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Space Propulsion System Market Expected to Reach $32.8 Billion by 2031

 
2022
Space Propulsion System Market

Report Code : A10443

quote Increase in demand for low earth orbit-based services, rise in space exploration missions, and surge in demand for satellite data are expected to drive space propulsion system market during the forecast period. However, Concerns over space debris and Heightened emissions due to rise in number of space launches is anticipated to hamper the growth of the market. Moreover, demand for advanced electric propulsion systems and advances of nanomaterial-based space propulsion systems are expected to offer lucrative opportunities for the market in future. quote

Himanshu Joshi - Lead Analyst
Aerospace and Defense at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Space Propulsion System Market," The space propulsion system market was valued at $8.9 billion in 2021, and is estimated to reach $32.8 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.

North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the space propulsion system market share in North America in 2020, owing to an increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making advanced space propulsion systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to surge in space exploration missions across several Asian nations, for instance, China, India, Japan, and South Korea.

The propulsive force is the most important factor in the design and operation of aircraft or spacecraft missions. The propulsion system provides the propulsive force or power required to propel rocket, or other vehicle moving through air or space forward. Fuel tanks, valves, propellant assembly, pressure regulator, thrusters, manifold subsystems, and regulators are all part of the space propulsion system. Several distinct propulsion methods are utilized by several space organizations throughout the world due to the presence of a diverse spectrum of spacecraft and satellites. The usage of a rocket engine or integrated propulsion systems is used for spacecraft and satellite propulsion.

The space propulsion system market has witnessed significant growth in recent years, owing to the development of advanced space propulsion system by key market players. For instance, in July 2021, Sierra Nevada Corporation developed and completed testing of its hypergolic, or storable, liquid rocket propulsion system for orbit transfer, maneuvering, and guidance control.

COVID-19 Impact Analysis

  • The COVID-19 impact on the space propulsion system market is unpredictable, and is expected to remain in force for a few years.
  • The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of raw material items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for manufacturing space propulsion systems and components.
  • Moreover, nationwide lockdown forced space propulsion system manufacturing facilities to partially or completely shut their operations.
  • Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of advanced space propulsion system components globally.

KEY FINDINGS OF THE STUDY

  • By type, the non-chemical propulsion segment is expected to register significant growth during the forecast period.
  • On the class of orbit, the low Earth orbit (LEO) segment is anticipated to exhibit significant growth in the future.
  • On the end user, the commercial segment is anticipated to exhibit significant growth in the future.
  • Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players that operate in the space propulsion system market include Accion Systems, ArianeGroup, IHI Corporation, Moog Inc., Mitsubishi Heavy Industries, Ltd., Northrop Grumman Corporation, OHB SE, Sierra Nevada Corporation, Thales Group, and Vacco Industries.

 

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quote Space Propulsion System Market by Type (Chemical Propulsion, Non Chemical Propulsion), by Class of Orbit (Elliptical, GEO, LEO, MEO), by End User (Civil and Earth Observation, Government and Military, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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