Press release
Space Based Fuel Management System Market Report 2024: Growth, Trends, Analysis, Forecast 2033
Space Based Fuel Management System Market
As per the report, 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 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%.
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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.
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 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
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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.
Contents of the report:
1. Executive Summary
2. Space Based Fuel Management System Market Report Structure
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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