Space Propulsion System Market Set to Achieve a Valuation of US$ 32.8 billion, Riding on a 14.3% CAGR by 2031

According to a new report published by Allied Market Research, titled, "Space Propulsion System Market," The space propulsion system market was valued at $8.9 billion in 2021, and is estimated to reach $32.8 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.

Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/A10443

North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the space propulsion system market share in North America in 2020, owing to an increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making advanced space propulsion systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to surge in space exploration missions across several Asian nations, for instance, China, India, Japan, and South Korea.

The propulsive force is the most important factor in the design and operation of aircraft or spacecraft missions. The propulsion system provides the propulsive force or power required to propel rocket, or other vehicle moving through air or space forward. Fuel tanks, valves, propellant assembly, pressure regulator, thrusters, manifold subsystems, and regulators are all part of the space propulsion system. Several distinct propulsion methods are utilized by several space organizations throughout the world due to the presence of a diverse spectrum of spacecraft and satellites. The usage of a rocket engine or integrated propulsion systems is used for spacecraft and satellite propulsion.

The space propulsion system market has witnessed significant growth in recent years, owing to the development of advanced space propulsion system by key market players. For instance, in July 2021, Sierra Nevada Corporation developed and completed testing of its hypergolic, or storable, liquid rocket propulsion system for orbit transfer, maneuvering, and guidance control.

Procure Complete Report (271 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/fb42ada66dce55e9f7a9263673eba842

COVID-19 Impact Analysis

The COVID-19 impact on the space propulsion system market is unpredictable, and is expected to remain in force for a few years.

The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import-export of raw material items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for manufacturing space propulsion systems and components.

Moreover, nationwide lockdown forced space propulsion system manufacturing facilities to partially or completely shut their operations.

Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of advanced space propulsion system components globally.

KEY FINDINGS OF THE STUDY

By type, the non-chemical propulsion segment is expected to register significant growth during the forecast period.

On the class of orbit, the low Earth orbit (LEO) segment is anticipated to exhibit significant growth in the future.

On the end user, the commercial segment is anticipated to exhibit significant growth in the future.

Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Request a Discount Before Purchasing Report: https://www.alliedmarketresearch.com/purchase-enquiry/A10443

Market Key Players

The key players that operate in the space propulsion system market include Accion Systems, ArianeGroup, IHI Corporation, Moog Inc., Mitsubishi Heavy Industries, Ltd., Northrop Grumman Corporation, OHB SE, Sierra Nevada Corporation, Thales Group, and Vacco Industries.

Related Reports:

Military Drones Market https://www.alliedmarketresearch.com/military-drones-market-A07156

Military Antenna Market https://www.alliedmarketresearch.com/military-antenna-market-A09184

Military 4D Printing Market https://www.alliedmarketresearch.com/military-4d-printing-market-A10662

Military aircraft communication avionics Market https://www.alliedmarketresearch.com/military-aircraft-communication-avionics-market-A09335

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog:
https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides end-to-end solutions along with information, education, advocacy, and networking resources to SMEs and early-stage start-ups to bring excellence to their processes. In addition, we offer a nurturing environment required to develop and grow businesses, including business planning; virtual support; market intelligence; acquiring resources; and getting direct access to finance, suppliers, and other experts to boost the growth of businesses and entrepreneurs.

Our bundled and hassle-free business support systems are customized to meet the needs of SME consultants and industry leaders. Moreover, our large network of skilled consultants and experts help start-ups get the business on a roll.

This release was published on openPR.