Space Propulsion Market: High Growth Forecast, Key Players, and Market Trends

Projected growth of Space Propulsion Market from $12.15 billion in 2024 to $27.12 billion in 2029, with a CAGR of 17.1%. Driven by high demand for leo satellites, advent of space tourism, increased government investments and space programs.

What Is The Projected Market Size Of The Global Space Propulsion Market And Its Growth Rate?
•The space propulsion market has grown from $12.15 billion in 2024 to $14.42 billion in 2025, demonstrating a CAGR of 18.7%.
•This growth is primarily attributed to high demand for leo satellites and satellite constellations, advent of space tourism, realization of benefits from leo satellites, increased demand for low-cost and efficient propulsion systems, government investments and space programs.
•The market is projected to grow to $27.12 billion in 2029 at a CAGR of 17.1%, driven by rising demand for miniaturization in space systems, increasing space exploration programs, growing preference for electric propulsion, and growing demand for satellite-based services.

What Is Driving The Growth In The Space Propulsion Market?
Increased government investments in space technology are a key factor driving the growth of the space propulsion market. For example, in April 2024, a report published by the UK government revealed that during the 2022-23 fiscal year, 79% of funding was directed towards ESA programs, while 20% was allocated for national initiatives, such as the National Space Innovation Programme (running until 2027/28). This funding has projected revenues to increase to £1.2 billion, accompanied by private investments totaling £733 million. This trend of increasing investments in space technology is expected to drive the space propulsion market going forward.

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Who Are the Key Players Driving Space Propulsion Market Growth?
•OHB SE
•Accion Systems Inc.
•The Boeing Company
•Northrop Grumman Corporation
•Maxar Technologies Inc.
•Thales Alenia Space
•Airbus SE
•VACCO Industries Inc.
•Moog Inc.
•Cobham Mission Systems Wimborne Limited

What Are The Key Trends In The Space Propulsion Market?
•Increasing number of space launches
•Additive manufacturing (am) and advanced materials
•Artificial intelligence (ai) and machine learning (ml)
•Autonomous spacecraft
•Reusable launch vehicles

What Are The Segments Of The Global Space Propulsion Market?
•By Type: Chemical Propulsion, Non-chemical Propulsion
•By Platform: Satellites, CapsulesCargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles
•By System Component: Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units
•By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
•By End User: Commercial, Government & Defense

Which Region Leads The Space Propulsion Market?
North America was the largest region in the space propulsion market in 2024. This region is expected to maintain its lead in the market during the forecast period. The regions covered in this analysis include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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What Is Covered In The Space Propulsion Market Global Market Report?
- Market Size Analysis: Analyze the Space Propulsion Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Space Propulsion Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Space Propulsion Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Space Propulsion Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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