Overview and Scope
Space propulsion is a technique used to accelerate spacecraft and artificial satellites. Spacecrafts are mainly propelled by the use of a rocket engine.
Sizing and Forecast
The space propulsion market size has grown rapidly in recent years. It will grow from $10.41 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to high demand for leo satellites and satellite constellations, advent of space tourism, realization of benefits from leo satellites, increased demand for low-cost and efficient propulsion systems, government investments and space programs..
The space propulsion market size is expected to see rapid growth in the next few years. It will grow to $23.85 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to rising demand for miniaturization in space systems, increasing space exploration programs, growing preference for electric propulsion, growing demand for satellite-based services, rising demand for space-based communication.. Major trends in the forecast period include increasing number of space launches, additive manufacturing (am) and advanced materials, artificial intelligence (ai) and machine learning (ml), autonomous spacecraft, reusable launch vehicles..
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Segmentation & Regional Insights
The space propulsion market covered in this report is segmented –
1) By Type: Chemical Propulsion, Non-chemical Propulsion
2) By Platform: Satellites, Capsules\Cargos, 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
Top Major Players
OHB SE
Accion Systems Inc.
The Boeing Company
Northrop Grumman Corporation
Maxar Technologies Inc.
North America was the largest region in the space propulsion market in 2023. 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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Major Driver Impacting Market Growth
Increased government investments in space technology are driving the space propulsion market. For instance, in 2021, Westcott Space Cluster in Aylesbury Vale Enterprise Zone invested in a new National Space Propulsion Test Facility (NSPTF), which collected £4 million ($5.44 million) in sponsoring from the UK government Space Agency. The new facility will permit innovation in propulsion technology, including low cost development and testing of more capable engines for interplanetary travel. So, increasing investments in space technology will drive the space propulsion market going forward.
Key Industry Players
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.
The space propulsion market report table of contents includes:
1. Executive Summary
2. Space Propulsion Market Characteristics
3. Space Propulsion Market Trends And Strategies
4. Space Propulsion Market – Macro Economic Scenario
5. Global Space Propulsion Market Size and Growth
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31. Global Space Propulsion Market Competitive Benchmarking
32. Global Space Propulsion Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Space Propulsion Market
34. Space Propulsion Market Future Outlook and Potential Analysis
35. Appendix
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