The report on the space propulsion market provides a detailed trend analysis from 2018 to 2025. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities influencing the growth of the market.
The Global Space Propulsion Market size is projected to grow from USD 6.7 billion in 2020 to USD 14.2 billion by 2025, at a CAGR of 16.2% from 2020 to 2025. The market is driven by factors such as an increase in the number of space exploration missions, demand for LEO-based services, and increasing demand for advanced electric propulsion systems.
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Based on the platform, the launch vehicles segment is estimated to account for the second-largest market share in the year 2020. The growth of this segment can be attributed to the increasing use of launch vehicles in the deployment of small satellites and cube satellites for commercial end-users and increasing demand for small satellite constellations. Private companies and space organizations are also conducting advanced research activities to develop recyclable launch vehicles. This is expected to significantly increase the frequency of launches and reduce the cost incurred in these launches.
Based on orbit, the low Earth orbit (LEO) segment is estimated to be the largest and the fastest-growing segment in the space propulsion market. The growth of this segment can be attributed to the increased demand for LEO-based services, which have led to the greater use of advanced components, such as electric thrusters, propellant tanks, and pressure regulators, in the propulsion systems of spacecraft. The small satellites are positioned typically at a distance of 500 and 1,500 km from the surface of Earth.
Based on the propulsion type, the non-chemical propulsion segment is projected to register a higher CAGR than the chemical propulsion segment during the forecast period. The growth of this segment can be attributed to the demand for velocity increments in modern propulsion systems. The non-chemical propulsion system’s efficient use of fuel and electrical power enables modern spacecraft to travel farther, faster, and cheaper than any other propulsion technology currently available. Chemical propulsion systems have demonstrated fuel efficiencies up to 35 percent, but ion thrusters have demonstrated fuel efficiencies over 90 percent.
Based on the region, the space propulsion market in North America is projected to register the highest CAGR during the forecast period. The growing demand for commercial communication and imaging satellites, increasing deployment of small satellites, rising space exploration missions for interplanetary observations, and demand for resupply missions for International Space Station (ISS) are key factors expected to drive the market in North America. Overall, technological breakthroughs and resourceful insights obtained from past space missions have inspired new players to invest in this niche market.
Some of the key players in the space propulsion market include Safran S.A. (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These players have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.
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