Space Propulsion Market to Hit USD 43.87 Billion by 2030 as Rising Demand for Miniaturization in Space Systems is Driving the Need for More Compact and Efficient Propulsion Systems | Research by SNS Insider
With the growth of the satellite industry and the increasing demand for satellite launches, the need for more advanced and efficient propulsion systems is becoming increasingly important.
Pune, May 09, 2023 (GLOBE NEWSWIRE) -- *“As per the report by SNS Insider, the Space Propulsion Market is anticipated to experience a significant growth, with its market value projected to increase from USD 9.76 billion in 2022 to USD 43.87 billion by 2030, at a compound annual growth rate (CAGR) of 20.67% during the forecast period.”*
*Market Overview*
Space propulsion refers to the technology used to propel spacecraft and satellites in outer space. It is a critical aspect of space exploration, enabling vehicles to travel vast distances and explore new horizons. With the space industry continuing to expand, the development of advanced and efficient propulsion systems is crucial for achieving sustainable and cost-effective space travel.
*Market Analysis*
The use of advanced technologies and composite materials in the manufacturing of aircraft components has significantly contributed to the growth of the global space propulsion market. These technologies not only enhance safety but also reduce the time and cost associated with developing new products. The use of composite materials, in particular, has proven to be a game-changer in the industry, as they offer high strength-to-weight ratio and corrosion resistance, making them ideal for aircraft components. The development of the latest aircraft designs based on the history of space flights, coupled with the use of advanced technologies and composite materials, has led to the production of safer, more efficient, and cost-effective aircraft.
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*Key Company Profiles Listed in this Report are:*
The key players are IHI Corporation, Moog Inc., Blue Origin, Northrop Grumman Corporation., Space Exploration Technologies Corp, Accion Systems Inc., Aerojet Rocketdyne Holdings Inc., Honeywell International Inc., Sierra Nevada Corporation, Safran SA. And more
*Impact of Recession on the Space Propulsion Industry *
While a recession can have a negative impact on the space propulsion market, the industry has shown its ability to adapt and continue to grow even in challenging economic conditions. The development of innovative and cost-effective propulsion systems, coupled with the growing demand for space-based services, are likely to support the market's long-term growth and resilience.
*Space Propulsion Market Report Scope:*
*Report Attributes* *Details*
Market Size in 2022 US$ 9.76 Billion
Market Size by 2030 US$ 43.87 Billion
CAGR CAGR of 20.67% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Space Propulsion: Key Market Segmentation · By Platform (Satellites, Capsules\Cargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles)
· By Propulsion Type (Chemical Propulsion, Non-Chemical Propulsion, Tether Propulsion, Nuclear Propulsion, Laser Propulsion)
· By System Component (Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units, Others)
· By Orbit (Low Earth Orbit (Leo), Medium Earth Orbit (Meo), Geostationary Earth Orbit (Geo), Beyond Geosynchronous Orbit)
· By End Use (Commercial, Satellite Operators And Owners, Space Launch Service Providers, Government & Defense, Departments Of Defense, National Space Agencies, Others)
· By Support Systems (Design, Engineering, Operation & Maintenance, Hot Firing & Environmental Test Execution, Fueling & Launch and Ground Support)
Key Regional Coverage North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
*Key Regional Developments*
The North American region is poised to achieve the highest compound annual growth rate (CAGR) during the forecast period. This growth is attributable to several factors, including a significant space budget, a large number of commercial space organizations and market participants, and the sizeable space industry in the region. As a result, the North American market for space propulsion is expected to experience a substantial expansion in the coming years. Meanwhile, the Asia-Pacific region is also expected to witness remarkable growth in the space propulsion market. This is primarily due to the increasing government and commercial satellite launches, fueled by the rise in space budgets in countries such as China, India, and Japan.
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*Key Takeaway from **Space Propulsion Market **Study*
· The chemical propulsion segment is expected to dominate the market in the coming years. Chemical propulsion is a type of rocket propulsion that uses the energy of chemical reactions to generate thrust. This technology has been widely used in space exploration missions and is expected to continue being the primary choice for propulsion systems in the near future.
· In the rapidly advancing field of space technology, one segment that is expected to dominate the market is the thruster’s segment. Thrusters are devices that provide the necessary force to maneuver spacecraft in space, and they are an essential component of any space mission.
*Recent Developments Related to **Space Propulsion Market*
· *NASA* has recently conducted tests on a new propulsion system, which has been designed to revolutionize deep space missions. This groundbreaking technology is set to propel spacecraft at unparalleled speeds through the vast expanse of space.
· *Momentus*, a space transportation company, has recently completed initial tests of their pioneering propulsion system in space. The successful testing of this propulsion system is a significant step forward in the development of new and innovative technology for space travel.
*Table of Contents*
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Space Propulsion Market, By Platform
9. Space Propulsion Market, By Propulsion Type
10. Space Propulsion Market, By System Component
11. Space Propulsion Market, By Orbit
12. Space Propulsion Market, By End Use
13. Space Propulsion Market, By Support Systems
14. Regional Analysis
15. Company Profiles
16. Competitive Landscape
17. Conclusion
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