Global Space Propulsion Market Report 2022 – Market Forecast, Trends And Strategies

The global space propulsion market size is expected to grow from $7.38 billion in 2021 to $8.37 billion in 2022 at a compound annual growth rate (CAGR) of 13.51%. The global space propulsion market size is expected to grow to $14.37 billion in 2026 at a CAGR of 14.46%.

What is the Global Space Propulsion Market?

The space propulsion market consists of sales of space propulsion products and related services by entities (organizations, sole traders, and partnerships) that are used to accelerate spacecraft and artificial satellites. Spacecraft are mainly propelled by the use of a rocket engine.

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What drives the Global Space Propulsion Market?

Increased government investments in space technology are driving the space propulsion market. For instance, in 2021, Westcott Space Cluster in Aylesbury Vale Enterprise Zone invested in a new National Space Propulsion Test Facility (NSPTF), which collected £4 million ($5.44 million) in sponsoring from the UK government Space Agency. New facility will permit innovation in propulsion technology, including low cost development and testing of more capable engines for interplanetary travel. So, increasing investments in space technology will drive the space propulsion market going forward.

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Global Space Propulsion Market Segments
The global space propulsion market is segmented:
By Type: Chemical Propulsion, Non-chemical Propulsion
By Platform: Satellites, Capsules/Cargos, Interplanetary Spacecraft and Probes, Rovers/Spacecraft Landers, Launch Vehicles
By End-User: Commercial, Government and Defense
By System Component: Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units
By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
By Geography: The regions covered in the space propulsion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global space propulsion market.

Space Propulsion Global Market Report 2022 provides market size and growth forecasts for the global space propulsion market, global space propulsion market share, space propulsion market segments and geographies, space propulsion market competitive landscape including leading competitors’ revenues, profiles and market shares. The space propulsion market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Space Propulsion Industry Players include OHB SE, Accion System, Boeing, Northrop Grumman Corporation, MAXAR Technologies, Thales Alenia Space, Airbus Defense and Space, Vacco Industries, MOOG Inc, Cobham Mission Systems Wimborne Limited, Safran S.A., NPO Splav, BAE Systems, Hanwha Group, and Avibras Indústria Aeroespacial. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.