Space Propulsion Systems Market Report: Size, Challenges, Opportunities And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Space Propulsion Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $19.72 billion In 2028 At A CAGR Of 15.0% :

The space propulsion systems market size has grown rapidly in recent years. It will grow from $9.66 billion in 2023 to $11.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to space exploration initiatives, demand for efficiency and performance, innovation in electric propulsion, rise in satellite deployment, focus on reusability.

The space propulsion systems market size is expected to see rapid growth in the next few years. It will grow to $19.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to demand for electric propulsion, government funding and investments, interest in deep space exploration, commercial space industry expansion, rise in satellite constellations. Major trends in the forecast period include integration of artificial intelligence (ai), interest in nuclear propulsion, development of solar sail propulsion, exploration beyond low earth orbit (leo), rise of small satellite market.

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Space Propulsion Systems Market Major 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

Key Driver - Propelling Beyond Boundaries Space Exploration Missions Fuel Growth In The Space Propulsion Systems Market

The growing space exploration missions is expected to propel the growth of the space propulsion systems market in the coming future. 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. For instance, according to the Space Foundation, a US-based nonprofit advocacy group for the international space ecology, 72 rockets and 1,022 identifiable satellites were launched between January 2022 and June 2022. Compared to the initial five decades of the Space Age, more spacecraft have been launched and placed in orbit in the first six months of 2022. Therefore, growing space exploration missions are driving the space propulsion systems market.

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Prominent Trend - Advancements In Electric Propulsion Technologies Propel The Space Propulsion Systems Market

The advancements in electric propulsion technologies are key trends gaining popularity in the space propulsion systems market. 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.

Space Propulsion Systems Market Players
Major companies operating in the space propulsion systems market report are 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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Largest And Fastest Growing Region In The Market
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

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

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