Space Propulsion: Core Growth Enabler in the Government Investments Fuels Growth In The Space Propulsion Market Market, 2025

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What Will the Space Propulsion Industry Market Size Be by 2025?
There has been a swift rise in the size of the space propulsion market in the past few years. It is projected to expand from $12.15 billion in 2024 to $14.42 billion in 2025, with a considerable compound annual growth rate (CAGR) of 18.7%. Factors that have contributed to this growth during the historical period include the high demand for leo satellites and satellite constellations, the introduction of space tourism, the appreciation of benefits from leo satellites, a surge in demand for cost-effective and efficient propulsion systems, as well as government investments and space programs.

What's the Long-Term Growth Forecast for the Space Propulsion Market Size Through 2029?
In the upcoming years, the space propulsion market is predicted to experience swift expansion, reaching a worth of $27.12 billion in 2029, with a compound annual growth rate (CAGR) of 17.1%. The anticipated expansion in this duration can be accredited to the growing desire for miniaturization in space systems, amplified space exploration initiatives, popular preference for electric propulsion, swelling demand for satellite-centric services, and escalating dependence on space-based communication. Advancements in the forecast period encompassing an escalated number of space introductions, additive manufacturing and sophisticated materials, artificial intelligence and machine learning, autonomous spacecraft, as well as reusable launch vehicles, comprise the main trends.

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What Are the Key Growth Drivers Fueling the Space Propulsion Market Expansion?
The surge in government funding in space technology is propelling the growth of the space propulsion market. For example, in April 2024, a report by the UK government, shared on a UK-centric information portal, revealed that during the fiscal year 2022-23, a substantial 79% of the funding was allocated to ESA programs, while 20% was designated to national initiatives, notably the National Space Innovation Programme, which is scheduled to continue until 2027/28. This funding from the agencies is predicted to cause revenues to rise up to £1.2 billion, and private investments to spike to £733 million. Therefore, the escalated investment in space technology is set to catalyze the momentum of the space propulsion market in the future.

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What Are the Key Trends Driving Space Propulsion Market Growth?
The notable trend of research and development is growing in prominence within the space propulsion market. For example, a report in July 2023 released by the UK government revealed considerable cooperation with the European Space Agency (ESA), as outlined in the National Space Strategy in Action by a UK information site. Over the subsequent five years, an unprecedented £1.84 ($2.41) billion has been pledged for investment.

How Is the Space Propulsion Market Segmented?
The space propulsion market covered in this report is segmented -

1) By Type: Chemical Propulsion, Non-chemical Propulsion
2) By Platform: Satellites, CapsulesCargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles
3) By System Component: Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units
4) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
5) By End User: Commercial, Government & Defense

Subsegments:
1) By Chemical Propulsion: Solid Propulsion, Liquid Propulsion, Hybrid Propulsion
2) By Non-Chemical Propulsion: Electric Propulsion, Solar Propulsion, Nuclear Propulsion, Electromagnetic Propulsion

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Which Companies Are Leading the Charge in Space Propulsion Market Innovation?
Major companies operating in the space propulsion market include 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., Safran S.A., NPO Splav, BAE Systems plc, Hanwha Group, Avibras Indústria Aeroespacial S.A., Blue Origin LLC, The Aerospace Corporation, Aerojet Rocketdyne Holdings Inc., Astrobotic Technology Inc., ArianeGroup, IHI Corporation, Mitsubishi Heavy Industries Ltd., Honeybee Robotics Ltd., Bluestaq LLC, Aurora Flight Sciences Corporation., Planet Labs Inc., Sierra Nevada Corporation, Avio SpA, Beta Technologies Inc.

Which Regions Are Leading the Global Space Propulsion Market in Revenue?
North America was the largest region in the space propulsion market in 2024. North America is expected to be the fastest-growing region in the space propulsion market share during the forecast period. The regions covered in the space propulsion market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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