United States Space Propulsion Market 2025 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Space Propulsion Market size reached US$ 10.36 billion in 2024 and is expected to reach US$ 26.43 billion by 2032, growing with a CAGR of 12.42% during the forecast period 2025-2032.

Key Development:

United States: Recent Industry Developments

✅ In October 2025, Lockheed Martin Ventures invested in Venus Aerospace to accelerate the development of its rotating detonation rocket engine (RDRE), aiming to enhance propulsion efficiency for defense and commercial aviation applications.

✅ In August 2025, the U.S. Space Force launched the USSF-106 mission using United Launch Alliance's Vulcan Centaur rocket, deploying two satellites-NTS-3 and USA-554-into geosynchronous orbit for advanced technology demonstration.

✅ In January 2025, Blue Origin successfully launched its New Glenn heavy-lift rocket from Cape Canaveral, marking a significant milestone in the company's efforts to provide reliable access to space for commercial and government payloads.

Japan: Recent Industry Developments

✅ In October 2025, Japan's Aerospace Exploration Agency (JAXA) is set to launch the HTV-X1 cargo spacecraft on the H3 rocket, marking the first flight of this new resupply vehicle to the International Space Station.

✅ In August 2025, Japanese propulsion startup Pale Blue Inc. secured $10 million in a Series C funding round, supported by Mitsubishi Electric and other investors, to advance its space propulsion technologies.

✅ In February 2025, Japan successfully launched the Michibiki 6 navigation satellite aboard the H3 rocket, enhancing its Quasi-Zenith Satellite System to improve positioning accuracy across the Asia-Pacific region.

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Space propulsion refers to the technology and methods used to move spacecraft through space. It includes chemical rockets, electric thrusters, and advanced propulsion systems that enable orbit insertion, interplanetary travel, and maneuvering in microgravity environments.

Recent Mergers and acquisitions:

United States: Recent M&A Developments

✅ In September 2025, Quantum Space acquired Phase Four's multi-mode propulsion assets to enhance its Rangers spacecraft's maneuverability for national security, civil, and commercial missions. This acquisition includes Phase Four's integration and test facility in Los Angeles, California, featuring a large high-bay integration area, environmental test chambers, a clean room, machine shops, and a mission development laboratory.

✅ In July 2025, Innovative Rocket Technologies Inc. (iRocket), a next-generation reusable rocket developer, announced a $400 million merger with BPGC Acquisition Corp., a special purpose acquisition company backed by Wilbur Ross. This deal aims to take iRocket public and accelerate the development of scalable, cost-effective propulsion systems.

✅ In May 2025, IonQ, a quantum computing startup, completed the acquisition of Capella Space, an Earth observation satellite company. This strategic move aims to advance IonQ's vision for space-based quantum communications, integrating Capella Space's capabilities with IonQ's quantum technologies.

Japan: Recent M&A Developments

✅ In October 2025, Bain Capital acquired Aerospace Technologies Group (ATG), a company specializing in advanced propulsion systems. This acquisition is expected to bolster ATG's capabilities and expand its reach in the aerospace industry.

✅ In August 2025, Mitsubishi Electric's ME Innovation Fund invested in Pale Blue Inc., a Japanese startup developing water-based propulsion systems for satellites. This investment aims to enhance satellite propulsion technology and contribute to the sustainable utilization of outer space.

✅ In April 2025, Japanese space startup Sirius Technologies acquired 10 rocket engines from Ursa Major Technologies, a U.S.-based company. This deal aims to use Ursa Major engines in small reusable Sirius launch vehicles, bridging the gap between Japan's satellite production and launch capabilities.

Key Players:

=> Ariane Group, Avio, Blue Origin, Honeywell International Inc., IHI Corporation, Moog Inc., Northrop Grumman Corporation, OHB SE, Sierra Nevada Corporation and Sitael S.p.A.

Growth Forecast Projected:

The Global Space Propulsion Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Space Propulsion Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

➥ By Platform: Satellite, Launch Vehicles, Rovers/Landers, Capsules/Cargo, Interplanetary Spacecraft and Probes, Others

➥ By Propulsion Type: Chemical Propulsion, Electric Propulsion, Solar Propulsion, Nuclear Propulsion, Others

➥ By Component: Thrusters, Electric Propulsion Thrusters, Nozzles, Rocket Motors, Others

➥ By End-User: Commercial, Government & Defense

Regional Analysis for Space Propulsion Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Space Propulsion producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Space Propulsion revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

What is the current size of the Space Propulsion Market?

A: In 2024, the Space Propulsion Market was valued at US$ 10.36 billion , reflecting its strong industry presence.

Q2: How large is the Space Propulsion Market expected to be by 2032?

A: By 2032, industry forecasts suggest the Space Propulsion Market will grow to around US$ 26.43 billion, demonstrating significant expansion.

Q3: What is the growth rate of the Space Propulsion Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 12.42% during the forecast period from 2025 to 2032.

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