Overview and Scope
The space propulsion system is a system that provides thrust to spacecraft. It includes all of the components of the rocket engine, such as the tank pumps, propellants, rocket nozzle, and power head.
Sizing and Forecast
The space propulsion systems market size has grown rapidly in recent years. It will grow from $9.66 billion in 2023 to $11.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to space exploration initiatives, demand for efficiency and performance, innovation in electric propulsion, rise in satellite deployment, focus on reusability.
The space propulsion systems market size is expected to see rapid growth in the next few years. It will grow to $19.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to demand for electric propulsion, government funding and investments, interest in deep space exploration, commercial space industry expansion, rise in satellite constellations. Major trends in the forecast period include integration of artificial intelligence (ai), interest in nuclear propulsion, development of solar sail propulsion, exploration beyond low earth orbit (leo), rise of small satellite market.
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Segmentation & Regional Insights
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
North America was the largest region in the space propulsion systems market in 2023. 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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Major Driver Impacting Market Growth
The growing space exploration missions is expected to propel the growth of the space propulsion systems market in the coming future. Space exploration is the continuing finding and investigation of astronomical entities in outer space using constantly expanding and growing space technologies. The growing space exploration missions are expanding the space propulsion systems market as they are used to provide the required thrust for rockets and other spacecraft to reach space. For instance, according to the Space Foundation, a US-based nonprofit advocacy group for the international space ecology, 72 rockets and 1,022 identifiable satellites were launched between January 2022 and June 2022. Compared to the initial five decades of the Space Age, more spacecraft have been launched and placed in orbit in the first six months of 2022. Therefore, growing space exploration missions are driving the space propulsion systems market.
Key Industry Players
Major companies operating in the space propulsion systems market report are 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., Vector Launch Inc., L3Harris Technologies Inc., Blue Origin LLC, Avio SpA, Yuzhnoye State Design Office, Honeywell International Inc., The Boeing Company, Ball Aerospace & Technologies Corp., Rüstungs Unternehmen Aktiengesellschaft, Antrix Corporation Limited, Exotrail SA, Terran Orbital Corporation, Rocket Lab USA Inc., Firefly Aerospace Inc., Relativity Space Inc., Momentus Inc.
The space propulsion systems market report table of contents includes:
1. Executive Summary
2. Space Propulsion Systems Market Characteristics
3. Space Propulsion Systems Market Trends And Strategies
4. Space Propulsion Systems Market – Macro Economic Scenario
5. Global Space Propulsion Systems Market Size and Growth
…
31. Global Space Propulsion Systems Market Competitive Benchmarking
32. Global Space Propulsion Systems Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Space Propulsion Systems Market
34.Space Propulsion Systems Market Future Outlook and Potential Analysis
35. Appendix
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