PUBLISHER: Market Research Future | PRODUCT CODE: 1545618
PUBLISHER: Market Research Future | PRODUCT CODE: 1545618
Global Space Propulsion Systems Market Research Report Information By Type (Solid Propulsion, Cold Propulsion, Liquid Propulsion, Cryogenic Propulsion, Hybrid Propulsion , Green Propulsion , Electric Propulsion, Pulsed Plasma Propulsion, and Others), By Application (Launchers, Space Tugs, Spacecraft/Satellites, and Landers), By Orbit Type (LEO, MEO, GEO, and Beyond Geosynchronous Orbit), By End-User (Government & Defense , and Commercial) and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Industry Forecast to 2032
In 2022, the market size of space propulsion systems was estimated to be USD 6,666.45 million. The Space Propulsion Systems market industry is anticipated to experience a compound annual growth rate (CAGR) of 11.71% during the forecast period, increasing from USD 7,359.90 Million in 2023 to USD 19,776.80 Million by 2032. In the vacuum of space, spacecraft propulsion systems serve as propellant. Chemical thrusters, electric propulsion, and ion thrusters are among the numerous propulsion systems. The utilization of these systems is contingent upon the efficacy considerations and mission requirements. Orbital satellites and spacecraft, interplanetary spacecraft and missions, re-entry vehicle control, ascent roll control, and stabilization of light to heavy launch vehicles are among the applications in which the system is currently applied.
The market is expanding due to the increasing demand for communication services from satellite constellations. The ever-growing demand for increased network connectivity in rural and underserved areas has compelled companies to invest substantially in satellite networks. In comparison to geostationary satellites, satellite constellations are a more advantageous alternative for reaching remote locations due to their low latency and broader coverage.
Insights on Market Segments
The Space Propulsion Systems Market has been segmented into the following categories: Solid Propulsion (Homogeneous and Heterogeneous/Composites), Cold Propulsion, Liquid Propulsion (Monopropellant and Bipropellant), Cryogenic Propulsion, Hybrid Propulsion, Green Propulsion, Electric Propulsion, Pulsed Plasma Propulsion, and Others. The classifications are based on the type of propulsion system.
The Space Propulsion Systems Market has been segmented into Launchers, Space Tugs, Spacecraft/Satellites (<50kg, 50-50kg, 500-1000kg, and 1000-2500kg), and landers, based on application.
Regional Perspectives
North America maintained the highest market share in 2022. 38.90% of the space propulsion systems market was accounted for by North America. The region is expanding at a compound annual growth rate (CAGR) of 11.26%. It is expected that North America will maintain its dominance throughout the forecast period. Asia-Pacific maintains a 27.15% market share and is expanding at a compound annual growth rate (CAGR) of 12.90%. In 2022, the Rest of the World possessed 5.09% of the market. The region has been characterized by a consistent compound annual growth rate (CAGR) of 12.52%.
SpaceX, NASA, Blue Origin, and Aerojet Rocketdyne are among the major market players in the North American Space Propulsion System market, which accounts for the highest market share. Additionally, the market is being driven by the increasing number of commercial and government-backed space activities and missions in North America. For example, the market dynamics have been altered by SpaceX, Falcon rockets, and the pioneering reusability concept.
Europe's market share was 28.86% in 2022, with a compound annual growth rate (CAGR) of 10.94%. European nations, including France, Germany, and Italy, are the primary drivers of market expansion. The aerospace industries of these countries are robust. The aerospace industry is a substantial contributor to the region's development.
Additionally, Japan, India, China, and South Korea have made significant strides in their space programs, which has fueled the demand for advanced propulsion systems in the Asia-Pacific region.
Safran SA, IHI Corporation, Space Exploration Technologies Corp, Northrop Grumman Corporation, L3Harris Technologies, Inc., Moog, Inc., Rafael Advanced Defense Systems Ltd., OHB SE, Lockheed Martin Corporation, NPO Energomash, Sierra Nevada Corporation, Thales Group, Eaton, VACCO, Industries, Arianegroup, and Airbus SE are among the key companies in the Space Propulsion Systems market.