Space Propulsion Systems Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Space Propulsion Systems Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Space Propulsion Systems Market

The space propulsion systems market size was valued at USD 6.23 billion in 2020, and the market is now projected to grow from USD 7.31 billion in 2021 to USD 19.74 billion by 2028, exhibiting a CAGR of 15.24% during the forecast period of 2020-2028.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the space propulsion systems market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this. Automakers were forced to reduce their support for R&D projects in order to prevent a cash constraint as a result of the decline in customer demand. Additionally, the income loss experienced by major manufacturers has been exacerbated by a shift to shared mobility and a reduction in manufacturing capacity. In 2020, market revenue declined as a result of several causes.

Growth will be driven by high demand for LEO (Low Earth Orbit) satellites and satellite constellations during forecast period. Due to the low launch mass, availability of off-the-shelf satellite components, and cost-effectiveness, the newcomers to the space business prioritize building low-Earth orbit (LEO) satellites. Because of their closeness to the planet's surface, low-planet orbit (LEO) satellites, or the satellite constellation, are useful for military communications and surveillance, satellite-based internet services, and earth observation applications. Its consistent satellite-based coverage is particularly useful for monitoring the environment and resources and for delivering vital data. Additionally, the satellite deorbiting procedure makes use of these satellites. The market is expected to be driven by these developments. Growing need for satellite launches and propulsion systems will drive space propulsion systems market growth with increasing satellite imaging applications during forecast period. The market is expected to increase over the forecast period due to the high demand for satellites for satellite imaging applications, launch systems, and propulsion systems. Governments around the world are using satellite imaging systems as a result of the increase in homeland security issues and national security threats. Governments, businesses, and defense organizations are spending money on satellite-based imaging for a number of uses, including weather forecasting, natural resource mapping, and vital information for homeland security and military applications. Additionally, satellite imaging can be used to track geospatial data, multispectral satellite image data for mining, oil and gas, and geographic information systems, as well as dynamic human footprints like the effects of urbanization.

The space industry's commercialization and the strong need for military applications will accelerate the space propulsion systems market growth during forecast period. There has been a discernible shift from a governmental role to an industry with commercial and traditional space major actors since the space sector became commercialized in 2008. The entry of current and potential market players has highlighted the manufacturing of small and inexpensive satellites with capabilities comparable to those of classic satellites, according to the assessment of production models in large-scale satellite manufacturing. worldwide corporations like Google, OneWeb, and SpaceX have expressed interest in launching a constellation of satellites for earth observation and worldwide internet access efforts as a result of these trends.

Comprehensive Analysis of Space Propulsion Systems Market

The space propulsion systems market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by Platform, Propulsion Type, by component and by end users. The Platform segmentations include Satellite (Small Satellite, Medium Satellite, and Large Satellite), Launch Vehicles, Rovers/Landers, Capsules/Cargo, and Interplanetary Spacecraft and Probes, By Propulsion Type segmentations include Chemical Propulsion, Electric Propulsion, Solar Propulsion, Nuclear Propulsion, and Others, By Component segmentations include Thrusters, Electric Propulsion Thrusters, Nozzles, Rocket Motors, and Others, By End-user segmentations include Commercial and Government & Defense.

The North America region lead the space propulsion systems market by benefitting a market size of USD 2.35 billion in 2020 due to high demand for LEO (Low Earth Orbit) satellites and satellite constellations and space industry's commercialization and the strong need for military applications.

The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These prominent key industry players include, Safran S.A. (France), Space Exploration Technologies Corporation (SpaceX) (U.S.), Northrop Grumman Corporation (U.S.), Blue Origin LLC (U.S.), Moog Inc. (U.S.), Lockheed Martin Corporation (U.S.), OHB SE (Germany), Sierra Nevada Corporation (U.S.), Thales Group (France), Honeywell International Inc. (U.S.), Ariane Group GmbH (France), Airbus S.E. (France), Cobham Ltd. (U.K.), L3Harris Technologies Inc. (U.S.), The Boeing Company (U.S.) these market players provide a level-playing competitive environment across the globe.

In July 2021, A 12-month contract worth USD 5 million each was signed by a group comprising NASA, the U.S. Department of Energy, and other industry participants for the next-generation nuclear thermal propulsion systems concept, which is expected to speed up and improve the efficiency of deep space exploration. Among the partners were Aerojet Rocketdyne, Blue Origin, and Lockheed Martin Corporation.

Segmentation Table

SEGMENTATION DETAILS

Study Period2017-2028

Base Year2020

Estimated Year 2021

Forecast Period2021-2028

Historical Period2017-2019

UnitValue (USD Billion)

By PlatformSatellite

Small Satellite

Medium Satellite

Large Satellite

Launch Vehicles

Rovers/Landers

Capsules/Cargo

Interplanetary Spacecraft and Probes

By Propulsion TypeChemical Propulsion

Electric Propulsion

Solar Propulsion

Nuclear Propulsion

Others

By ComponentThrusters

Electric Propulsion Thrusters

Nozzles

Rocket Motors

Others

By End-userCommercial

Government & Defense

By RegionNorth America (By Platform, By Propulsion Type, By Component, By End User)

U.S. (By Propulsion Type)

Canada (By Propulsion Type)

Europe (By Platform, By Propulsion Type, By Component, By End User)

U.K. (By Propulsion Type)

Germany (By Propulsion Type)

France (By Propulsion Type)

Russia (By Propulsion Type)

Rest of Europe (By Propulsion Type)

Asia Pacific (By Platform, By Propulsion Type, By Component, By End User)

China (By Propulsion Type)

India (By Propulsion Type)

Japan (By Propulsion Type)

South Korea (By Propulsion Type)

Rest of Asia Pacific (By Propulsion Type)

Rest of the World (By Platform, By Propulsion Type, By Component, By End User)

Middle East & Africa (By Propulsion Type)

South America (By Propulsion Type)


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