlighting industry milestones, Relativity Space recently made strides with the launch of their Terran 1 test rocket, an emblem of innovation with its engine components produced via additive manufacturing techniques.
Strategic Acquisitions to Broaden Capabilities
A watershed moment came in June 2021 when Astra acquired Apollo Fusion. This marked a strategic expansion of Astra's capabilities, enabling the company to extend its reach beyond LEO to more ambitious orbits, indicating fresh territory for advancements in thrust vector control applications.
Navigating through Regional Markets
North America has been identified as the prevailing region leading the market in 2022. However, the tides are shifting with the Asia-Pacific region expected to rise exponentially during the forecast period. The thrust vector control industry's dynamics span across various continents, including Western Europe, Eastern Europe, South America, the Middle East, and Africa, in addition to Asia-Pacific and North America.
The widespread use of corporate and military satellites is serving as a catalyst propelling the market forward. Increasing deployments of satellites for commercial and defense applications necessitate the enhanced development of thrust vector control systems, integral for precise guidance and maneuverability of spacecraft.
In the context of market dynamics, the thrust vector control market envelopes segments involving electromechanical, electrohydraulic, and electro hydrostatic systems, as well as an array of actuators and modular control electronics. Not only does this cover the manufacturing domain but extends to include associated service offerings integral to the operational landscape of vector control technologies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $11.83 billion |
| Forecasted Market Value (USD) by 2027 | $16.84 billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- General Electric Company
- Raytheon Technologies Corporation
- The Boeing Company
- Bharat Dynamics Limited
- Northrop Grumman
- Honeywell International Inc.
- Hindustan Aeronautics Limited
- BAE Systems
- Safran S.A.
- Eaton Corporation plc
- Thales Group
- L3Harris Technologies Inc.
- Rolls-Royce Holdings plc
- Kawasaki Heavy Industries Ltd.
- Israel Aerospace Industries
- Pratt and Whitney
- MBDA
- Moog Inc.
- Woodward Inc
- Aerojet Rocketdyne Holdings Inc.
- Sierra Nevada Corporation
- JASC Corporation
- SABCA (Sociétés Anonyme Belge de Constructions Aéronautiques)
- Almatech SA
- Wickman Spacecraft and Propulsion Company
- Jansen Aircraft Systems Control Inc.
For more information about this report visit https://www.researchandmarkets.com/r/md60zd
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