Press Release

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.

 

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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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Relevant Reports

Space Propulsion Market – Global Industry Size, Share, Trends Opportunity, and Forecast 2018-2028, Segmented by Type (Spacecraft and Launch Vehicle), By Propulsion Type (Chemical Propulsion and Non-Chemical Propulsion), By Region and By Competition Forecast

Aerospace and Defense | Sep, 2023

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.

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