Future of Space Propulsion Market: Size, Share & Forecasts to 2029

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What Is the Projected Market Size Valuation of the Space Propulsion Market by 2025?
In recent years, the size of the space propulsion market has seen a swift expansion. The market, which stood at $12.15 billion in 2024, is projected to increase to $14.35 billion in 2025, reflecting a compound annual growth rate (CAGR) of 18.1%. Factors that contributed to the growth during the historical period include a surge in demand for low earth orbit (LEO) satellites and satellite constellations, the emergence of space tourism, an understanding of the benefits derived from LEO satellites, heightened demand for affordable and efficient propulsion systems, as well as government investments and space initiatives.

What Is the Estimated Market Growth Value for the Space Propulsion Industry in 2029?
Anticipated to see substantial growth in the upcoming years, the space propulsion market is projected to reach $26.57 billion by 2029, escalating at a compound annual growth rate (CAGR) of 16.6%. This prospective growth during the forecast span can be credited to the growing demand for miniaturized space systems, escalation in space exploration programs, a rising inclination towards electric propulsion, increasing requirements for satellite-based services, and surging demand for space-based communication. Key trends identified for this forecast period encompass an increase in space launches, advancements in additive manufacturing (am) and materials, integration of artificial intelligence (ai) and machine learning (ml), autonomous spacecraft, and development of reusable launch vehicles.

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What Are the Growth Drivers and Opportunities in the Space Propulsion Market?
The space propulsion market is being propelled by an increase in governmental investment in space technology. As an example, a report published by the UK government in April 2024 and distributed on a UK-based information site disclosed that in the 2022-23 fiscal year, 79% of funds were funneled through ESA initiatives. Simultaneously, 20% was allocated to national projects, the National Space Innovation Programme being one (set to continue until 2027/28). Predicted revenues due to this financing from the agency are set to rise to £1.2 billion, with an additional £733 million coming from private investment. Consequently, the uptick in investment in space technology is set to augment the future growth of the space propulsion market.

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What Are the Primary Segments Covered in the Global Space Propulsion Market Report?
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

What Are the Top Growth Trends in the Space Propulsion Market?
The trend of research and development is becoming increasingly popular in the space propulsion market. For example, The National Space Strategy in Action, a UK-based information website, reported in July 2023 that the government of the United Kingdom has partnered closely with the European Space Agency (ESA) and committed to a record investment of £1.84 ($2.41) billion over the forthcoming five years, based on a report published by the government.

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Which Companies Are Shaping the Future of the Space Propulsion Market?
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 Region Holds the Largest Market Share in the Space Propulsion Industry?
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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