Space Propulsion System

Space Propulsion System

A space propulsion machine is a gadget that provides the desired thrust to move a spacecraft through space. The rocket engine is the most not unusual sort of propulsion device that uses the combustion of fuel and oxidizer to create warm gases that are expelled via a nozzle and produced thrust. The amount of thrust produced by a rocket relies upon the mass of the gasoline and oxidizer burned, as well as the velocity at which the gases are expelled.

The Space Propulsion System Market is expected to grow at a steady rate of around 22.0% owing to the reduced cost of space launch. With the emergence of new technology, the number of space launches has increased in the last couple of years due to the reduced cost associated with it. Earlier, launching a spacecraft has been a major hindrance for many years due to the large upfront cost. With the development of new and more efficient propulsion systems such as the electric propulsion system that uses less fuel, and reusable launch vehicles such as SpaceX’s Falcon, the cost of launching the spacecraft has been gradually declining in the past few years. For instance, In 2022, China launched its reusable launch vehicle March 2F rocket to Earth's orbit for the second time in two years. In another instance, In April 2023, ThrustMe, a French-based company dealing in space propulsion launched the NPT30 i2 Iodine Electric Propulsion System s part of the NorSat-TD satellite.

Therefore, the growing number of reusable vehicles and the launch of various electric propulsion systems ultimately reduce the overall cost of launching the spacecraft into space and drive the space propulsion system market.

• Based on propulsion type, the market is segmented into chemical propulsion, solar propulsion, plasma propulsion, electric propulsion, thermal fission propulsion, and others. The electric propulsion segment is expected to grow at the fastest rate during the forecast period owing to the soaring demand for a cost-effective launch as they require much less propellant to produce the same overall effect, i.e. a particular increase in spacecraft velocity. The propellant is ejected up to twenty times quicker than from classical thrusters and consequently, the same propelling force is obtained with twenty times much less propellant. Electric thrusters offer precise control over the amount of force applied to the spacecraft, allowing for accurate regulation of its position and orientation within its orbit, making the electric propulsion system the fastest-growing segment.
• Based on the system, the market is segmented into thruster, propellant feed systems, rocket motors, nozzles, propulsion thermal control, and power processing units. The thruster segment held the highest market share in 2021 as well as the forecast period owing to providing low-thrust acceleration orbit control of satellites. The thruster is primarily used for maneuvering spacecraft in the area as they help to adjust the plane’s trajectory, maintain its orientation, and trade its velocity. There is always a fear of collision with debris in space, thruster helps in avoiding collision with debris or other objects in space.
• On the basis of platform, the market is categorized into satellites, launch vehicles, rovers/landers, capsules/cargo, Interplanetary Spacecraft and Probes. Among these, the satellite segment held a significant share of the market in 2021. This is mainly due to the increasing launches of low-orbit satellites and spacecraft in orbit. Moreover, satellites are widely used for various purposes such as navigation, remote sensing, and earth observation, as the demand for these services is increasing and expected to increase in the forecast period. Thus, the growing demand for propulsion systems helps satellites to reach their desired orbits accurately and efficiently. Additionally, with the improvement in technology, the propulsion system has the capacity to expand into a lightweight and compact machine that can be utilized in smaller satellites.
• On the basis of end users, the market is categorized into commercial, government, and defense. Among them, the government and defense segment become the focal point of the space propulsion system market and is expected to register the highest growth rate in the forecast period. The segment is primarily driven by the increasing budget of aerospace and defense in various countries such as the U.S., China, and India. For instance, China has a plan to become a space power by 2045, with the help of launching various spacecraft and construction of a space station. In 2022, China finished the construction of the Tiangong Space Station and planning to launch the Mars sample-return mission by 2030 and be able to develop reusable carrier rockets by 2035, and the Chinese government is planning to build a nuclear-powered space shuttle by 2040. Therefore, with the increasing interest of the government of various countries, the government, and defense segment is expected to register the highest growth rate in the forecast period.
• For a better understanding of the market adoption of the space propulsion system industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. The North America region is projected to be the dominating region in the forecast period as the region has the highest number of space agencies, a high space budget, and the development of cutting-edge technology. For instance, in March 2023, according to the article published by NASA from President 2024 Fiscal Budget stated that it will allow NASA to continue to expand by supporting USD 1.39 billion for research and development of new technologies that will advance the space exploration capabilities and create job opportunities through the growth of commercial space companies.
• Some of the major players operating in the market include Safran; Aerojet Rocketdyne Holdings, Inc.; Space Exploration Technologies Corporation; Northrop Grumman Corporation; IHI Corporation; Blue Origin LLC; Moong Inc.; Mitsubishi Heavy Industries, Ltd.; Thales Group.