Space Propulsion Systems Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Space Propulsion Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Space Propulsion Systems Market 2024 Key Insights:

• The space propulsion systems market size will grow to $19.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
• Propelling Beyond Boundaries Space Exploration Missions Fuel Growth In The Space Propulsion Systems Market
• Advancements In Electric Propulsion Technologies Propel The Space Propulsion Systems Market
• North America was the largest region in the space propulsion systems market in 2023

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