Space Propulsion Systems Market 2023 | Industry Statistics, Emerging Trends, Key Drivers And Forecast To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Space Propulsion Systems Global Market Report 2023 identifies growing space exploration missions as the major driver for the space propulsion systems market's growth in the forecast period. Space exploration is the continuing finding and investigation of astronomical entities in outer space using constantly expanding and growing space technologies. The growing space exploration missions are expanding the space propulsion systems market as they are used to provide the required thrust for rockets and other spacecraft to reach space.

The global space propulsion systems market size is expected to grow from $8.26 billion in 2022 to $9.66 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global space propulsion systems market size is expected to reach $17.15 billion in 2027 at a CAGR of 15.4%.

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Major competitors in the space propulsion systems market are IHI Corporation, Safran S.A., Aerojet Rocketdyne Holdings Inc., SpaceX, Northrop Grumman Corporation, Moog Inc.

A key trend in the space propulsion systems market includes advancements in electric propulsion technologies. Major companies operating in the space propulsion systems market are focused on developing innovative electric propulsion technologies to strengthen their position in the market. For instance, in June 2022, Astra, a US-based space vehicle company, launched Astra Spacecraft Engine with Krypton/Xenon propulsion system. The Astra Spacecraft Engine (ASE) is an electric propulsion system for constellations using a Hall-effect thruster propulsion system that has been flight-tested. It builds on the previous 50 years of Hall thruster research in a new design with significant advances. Its characteristics are it works with krypton and xenon propellants.

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The space propulsion systems market 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: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the space propulsion systems market.

The Business Research Company's "Global Space Propulsion Systems Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Space Propulsion Systems Market Include:
1. Executive Summary
2. Space Propulsion Systems Market Characteristics
3. Space Propulsion Systems Market Trends And Strategies
4. Space Propulsion Systems Market - Macro Economic Scenario
5. Space Propulsion Systems Market Size And Growth
……
26. Africa Space Propulsion Systems Market
27. Space Propulsion Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Space Propulsion Systems Market
29. Space Propulsion Systems Market Future Outlook and Potential Analysis
30. Appendix

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