What Has Been the Progress and Growth of the Space Propulsion Market in Recent Years?
The space propulsion market has seen considerable growth due to a variety of factors.
• The market for space propulsion has seen brisk expansion in the past few years. The worth of the market, anticipated to be $12.15 billion in 2024, is estimated to climb up to $14.42 billion in 2025, showcasing a compound annual growth rate (CAGR) of 18.7%.
This significant surge during the historical period is largely due to the soaring demand for leo satellites and satellite constellations, the emergence of space tourism, an increased understanding of the beneficial aspects of leo satellites, heightened demand for cost-effective yet efficient propulsion systems, contributions from government and various space programs.
What Can Be Expected from the Space Propulsion Market in the Coming Years?
The space propulsion market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of space propulsion is predicted to undergo swift expansion in the upcoming years, escalating to a worth of $27.12 billion in 2029 with a compound annual growth rate (CAGR) of 17.1%.
The surge during the forecast period can be credited to the increasing need for miniaturization in space systems, heightened space expedition programs, developing inclination for electric propulsion, expanding demand for services reliant on satellites, and mounting requirement for space-based communication. Prominent trends projected for the forecast period comprise rising number of space launches, additive manufacturing (am) and cutting-edge materials, artificial intelligence (ai) and machine learning (ml), autonomous spacecraft, and reusable launch vehicles.
What Main Forces Are Fueling Expansion In The Space Propulsion Market?
Elevated governmental funding in space technology is propelling the space propulsion sector forward. For instance, a report released by the UK's government in April 2024, cited by a UK-based informational website, stated that during the fiscal year of 2022-23, ESA programs received 79% of the funding while 20% was funneled into national initiatives such as the National Space Innovation Programme, which will continue until 2027/28. The infusion of agency funding is expected to hike revenue up to £1.2 billion, and private investment is projected to reach £733 million. Thus, the uptick in funding for space technology is likely to boost the space propulsion market in the future.
What Are The Primary Segments In The Global Space Propulsion Market?
The space propulsion market covered in this report is segmented –
1) By Type: Chemical Propulsion, Non-chemical Propulsion
2) By Platform: Satellites, Capsules\Cargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles
3) By System Component: Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units
4) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
5) By End User: Commercial, Government & Defense
Subsegments:
1) By Chemical Propulsion: Solid Propulsion, Liquid Propulsion, Hybrid Propulsion
2) By Non-Chemical Propulsion: Electric Propulsion, Solar Propulsion, Nuclear Propulsion, Electromagnetic Propulsion
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Which Key Trends Are Driving Changes In The Space Propulsion Market?
The trend of research and development is becoming increasingly popular in the space propulsion market. A report from July 2023, released by the UK government, showcased a significant UK-based collaboration with the European Space Agency (ESA). According to The National Space Strategy in Action, an information website in the UK, they have pledged a historic investment of £1.84 ($2.41) billion for the coming five years.
Who Are the Key Players in the Space Propulsion Market?
Major companies operating in the space propulsion market include:
• OHB SE
• Accion Systems Inc.
• The Boeing Company
• Northrop Grumman Corporation
• Maxar Technologies Inc.
• Thales Alenia Space
• Airbus SE
• VACCO Industries Inc.
• Moog Inc.
• Cobham Mission Systems Wimborne Limited.
• Safran S.A.
• NPO Splav
• BAE Systems plc
• Hanwha Group
• Avibras Indústria Aeroespacial S.A.
• Blue Origin LLC
• The Aerospace Corporation
• Aerojet Rocketdyne Holdings Inc.
• Astrobotic Technology Inc.
• ArianeGroup
• IHI Corporation
• Mitsubishi Heavy Industries Ltd.
• Honeybee Robotics Ltd.
• Bluestaq LLC
• Aurora Flight Sciences Corporation.
• Planet Labs Inc.
• Sierra Nevada Corporation
• Avio SpA
• Beta Technologies Inc.
What Is The Most Dominant Region In The Space Propulsion Market?
North America was the largest region in the space propulsion market in 2024. North America is expected to be the fastest-growing region in the space propulsion market share during the forecast period. The regions covered in the space propulsion market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
