PUBLISHER: The Business Research Company | PRODUCT CODE: 1428044
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428044
Thrust vector control (TVC), also known as thrust vectoring, denotes the capability of an airplane's rocket or another vehicle to regulate altitude or angular velocity by redirecting its forward momentum from its engine or motor. This system is commonly employed in aircraft to control axial thrust and provide attitude control.
The primary types of thrust vector control include gimbal nozzle, thrusters, flex nozzle, rotating nozzle, and other variants. A thruster is a propellant device utilized by spaceships and watercraft for activities such as station holding, attitude control, reaction control, and long-duration, low-thrust acceleration. Various systems associated with thrust vector control include thrust vector actuation systems, thrust vector injection systems, and thrust vector thruster systems. These systems find applications in launch vehicles, satellites, missiles, and fighter aircraft, primarily used by space agencies and the defense sectors.
The thrust vector control market research report is one of a series of new reports from The Business Research Company that provides thrust vector control market statistics, including thrust vector control industry global market size, regional shares, competitors with a thrust vector control market share, detailed thrust vector control market segments, market trends, and opportunities, and any further data you may need to thrive in the thrust vector control industry. This thrust vector control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The thrust vector control market size has grown rapidly in recent years. It will grow from $11.83 billion in 2023 to $13.03 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth observed in the historical period can be attributed to factors such as military modernization programs, initiatives in space exploration, investments in strategic defense, expansion in the aerospace industry, and heightened geopolitical tensions and threats.
The thrust vector control market size is expected to see strong growth in the next few years. It will grow to $18.4 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to the increasing demand for precision strike weapons, the commercialization and tourism in space, a global emphasis on missile defense, and the emergence of next-generation aircraft. Noteworthy trends in the forecast period include strategic collaborations, the application of thrust vectoring for hypersonic vehicles, integration with next-generation aircraft, and the development of 3D thrust vectoring technologies.
The anticipated surge in demand for corporate and military satellites is set to drive the growth of the thrust vector control market in the future. Corporate satellites are those designed and marketed for non-military purposes, while military satellites serve various functions related to military activities on Earth. The increasing need for both commercial and military satellites underscore the importance of thrust vector control, a crucial component allowing rockets or launching vehicles to adjust their flight direction by manipulating engine strength. As reported by the Space Foundation in July 2022, there were 72 rockets and 1,022 identifiable satellites launched between January and June 2022. Furthermore, the Satellite Industry Association reported a substantial increase, with 1,713 commercial satellites deployed in 2021, marking a 40% rise over 2020. The space sector witnessed historic launch numbers, with a projected 179% increase in the total number of satellites orbiting the Earth by the end of 2021. Consequently, the growing demand for corporate and military satellites is propelling the thrust vector control market.
The expanding defense industry is expected to contribute to the growth of the thrust vector control market. The defense industry involves businesses engaged in research, development, production, and sale of military equipment for national defense and security. Thrust vector control (TVC) enhances missile and rocket capabilities in the defense sector, providing improved accuracy, agility, and maneuverability for precise targeting and effective defense against evolving threats. According to the Aerospace Industries Association's 2022 Facts & Figures Data, the combined sales revenue for the US aerospace and defense sector reached $892 billion in 2021, representing a 2.1% growth from 2020. Additionally, exports from the aerospace and defense industry increased by 11.2% between 2020 and 2021, amounting to $100.4 billion. Therefore, the expanding defense industry is steering the growth of the thrust vector control market.
Advancements in 3D printing emerge as a key trend gaining traction in the thrust vector control market. Major companies in thrust vector control are prioritizing the development of innovative 3D-printed products to strengthen their market position. For example, in May 2023, Relativity Space, a US-based aerospace technology manufacturer, introduced Terran 1, the first test rocket composed entirely of 3D-printed parts. The rocket featured nine engines crafted through additive manufacturing using a groundbreaking copper alloy capable of withstanding temperatures exceeding 6,000 degrees Fahrenheit. This 3D printing innovation showcases the digital slicing of a 3D computer model into thin layers in laser powder bed fusion.
Major companies are focusing on the development of innovative products such as thrust vector control actuators and controllers for space vehicle launches. These actuators and controllers play a crucial role in steering the vehicle during launch, ensuring its success. For instance, in November 2022, Moog Inc., a US-based aerospace and defense company, played a key role in the Artemis 1 mission, the first uncrewed test flight of NASA's mission to return to the Moon. Moog's thrust vector control actuators and controllers were instrumental in steering the Space Launch System (SLS) rocket, the most powerful ever built, ensuring the mission's success.
In June 2021, Astra, a US-based space propulsion and launch company, acquired Apollo Fusion for approximately $145 million. This acquisition enhances Astra's capabilities to deliver and manage spacecraft beyond low Earth orbit, expanding into medium Earth orbit, orbit around the sun, and lunar orbits. Apollo Fusion, Inc., a US-based company, specializes in electric propulsion engines within the thrust vector control market.
Major companies operating in the thrust vector control market report are General Electric Company, Raytheon Technologies Corporation, The Boeing Company, Bharat Dynamics Limited, Northrop Grumman, Honeywell International Inc., Hindustan Aeronautics Limited, BAE Systems, Safran S.A., Eaton Corporation PLC, Thales Group, L3Harris Technologies Inc., Rolls-Royce Holdings PLC, Kawasaki Heavy Industries Ltd., Israel Aerospace Industries, Pratt and Whitney, MBDA, Moog Inc., Woodward Inc., Aerojet Rocketdyne Holdings Inc., Sierra Nevada Corporation, JASC Corporation, SABCA (Societes Anonyme Belge de Constructions Aeronautiques), Almatech SA, Wickman Spacecraft and Propulsion Company, Jansen Aircraft Systems Control Inc.
North America was the largest region in the thrust vector control market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thrust vector control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the thrust vector control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The thrust vector control market consists of sales of electromechanical TVC systems, electrohydraulic TVC systems, electro hydrostatic TVC systems, electromechanical actuators, and modular control electronics units. 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.
Thrust Vector Control 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 thrust vector control 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 thrust vector control ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The thrust vector control 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.
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