Press release
Space Based Fuel Management System Market 2024-2033: Rising Trends, Global Outlook, Industry Size And Major Players | The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Safran S.A.
Space Based Fuel Management System Market
The Business Research Company offers in-depth market insights through Space Based Fuel Management System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The space based fuel management system market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increase in satellite launches and space activities, growth of satellite communication and broadcasting, evolution of space exploration programs, rise in demand for satellite-based navigation systems, expansion of satellite-based earth observation.
The space based fuel management system market size is expected to see strong growth in the next few years. It will grow to $7.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growth of private space exploration companies, adoption of reusable satellite technologies, increasing demand for on-orbit satellite servicing, development of in-space refueling capabilities, development of satellite fuel monitoring and optimization tools. Major trends in the forecast period include technological advancements in space propulsion systems, technological advancements in satellite fueling technologies, integration of artificial intelligence in fuel management systems, integration of robotics and automation in fueling processes, increasing focus on satellite sustainability and debris mitigation, adoption of blockchain for secure fuel supply chain in space.
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Market Segmentation:
The space based fuel management system market covered in this report is segmented -
1) By Component: Engine, Tank, Pumps, Flow Control Components, Heat Exchanger, Engine Control Unit, Other Components
2) By Fuel Type: Solid, Liquid
3) By Application: Satellite, Deep Space Vehicle, Launch Vehicle
Major Driver - Surge In Satellite Launches Catalyzes Growth Of Space-Based Fuel Management Systems Market
The increase in satellite launches is expected to propel the growth of the space-based fuel management systems market going forward. Satellite launches refer to sending satellites into space using satellite launch vehicles. With the growing number of satellites in orbit, space-based fuel management systems will demand optimizing fuel consumption, maximizing mission performance, and ensuring operational longevity. For instance, in January 2023, according to United Nations Office for Outer Space Affairs (UNOOSA), a part of the United Nations promoting space-related activities and coordinating space-related policies and programs, the cumulative number of objects, including satellites, probes, landers, crewed spacecraft, and space station flight elements, launched into outer space accounted for 14,281 in 2022, an increase of 18% from 12,118 in 2021 across the world. Furthermore, in June 2022, according to the Satellite Industry Association (SIA), a US-based trade association providing representation of the leading domestic satellite operators, in 2021, there was the deployment of 1,713 commercial satellites, up more than 40% from 2020. Therefore, the increase in satellite launches drives the space-based fuel management systems market.
Competitive Landscape:
Major companies operating in the space based fuel management system market report are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Safran S.A., L3Harris Technologies Inc., TE Connectivity Ltd, Ball Aerospace & Technologies Corp., AMETEK.Inc., Teledyne Technologies Incorporated, Raytheon Technologies Corp, Moog Inc., Cobham Limited, Space Exploration Technologies Corp., Maxar Technologies Inc, Rocket Lab USA Inc, Firefly Aerospace Inc, NanoAvionics Corp, Reaction Engines Limited, Exotrail SA, Accion System Inc, Virgin Galactic Holdings Inc., Orbion Space Technology Inc, Benchmark Space System Inc, IHI Aerospace Co. Ltd, Microcosm Inc., Thales Alenia Space SAS, ThrustMe.
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Top Trend - Tech Advancements Drive Evolution In The Space-Based Fuel Management System Market
Technological advancements are a key trend gaining popularity in the space-based fuel management system market. Major companies operating in the space-based fuel management system market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Lockheed Martin, a US-based dynamic software engineering company, commercialized Horizon and Compass software for command and control and mission planning, and it is designed to support constellations of any size while minimizing on-orbit fuel consumption. Horizon is a cloud-enabled, expandable C2 jump-start kit based on industry and telemetry standards, and Compass enables customers to make the maximum use of satellite available time.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Space Based Fuel Management System Market Characteristics
3. Space Based Fuel Management System Market Trends And Strategies
4. Space Based Fuel Management System Market - Macro Economic Scenario
5. Space Based Fuel Management System Market Size And Growth
…..
27. Space Based Fuel Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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