Space Propulsion Market to Grow at a Highest CAGR of 22.4% by 2030 | Leading Players Safran, IHI Corporation, Aerojet Rocketdyne Holdings, Inc., Northrop Grumman Corporation

Space Propulsion Market: by Type (Chemical Propulsion, Non-chemical Propulsion), System Component (Thrusters, Propellant Feed System, Nozzle), Platform (Satellite, Launch Vehicle), Orbit, End User, Orbit, Support Service and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Major players in the space propulsion market are Safran S.A., Aerojet Rocketdyne Holdings, Inc., SpaceX, IHI Corporation, Northrop Grumman Corporation, Moog, Inc., Rafael Advanced Defense Systems Ltd., OHB SE, Lockheed Martin Corporation, NPO Energomash, Sierra Nevada Corporation, L3harris Technologies, Inc., Thales Alenia Space, Cobham Mission Systems, Vacco Industries, Ram Company, Arianegroup Gmbh, AST Advanced Space Technologies Gmbh

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Space propulsion systems have the primary purpose of accelerating spacecraft by ejecting propellant mass at a high speed into the air or space in accordance with Newton's laws of motion. This produces a propulsive force (thrust) or a change in velocity (delta-V). This is significant in spacecraft acceleration, attitude control, drag make-up, and orbit transfer movements. Space propulsion systems are classified according to the type of energy source used and how the energy is generated to provide thrust. The most popular forms of propulsion systems for various spacecraft at the moment are chemical and electric systems. Satellite-based communication for military and commercial applications, in-flight internet services, satellite imaging technologies, satellite-based essential data collecting, and space exploration are all examples of how satellites and spacecraft are used.

Acceleration of space propulsion:

Space program development has been on the rise during the past decade in an increasing number of countries, aiming to acquire independent assets to help their national, social, economic, and technological development and contribute to their national defense and security programs. Satellite communication emerged when there is a need to communicate in emergencies and during natural calamities. In the near future, there will be a huge need in enhancing the bandwidth of communications satellites by providing large apertures. It all drives the market of the space industry by introducing new products in the market for commercialization.

Focus on developing the satellite with low-cost launching, cost-effectiveness, and readily available parts promoted the growth of satellite sales. The advancement in electrical propulsion is considered the next-generation propulsion system that enhances the number of space launches and promotes space tourism, other new development in commercial satellite production companies, and the initiation of new space programs worldwide improved the market of space propulsion systems.

Global Market Trends:

The Space Propulsion Market attained a value of $ 10.15 billion in 2022. This market is predicted to grow from $ 12.43 billion in 2023 to $ 51.18 billion in 2030 with a CAGR of 22.4% in the forecast period 2023-2030. This market is segmented based on the type of end-user such as government, commercial, and defense, on the outlook involves chemical propulsion & Non-chemical, the platform includes satellites, capsules or cargo, interplanetary spacecraft & probes, rovers & spacecraft landers, and launch vehicles. Depending on the type of system, the space propulsion systems consist of thrusters, propellant feed systems, rocket motors, nozzles, propulsion thermal control, and power processing units.

According to the region-wise analysis, North America holds a huge market share in the given forecast period. It is highly established in space exploration and programs in relation to space in the United States. The recent improvement in the space industry in the US is predominately driven by missions carried out by NASA and high launches of satellites launched by the US department of defense.

Asia-Pacific will witness a striking expansion of the market. As a result of rising space budgets in China, India, and Japan, there are more governmental and commercial satellite launches. Defense utilities, increased demand for satellites over Asia, and other reasons drive the industry. Rising space spending and developing military satellite projects in several APAC countries are driving the market growth.

Conclusion:

The space propulsion system market showing high growth in the upcoming years. Since the space industry and defense government are keenly focused on the new advancement in the propulsion system with the aim to reduce the cost of launch, hybrid fuel-propelled engines, and lightweight & durable material.

The launching of new satellites, spacecraft in orbit, probes, interplanetary spacecraft, and automated resupply missions for the International Space Station has unlocked new challenges and opportunities for commercial satellite launching companies, related space product manufacturers, and new startups providing advanced technology. It certainly evolves through the years to give a huge hit in the space propulsion market. Further, the expansion in this market created a greater impact on the telecommunication sector across the world. Due to the rising demand for speed internet providers and immediate transfer of data for defense and other emergency situations. Innovation and initiatives in the area of space technology will aid in the subsequent growth of the space propulsion systems.

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