Global Space Propulsion Systems Market Size 2024, Forecast To 2033
6 Mar, 2024
The space propulsion systems market has undergone rapid growth, escalating from $9.66 billion in 2023 to $11.26 billion in 2024, reflecting a significant compound annual growth rate (CAGR) of 16.6%. This growth in the historical period is attributed to space exploration initiatives, the demand for efficiency and performance, innovation in electric propulsion, the rise in satellite deployment, and a focus on reusability in space missions. The market size is anticipated to see rapid growth in the coming years, reaching $19.72 billion in 2028, with a CAGR of 15.0%. The forecasted expansion is linked to the increasing demand for electric propulsion, government funding and investments, a growing interest in deep space exploration, the expansion of the commercial space industry, and the rise in satellite constellations. Major trends in the forecast period include the integration of artificial intelligence (AI), growing interest in nuclear propulsion, the development of solar sail propulsion, exploration beyond low earth orbit (LEO), and the rise of the small satellite market.
Global Space Propulsion Systems Market Key Driver
The anticipated growth in space exploration missions is poised to propel the expansion of the space propulsion systems market. Space exploration, involving the continual discovery and investigation of astronomical entities in outer space, relies on advancing space technologies. The increasing number of space exploration missions is expanding the market for space propulsion systems, crucial for providing the necessary thrust for rockets and spacecraft to reach space. According to the Space Foundation, between January 2022 and June 2022, a total of 72 rockets and 1,022 identifiable satellites were launched, surpassing the deployment of spacecraft in the initial five decades of the Space Age. This surge in space exploration missions serves as a driving force for the space propulsion systems market, indicating positive trends in 2023, 2024, and 2028.
Get A Free Sample Of The Global Space Propulsion Systems Market ReportGlobal Space Propulsion Systems Market Segments
The space propulsion systems market covered in this report is segmented –
1) By Component: Thrusters, Rocket Motors, Propellant Feed Systems, Propulsion Thermal Control, Nozzles, Power Processing Units, Other Components
2) By Spacecraft Type: Satellites, Rovers, Capsules, Launch Vehicles, Interplanetary Spacecraft And Probes
3) By Application: Space Simulation, Rocket Launch, Other Applications
4) By End User: Civil And Earth Observation, Government And Military, Commercial
By Geography:The regions covered in the space propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the space propulsion systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global space propulsion system market report during the forecast period. The regions covered in the space propulsion systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Space Propulsion Systems Industry Players
IHI Corporation, Safran S.A., Aerojet Rocketdyne Holdings Inc., Space Exploration Technologies Corp., Northrop Grumman Corporation, Moog Inc., OHB SE, Sierra Nevada Corporation, Thales Alenia Space, Accion Systems Inc., ArianeGroup, Rafael Advanced Defense Systems Ltd., Mitsubishi Heavy Industries Ltd., Lockheed Martin Corporation, NanoAvionics Corp., Vector Launch Inc., L3Harris Technologies Inc., Blue Origin LLC, Avio SpA, Yuzhnoye State Design Office, Honeywell International Inc., The Boeing Company, Ball Aerospace & Technologies Corp., Rüstungs Unternehmen Aktiengesellschaft, Antrix Corporation Limited, Exotrail SA, Terran Orbital Corporation, Rocket Lab USA Inc., Firefly Aerospace Inc., Relativity Space Inc., Momentus Inc.
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Space Propulsion Systems Market Overview
The space propulsion system is a system that provides thrust to spacecraft. It includes all of the components of the rocket engine, such as the tank pumps, propellants, rocket nozzle, and power head.
Space Propulsion Systems Global Market Report 2023 provides data on the global space propulsion systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The space propulsion systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.