Space Propulsion

Space Propulsion

Global Space Propulsion Market to Reach US$24.1 Billion by 2030

The global market for Space Propulsion estimated at US$9.1 Billion in the year 2023, is expected to reach US$24.1 Billion by 2030, growing at a CAGR of 14.9% over the analysis period 2023-2030. Chemical Propulsion, one of the segments analyzed in the report, is expected to record a 12.0% CAGR and reach US$7.6 Billion by the end of the analysis period. Growth in the Nuclear Propulsion segment is estimated at 14.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.4 Billion While China is Forecast to Grow at 13.9% CAGR

The Space Propulsion market in the U.S. is estimated at US$2.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.7 Billion by the year 2030 trailing a CAGR of 13.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 13.1% and 12.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.8% CAGR.

Global Space Propulsion Market - Key Trends and Drivers Summarized

Space Propulsion: What Fuels the Future of Space Exploration and Travel?

Space propulsion systems are at the heart of every space mission, providing the necessary thrust to launch, maneuver, and maintain spacecraft in orbit. The industry is experiencing a significant transformation as new propulsion technologies such as electric, nuclear, and hybrid propulsion systems emerge. Electric propulsion systems, particularly ion thrusters, are gaining popularity for their high efficiency and reduced fuel consumption, which is essential for long-duration missions like Mars exploration and geostationary satellites. On the other hand, nuclear propulsion systems are being explored for their potential to drastically reduce travel time for interplanetary missions, which could make Mars and other deep-space destinations more accessible. These advancements are redefining the boundaries of space travel and exploration, setting new milestones for future missions.

How Is Green Propulsion Technology Influencing the Market?

With increasing concerns over environmental sustainability, green propulsion technologies are becoming more prevalent in the space propulsion market. Traditional chemical propulsion systems, known for their high thrust but also high environmental impact, are gradually being replaced by greener alternatives such as non-toxic propellants and electric propulsion systems. Hydrogen-based propulsion and green monopropellants are gaining attention as viable alternatives to hydrazine, a toxic chemical traditionally used in satellite propulsion. These technologies not only reduce the environmental footprint of space missions but also comply with stringent international regulations on space sustainability. As countries and companies become more conscious of their space activities’ environmental impact, green propulsion technologies are anticipated to witness accelerated adoption.

What Market Opportunities Are Arising from Space Debris Management?

The increasing accumulation of space debris poses a significant threat to both manned and unmanned space missions, creating a new area of focus in the space propulsion industry. Propulsion systems designed specifically for debris mitigation, collision avoidance, and end-of-life deorbiting are seeing rising demand. Low-thrust propulsion systems, such as ion and Hall-effect thrusters, are considered ideal for these applications due to their precise maneuverability and efficient fuel usage. Additionally, the advent of satellite servicing missions, which involve refueling, repairing, or deorbiting defunct satellites, is opening new avenues for propulsion system manufacturers. These developments are fostering innovation in the space propulsion market, catering to the growing need for sustainable and safe space operations.

What Drives the Growth in the Space Propulsion Market?

The growth in the space propulsion market is driven by several factors, including the rapid expansion of satellite constellations, advancements in propulsion technologies, and increasing government and private sector investments in space exploration. The growing interest in deep-space exploration missions is spurring demand for advanced propulsion systems capable of long-duration, high-efficiency space travel. Rising concerns about space debris management are accelerating the adoption of propulsion systems that facilitate safe and controlled satellite deorbiting. Moreover, the commercialization of space, marked by the emergence of space tourism and private lunar missions, is generating demand for robust and reusable propulsion systems. Collaboration between government agencies, research institutions, and private space companies is further fueling innovation and growth in the space propulsion market.

Select Competitors (Total 46 Featured) -

• Accion Systems, Inc.
• Airbus Group SE
• Aliena
• Astra, Inc.
• Ayecka Communication Systems, Ltd.
• Bradford Space
• Dawn Aerospace
• Dhruva Space Private Limited
• Exotrail
• Indian Space Research Organisation (ISRO)

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