Space Propulsion System Market Analysis by Size, Business Strategies, Share, Growth, Trends, Revenue, Competitive Landscape and Developments Forecast by 2028
The global space propulsion system market size is expected to reach 19.97 billion in 2028 and register a revenue CAGR of 14.6% in 2028, according to latest analysis by Emergen Research. Market revenue growth can be attributed to increasing emphasis on decreasing costs associated with space missions. For orbit insertion, station keeping, lifting launch vehicles into space, attitude control, and other purposes, space propulsion systems are used to generate thrust in spacecraft, launch vehicles, capsules/cargo, and rovers/spacecraft landers.
These systems use both chemical and non-chemical propulsion methods, such as electric, solar, nuclear, and laser propulsion. Chemical propulsion methods include solid, liquid, hybrid, and cold gas propulsion. Thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units are some of the parts utilised in space propulsion systems (PPU). The market for space propulsion includes both chemical and non-chemical propulsions used by both commercial and government end users. The market is divided into commercial and government & defence segments based on end users.
Given the significant OEM presence in these regions, developed economies in North America and Europe currently dominate the market. However, emerging economies, particularly those in the Asia Pacific region, are predicted to overtake these economies as the upcoming major markets for space propulsion systems. Historically, getting into space has been very expensive. Nevertheless, as new technologies are developed and the industry becomes increasingly commercialized, prices continue to decline with each passing decade. For instance, SpaceX has proven that reusable rockets are possible. Future developments could also include the use of lighter materials, inflatable modules, new fuels, spacecraft, and/or more effective engines. The market for space propulsion is anticipated to grow quickly during the forecast period as a result of private firms’ rapid expansion of their research and development efforts in space propulsion systems.
Key stakeholders also have the chance to create, produce, and install specialized in-flight entertainment systems while keeping up with new technical advancements because these technologies are quickly becoming outdated. For market players, this feature is anticipated to soon lead to advantageous commercial prospects. With the aid of renovation, aircraft cabins have advanced greatly throughout the years in terms of features, functions, and applications. The increasing emphasis on providing passengers with extra value, features, services, ambiance, and comfort is predicted to drive market growth. Other factors driving this trend include brand endorsement and cabin branding.
Some Key Highlights from the Report
NASA announced in October 2021 that it has signed agreements with Cincinnati-based GE Aviation (GE) and Redmond-based MagniX USA Inc. to facilitate the flight demonstration of an electric propulsion system (EPFD). Through ground and flight demonstrations, Electrified Aircraft Propulsion (EAP) technology will develop quickly. By 2035, NASA wants to have EAP technologies implemented in all U.S. aviation fleets.
According to spacecraft type, the rovers category is anticipated to post a sizably consistent revenue CAGR during the forecast period. Rovers can explore additional territory, advance our understanding of how well remote robotic vehicle control works, and even position themselves where there is sunshine on their own volition. The rovers are specifically outfitted with instruments/tools to examine a diverse soil and rock collection that may contain hints about the planet’s past water activity. This is especially important for missions tasked with discovering past water activity on Mars through examination of minerals and rocks.
Compared to chemical propellants, nuclear propulsion technology offers tremendous thrust and a twofold increase in propellant efficiency. The heat from the reactor is transferred via this mechanism to a liquid propellant, where it is converted to gas.
The government and defence end-use segment is anticipated to experience the fastest revenue growth rate during the projection period. The U.S. military heavily relies on satellite technology, which is used to spot enemy locations and movements, monitor weather patterns, direct navigational systems, communicate across conflict zones, and carry out precise strikes. It is anticipated that rising satellite utilisation in the defence industry will continue to fuel this segment’s revenue growth.
Due to continuous NASA space exploration missions, rising corporate and public investment in space exploration and earth observation operations, and satellite launches by the US Department of Defense, the space propulsion market in North America accounted for the biggest revenue share in 2020. (DoD).
Some major companies in the market report include Space Exploration Technologies Corporation, Safran SA, Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., Thales Alenia Space, Moog Inc., IHI Corporation, OHB SE, Northrop Grumman Corporation, and Sierra Nevada Corporation.
Emergen Research has segmented global space propulsion system market on the basis of component, spacecraft type, propulsion type, orbital path, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Rocket Motors
- Propellant Feed Systems
- Propulsion Thermal Control
- Power Processing Units
Spacecraft Type Outlook (Revenue, USD Billion; 2018–2028)
- Interplanetary Spacecraft & Probes
- Launch Vehicles
Propulsion Type Outlook (Revenue, USD Billion; 2018–2028)
- Chemical Propulsion
- Non-Chemical Propulsion
- Solar Propulsion
- Electric Propulsion
- Tether Propulsion
- Laser Propulsion
- Nuclear Propulsion
Orbital Path Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Government & Defense
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/space-propulsion-system-market
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Corporate Sales Specialist
14671 110 Avenue, Surrey, British Columbia, V3R2A9
Direct Line: +1 (604) 757-9756