Space Propulsion Systems Industry to See Robust Expansion, Valued at $21.76 Billion by 2029

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What Is the Projected CAGR for the Space Propulsion Systems Market from 2024 to 2025?
The market size of space propulsion systems has seen a significant increase in the past few years. The market, which is estimated to be worth $11.05 billion in 2024, is projected to increase to $12.76 billion in 2025, showing a compound annual growth rate (CAGR) of 15.5%. The historical growth in the sector can be linked to initiatives in space exploration, the need for enhanced efficiency and performance, advancements in electric propulsion, an increase in the deployment of satellites, and a focus on reusability.

What are the Expected Market Size and CAGR for Space Propulsion Systems by 2029?
The market size for space propulsion systems is predicted to experience a surge over the next decade, possibly ballooning to $21.76 billion by 2029 with a 14.3% compound annual growth rate (CAGR). The anticipated market growth over the forecast period can be linked to a greater appetite for electric propulsion, an uptick in government backing and investments, a burgeoning interest in far-reaching space exploration, and the growth of the commercial space sector, plus an increase in satellite constellations. The period is also marked by key trends such as the integration of artificial intelligence (AI), a renewed focus on nuclear propulsion, pioneering development of solar sail propulsion, exploration beyond the low earth orbit (LEO), and the emergence of the small satellite market.

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Which Factors Are Driving the Global Space Propulsion Systems Market Expansion?
The surge in space exploration missions is anticipated to fuel the expansion of the space propulsion systems market in the future. The persistent exploration and discovery of celestial bodies in outer space, leveraging ever-evolving space technologies, is commonly regarded as space exploration. The escalating volume of space exploration missions contributes to the enlargement of the space propulsion systems market since these systems deliver the necessary thrust for rockets and other space vehicles to reach space. To illustrate, the Space Foundation, a US-based not-for-profit organization championing the global space habitat, reported the launch of 72 rockets and 1,022 identifiable satellites from January 2022 to June 2022. This correlates with an increase in spacecraft launched and positioned in orbit in the first half of 2022 compared to the initial 50 years of the Space Age. Consequently, the mounting number of space exploration missions is a driving factor for the space propulsion systems market.

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Which Segment Currently Holds the Largest Share of the Space Propulsion Systems Market?
The space propulsion systems market covered in this report is segmented -

1) By Component: Thrusters, Rocket Motors, Propellant Feed Systems, Propulsion Thermal Control, Nozzles, Power Processing Units, Other Components
2) By Spacecraft Type: Satellites, Rovers, Capsules, Launch Vehicles, Interplanetary Spacecraft And Probes
3) By Application: Space Simulation, Rocket Launch, Other Applications
4) By End User: Civil And Earth Observation, Government And Military, Commercial

Subsegments:
1) By Thrusters: Chemical Thrusters, Electric Thrusters, Hybrid Thrusters
2) By Rocket Motors: Solid Rocket Motors, Liquid Rocket Motors, Hybrid Rocket Motors
3) By Propellant Feed Systems: Pressure-Fed Systems, Pump-fed Systems
4) By Propulsion Thermal Control: Thermal Insulation Systems, Heat Exchangers
5) By Nozzles: Bell Nozzles, Aerospike Nozzles, De Laval Nozzles
6) By Power Processing Units: Power Control Units, Power Distribution Units
7) By Other Components: Sensors, Control Valves, Connectors

Which Major Trends Are Shaping the Future of the Space Propulsion Systems Industry?
Innovations in electric propulsion systems are becoming a notable trend in the sphere of space propulsion systems market. Major industry players are leaning towards creating novel electric propulsion technologies to consolidate their market stance. For example, in June 2022, Astra, an American space vehicle organization, introduced the Astra Spacecraft Engine equipped with a Krypton/Xenon propulsion mechanism. The Astra Spacecraft Engine (ASE) is an electric propulsion system specifically designed for constellations, featuring a Hall-effect thruster propulsion mechanism that has undergone flight testing. This new design leverages half a century's worth of Hall thruster research, offering considerable advancements. It is notable for its compatibility with krypton and xenon propellants.

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Which Key Players Dominate the Space Propulsion Systems Industry Globally?
Major companies operating in the space propulsion systems market include IHI Corporation, Safran S.A., Aerojet Rocketdyne Holdings Inc., Space Exploration Technologies Corp., Northrop Grumman Corporation, Moog Inc., OHB SE, Sierra Nevada Corporation, Thales Alenia Space, Accion Systems Inc., ArianeGroup, Rafael Advanced Defense Systems Ltd., Mitsubishi Heavy Industries Ltd., Lockheed Martin Corporation, NanoAvionics Corp., L3Harris Technologies Inc., Blue Origin LLC, Avio SpA, Yuzhnoye State Design Office, Honeywell International Inc., The Boeing Company, Ball Aerospace & Technologies Corp., Antrix Corporation Limited, Exotrail SA, Terran Orbital Corporation, Rocket Lab USA Inc., Firefly Aerospace Inc., Relativity Space Inc., Momentus Inc.

What Are the Fastest-Growing Regions in the Space Propulsion Systems Market?
North America was the largest region in the space propulsion systems market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global space propulsion system market report during the forecast period. The regions covered in the space propulsion systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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