From chemical to electric propulsion, discover the latest space propulsion systems for your next space mission. Explore the market’s components, spacecraft types, and end-uses.
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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.
Increased demand for satellite launch services, exploration missions, and developments in space technology have all contributed to the market for space propulsion systems experiencing significant expansion in recent years. Space propulsion systems are an essential part of the space industry since they are necessary for guiding and stabilising satellites, rockets, and other spacecraft. An analysis of the market for space propulsion systems, including its growth factors, drivers, and restraints, will be given in this article.
The rising need for satellite launches is one of the key factors driving the market for space propulsion systems. For many uses, including communication, navigation, and remote sensing, satellites are crucial. The number of satellite launches has significantly increased as a result in recent years, and this trend is anticipated to continue in the future. Due to the need for space propulsion systems for satellite stabilisation and manoeuvring in space, the market for these systems is expanding as a result of the increasing demand for satellite launches. The growing need for deep space exploration missions is another factor driving the market for space propulsion systems. Space exploration is receiving significant funding from governments and space organisations all over the world, with a special emphasis on missions to Mars and other planets in our solar system. For these journeys, spacecraft need cutting-edge propulsion systems to provide them the thrust and propulsion they need to get where they’re going.
The market for space propulsion systems, however, also has a number of limitations. The expensive cost of creating and launching space vehicles is one of the key obstacles. Space propulsion systems are one of the most expensive but also one of the most important parts of spacecraft. The market for space propulsion systems may not expand as quickly as it could otherwise, as governments and businesses may be hesitant to invest in such expensive technologies. Despite these obstacles, the market for space propulsion systems is being driven by a number of growth factors. The growing use of electric propulsion systems is one of these growth factors. Compared to conventional chemical propulsion systems, electric propulsion technologies are more effective and generate less waste. They are therefore a desirable alternative for space missions, especially those involving deep space exploration.
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The expansion of the market for space propulsion systems is also being significantly aided by governments all over the world. As an illustration, the Advanced Propulsion Research Laboratory at NASA is attempting to create cutting-edge propulsion technologies for next space missions. For use in space missions, the European Space Agency has created a number of electric propulsion systems. Growing demand for satellite launches and deep space exploration missions is propelling the market for space propulsion systems to expand significantly. The market is anticipated to expand despite a number of obstacles, with the Asia Pacific region experiencing the fastest development. Significant growth factors for the market include the rising use of electric propulsion systems and government funding for space propulsion research. The need for space propulsion systems will only continue to grow as the space industry develops and expands.
Space Propulsion System Market Segmentation:
The space propulsion system market can be segmented based on various components, including thrusters, rocket motors, propellant feed systems, propulsion thermal control, nozzles, power processing units, and others. Among these, the rocket motors segment is expected to account for a significant share of the revenue over the forecast period. Rocket motors are critical components of launch vehicles and interplanetary spacecraft, and their demand is expected to increase with the growing number of space missions.
The market can also be segmented based on spacecraft type, including satellites, capsules, rovers, interplanetary spacecraft & probes, and launch vehicles. The rovers segment is expected to register steady revenue growth over the forecast period due to the increasing demand for planetary exploration missions. The government and defense segment is expected to see faster revenue growth rate over the forecast period due to the increasing investment in space programs and defense applications. The propulsion type outlook segment includes chemical propulsion, non-chemical propulsion, solar propulsion, electric propulsion, tether propulsion, laser propulsion, and nuclear propulsion. Among these, electric propulsion is expected to register significant revenue growth over the forecast period, owing to its advantages over chemical propulsion in terms of fuel efficiency and lower cost.
The market can also be segmented based on the orbital path outlook, including low earth orbit (LEO), medium earth orbit (MEO), geostationary earth orbit (GEO), and others. The GEO segment is expected to account for the largest share of the revenue over the forecast period due to the increasing demand for communication and broadcasting satellites. In terms of geography, the North American region accounted for the largest revenue share in 2020 due to the presence of major players in the region and significant investments in space technology. The Asia Pacific region is expected to register the fastest revenue growth rate over the forecast period due to the increasing government support and investment in space technology.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report
· By spacecraft type, rovers segment is expected to register significantly steady revenue CAGR over the forecast period due to the increasing demand for planetary exploration missions. Rovers are unmanned space vehicles designed to explore the surface of planets, moons, and asteroids. They are equipped with various scientific instruments and cameras, allowing them to collect data and images that can be transmitted back to Earth.
· Among the end-use segments, government and defense segment is expected to register faster revenue growth rate over the forecast period due to the increasing investment in space programs and defense applications. Governments and defense agencies around the world are investing heavily in space technology for various applications such as earth observation, communication, navigation, and national security.
· Space propulsion market in North America accounted for largest revenue share in 2020 due to the presence of major players in the region and significant investments in space technology. North America is home to some of the world’s leading space agencies and companies, such as NASA, SpaceX, Boeing, and Lockheed Martin. These organizations are heavily invested in space propulsion technology, and they have developed some of the most advanced space propulsion systems in the world.
· Major companies profiled 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.
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