PUBLISHER: The Business Research Company | PRODUCT CODE: 1414595
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414595
“Space Propulsion Systems Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on space propulsion systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for space propulsion systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The space propulsion systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The space propulsion system serves as a crucial element in spacecraft, offering thrust through its various components such as rocket engines, tank pumps, propellants, nozzles, and power heads.
Key constituents of space propulsion systems encompass thrusters, rocket motors, propellant feed systems, thermal control for propulsion, nozzles, power processing units, and other associated elements. Thrusters, integral to spacecraft such as satellites, rovers, capsules, launch vehicles, interplanetary spacecraft, and probes, play a pivotal role in determining their direction and altitude. These systems find widespread application in diverse sectors such as space simulation, rocket launches, and more. Their utilization extends across civil and earth observation, government and military operations, as well as commercial ventures, highlighting their significance in various business domains.
The space propulsion systems market research report is one of a series of new reports from The Business Research Company that provides space propulsion systems market statistics, including the space propulsion systems industry global market size, regional shares, competitors with a space propulsion systems market share, detailed space propulsion systems market segments, market trends, and opportunities, and any further data you may need to thrive in the space propulsion systems industry. This space propulsion systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed in the historical period can be attributed to a variety of factors, including initiatives in space exploration, a heightened demand for efficiency and performance, advancements in electric propulsion technology, an increase in the deployment of satellites, and a notable emphasis 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 anticipated growth in the forecast period is driven by factors such as the increasing demand for electric propulsion, significant government funding and investments, a growing interest in deep space exploration, expansion within the commercial space industry, and the proliferation of satellite constellations. Noteworthy trends in this projected period encompass the integration of artificial intelligence (AI), a rising interest in nuclear propulsion, the ongoing development of solar sail propulsion, exploration beyond low Earth orbit (LEO), and the ascent of the small satellite market.
The anticipated growth of the space propulsion systems market in the near future is driven by the continuous expansion of space exploration missions. Space exploration involves the ongoing discovery and investigation of celestial entities in outer space, facilitated by the ever-evolving and expanding space technologies. The increasing number of space exploration missions contributes to the expansion of the space propulsion systems market, as these systems are essential for providing the necessary thrust for rockets and spacecraft to reach outer space. For instance, data from the Space Foundation, a US-based nonprofit advocacy group, indicates a significant increase in rocket launches and satellite deployments between January 2022 and June 2022. This surge in space activities reflects a growing trend in the space exploration field, thereby propelling the demand for space propulsion systems.
The growth of the space propulsion systems market is expected to be fueled by the rising defense expenditure in the coming years. Defense expenditure, encompassing the total funds allocated by a government for the creation, maintenance, and utilization of its armed forces, plays a pivotal role in the development and advancement of space propulsion systems. Increased defense budgets by countries seeking to enhance their military capabilities and address evolving security needs directly translate into higher orders and contracts for propulsion systems. For instance, a report from the Stockholm International Peace Research Institute reveals a significant 3.7% increase in international defense spending to $2,240 billion in 2022. This uptrend in defense expenditure is a key driver for the space propulsion systems market, fostering innovations and investments in the sector.
The space propulsion systems market is currently witnessing a surge in interest and innovation in electric propulsion technologies, with major industry players actively engaged in their development. A notable example is Astra, a leading US-based space vehicle company, which introduced the Astra Spacecraft Engine (ASE) featuring a Krypton/Xenon propulsion system in June 2022. The ASE, utilizing a Hall-effect thruster propulsion system, has undergone successful flight testing and represents a significant advancement in design and performance over the past 50 years of Hall thruster research. Notably, it is compatible with both krypton and xenon propellants.
Companies in the space propulsion systems market are strategically focusing on establishing a strong presence in the United States by emphasizing the development of electric propulsion systems. One such example is Safran Electronics & Defense, a France-based company specializing in electrical systems, avionics, and optronics, which signed a Memorandum of Agreement with Terran Orbital, a US-based defense and aerospace company, in June 2023. This strategic partnership aims to conduct research and validate the requirements for manufacturing a new generation of satellite electric propulsion systems. The collaboration underscores Safran Electronics & Defense's confidence in Terran Orbital's cutting-edge products and innovative team, contributing to the creation of more flexible, automated, and vertically integrated manufacturing systems. The joint effort includes a comprehensive study evaluating technical, industrial, and economic considerations for establishing an innovative electric propulsion system manufacturing facility in the United States.
In June 2021, Astra, a US-based space vehicle launch company, completed the acquisition of Apollo Fusion for an estimated $145 million. This strategic move positions Astra to expand its service portfolio, enabling the provision of launch and space services not only to low Earth orbit (LEO) but also to intermediate Earth orbit, geosynchronous orbit, and lunar orbit. The acquired entity, Apollo Fusion, specializes in the manufacturing of electric propulsion engines, enhancing Astra's capabilities in the rapidly evolving space industry. This acquisition reflects Astra's commitment to diversifying its offerings and leveraging advanced propulsion technologies to address a broader range of orbital requirements.
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., Rustungs Unternehmen Aktiengesellschaft, Antrix Corporation Limited, Exotrail SA, Terran Orbital Corporation, Rocket Lab USA Inc., Firefly Aerospace Inc., Relativity Space Inc., Momentus Inc.
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
The countries covered in the space propulsion systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The space propulsion system market consists of sales of chemical and nonchemical propellants, power heads, tank pumps, and rocket nozzles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.