Global Space Propulsion Market to Grow with a CAGR of 6.1% through 2028
Growing satellite deployment, rising deep space
exploration ambitions and commercial space activities is driving the Global Space
Propulsion Market in the forecast period 2024-2028.
According to TechSci Research report, “Space
Propulsion Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Space Propulsion Market
stood at USD 11.8 billion in 2022 and is anticipated to grow with a CAGR of 6.1%
in the forecast period, 2024-2028.
The global space propulsion market is a critical
component of the aerospace and space exploration industry, playing a pivotal
role in advancing human activities beyond Earth's atmosphere. It encompasses a
diverse range of propulsion technologies and applications, each tailored to
meet specific mission requirements. The market's landscape is characterized by
a blend of government space agencies, private space companies, and
international collaborations, all contributing to the evolution of propulsion
technology.
One of the primary drivers of the space propulsion
market is the ever-expanding utilization of satellites for communication, Earth
observation, navigation, and scientific research. Propulsion systems are
essential for launching these satellites into their intended orbits, performing
orbit adjustments, and ensuring their safe disposal at the end of their
operational life. The surge in small and microsatellites, driven by
cost-effective launch options, is further fueling demand for compact and
efficient propulsion solutions.
Deep space exploration is another significant driver,
with missions to destinations like the Moon, Mars, and beyond requiring
advanced propulsion technologies to transport spacecraft and probes across vast
interplanetary distances efficiently and safely. Concepts like nuclear
propulsion and advanced electric propulsion are being explored to meet the
demands of these ambitious missions.
The
commercialization of space is transforming the space propulsion market, with
private companies like SpaceX, Blue Origin, and Rocket Lab driving innovation
in propulsion technology. Their focus on reducing launch costs, enabling space
tourism, and expanding commercial space activities is pushing the boundaries of
propulsion efficiency and reliability.
Furthermore, sustainability concerns are leading to
the development of "green propellants" that produce fewer hazardous
byproducts, aligning with the space industry's increasing emphasis on
environmental responsibility. As space activities continue to evolve and
diversify, propulsion systems remain at the forefront of technological
advancements, enabling new missions, reducing costs, and ensuring the
sustainability of human activities in space. The global space propulsion market
is set to play an increasingly vital role in shaping the future of space
exploration and commercialization.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Space Propulsion Market.”
North America, particularly the United States, stands
as a dominant force in the global space propulsion market. Home to NASA, the
world's leading space agency, as well as prominent private space companies like
SpaceX and Blue Origin, the region drives significant innovation. NASA's
missions, including those to the Moon and Mars, demand advanced propulsion
systems. The rise of commercial space ventures in North America has further
spurred developments in reusable launch vehicles, benefiting propulsion technology.
Moreover, the U.S. Department of Defense's involvement ensures a strong market
for advanced propulsion in the military space sector.
Europe, with the European Space Agency (ESA) at its
core, is a major player in the global space propulsion market. ESA collaborates
with member states on a range of ambitious missions, creating a substantial
demand for propulsion systems. The ArianeGroup, headquartered in France, is a
notable player in commercial satellite launch services, fueling the need for
reliable propulsion. Europe's emphasis on sustainability has also led to
research in green propulsion solutions. Partnerships between ESA and private
companies contribute to Europe's competitiveness in the global market.
The Asia-Pacific region, led by China and India, is
asserting itself as a formidable presence in the space propulsion market.
China's space agency, CNSA, has achieved notable successes, including lunar
exploration missions. The region's expanding satellite constellation and
interest in deep space exploration are driving demand for propulsion
technology. India's ISRO, with its cost-effective Mars mission, is another key
player in the market. Furthermore, Japan's technological prowess is
demonstrated through its contribution to interplanetary missions. The
Asia-Pacific region's rapidly growing middle class also fuels the emerging
space tourism market, necessitating propulsion systems for suborbital and
orbital flights.
The rest of the world, including nations in the Middle
East, Africa, and Latin America, is increasingly entering the space propulsion
market. These regions, while still in the early stages of space exploration,
are investing in satellite deployment and space missions. The United Arab
Emirates' Mars mission exemplifies the Middle East's interest in space
exploration. Africa's burgeoning space industry and partnerships with more
established space agencies contribute to its growing presence. Latin American
countries, such as Brazil, have launched satellites, highlighting their
commitment to space activities.
the global space propulsion market is characterized by
a variety of regional players, each with its unique contributions and
priorities. North America, Europe, and Asia-Pacific lead in terms of
technological innovation and missions, while other regions are steadily
expanding their space capabilities. Collaboration and competition among these
regions continue to drive advancements in propulsion technology, shaping the
future of space exploration and commercialization.
Major companies operating in
Global Space Propulsion Market are:
- Space Exploration Technologies Corp.
- Accion Systems Inc.
- Blue Origin
- Moog Inc.
- Aerojet Rocketdyne Holdings Inc.
- Avio Spa
- Yuzhnoye Sdo
- Ohb Se
- Ihi Corp
- Sierra Nevada Corporation.
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“The global
space propulsion market was experiencing significant growth and innovation.
Experts were optimistic about the future of space propulsion technologies, with
advancements in electric propulsion systems, reusable launch vehicles, and
increased interest in commercial space exploration. The market was driven by
both government space agencies and private companies like SpaceX and Blue
Origin, fostering competition and driving down costs. Experts anticipated
continued expansion in the market, with potential breakthroughs in propulsion
technologies playing a crucial role in enabling further exploration of space,
including missions to Mars and beyond,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Global Space
Propulsion Market Segmented by Type (Spacecraft and Launch Vehicle), By
Propulsion Type (Chemical Propulsion and Non-Chemical Propulsion, By
Regional, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Space Propulsion
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Space Propulsion
Market.
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