The Space Propulsion Market is projected to reach 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.
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Key Market Players
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 America, European, Asia Pacific, Middle East & Africa and South America.
“The space propulsion market for thrusters segment is projected to have the highest market share based on system component”
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.
“The space propulsion market for non-chemical propulsion segment is projected to have the highest market share based on propulsion type”
Based on propulsion type, report is categorized as chemical propulsion technologies, that 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.
“The space propulsion market for LEO (Low earth Orbit) segment is projected to have the highest market share and highest CAGR based on orbit”
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.
“The space propulsion market for satellites segment is projected to have the highest CAGR based on platform”
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.
“The space propulsion market for Government & Defense segment is projected to have the highest market share based on end use”
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 expected to hold the highest market share in 2021.”
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.
News Also Covered: https://www.prnewswire.com/news-releases/space-propulsion-market-worth-22-5-billion-by-2026--exclusive-report-by-marketsandmarkets-301520739.html
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