Rising emphasis on decreasing costs associated with space missions is a significant factor driving global space propulsion system market revenue growth
— Emergen Research
VANCOUVER, B.C., CANADA, January 31, 2023 /EINPresswire.com/ — According to the most recent analysis by Emergen Research, the size of the worldwide space propulsion system market is anticipated to reach 19.97 billion in 2028 and show a revenue CAGR of 14.6%. Growing focus on reducing space mission costs can be linked to an increase in market revenue. Mass reduction of satellites and other spacecraft is made possible by space propulsion systems, especially non-chemical propulsion, which lowers launch costs or permits the launch of more sophisticated and effective spacecraft for a given mass. Airbus Defense and Space has been employing electric space propulsion systems for orbital station maintaining for more than ten years. The company is now concentrating on building huge satellites and using only electric space propulsion systems to raise the initial orbit. Space propulsion technologies offer dependable ways to reduce orbit lifting time and total system cost.
The market for space propulsion is expanding as a result of increased spending in space exploration and an increase in the number of space exploration missions. For instance, the US Air Force’s Space Force, a separate component of the armed forces, declared in 2019 that the global space economy will earn between USD 1.0 trillion and USD 1.5 trillion by 2040. Additionally, it is anticipated that growing investments in space missions by China and Russia in the near future will boost demand for space propulsion systems.
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The latest study provides an insightful analysis of the broad competitive landscape of the global Space Propulsion System market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Space Propulsion System market and pinpoint the fundamental growth trends.
Major companies profiled in the market report include
Space Exploration Technologies Corporation, Safran SA, Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., Thales Alenia Space, Moog Inc., IHI Corporation, OHB SE, Northrop Grumman Corporation, and Sierra Nevada Corporation.
Some Key Highlights from the Report
NASA announced in October 2021 that it has signed agreements with Cincinnati-based GE Aviation (GE) and Redmond-based MagniX USA Inc. to facilitate the flight demonstration of an electric propulsion system (EPFD). Through ground and flight demonstrations, Electrified Aircraft Propulsion (EAP) technology will develop quickly. By 2035, NASA wants to have EAP technologies implemented in all U.S. aviation fleets.
According to spacecraft type, the rovers category is anticipated to post a sizably consistent revenue CAGR during the forecast period. Rovers can explore additional territory, advance our understanding of how well remote robotic vehicle control works, and even position themselves where there is sunshine on their own volition. The rovers are specifically outfitted with instruments/tools to examine a diverse soil and rock collection that may contain hints about the planet’s past water activity. This is especially important for missions tasked with discovering past water activity on Mars through examination of minerals and rocks.
Compared to chemical propellants, nuclear propulsion technology offers tremendous thrust and a twofold increase in propellant efficiency. The heat from the reactor is transferred via this mechanism to a liquid propellant, where it is converted to gas. After that, the gas expands through a nozzle to produce thrust for spacecraft propulsion. Nuclear propulsion systems can deploy propellants far more effectively than chemical ones, but their thrust is modest.
The government and defence end-use segment is anticipated to experience the fastest revenue growth rate during the projection period. The U.S. military heavily relies on satellite technology, which is used to spot enemy locations and movements, monitor weather patterns, direct navigational systems, communicate across conflict zones, and carry out precise strikes. It is anticipated that rising satellite utilisation in the defence industry will continue to fuel this segment’s revenue growth.
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Key Parameters Analyzed in This Section:
Product sales trends
Sales & distribution channels
Research Report on the Space Propulsion System Market Addresses the Following Key Questions:
Who are the dominant players of the Space Propulsion System market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Space Propulsion System market?
What are the key growth drivers and restraining factors of the Space Propulsion System market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Space Propulsion System market and its key segments?
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The report explains the scope of various commercial possibilities in the global Space Propulsion System market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Emergen Research has segmented global space propulsion system market on the basis of component, spacecraft type, propulsion type, orbital path, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Propellant Feed Systems
Propulsion Thermal Control
Power Processing Units
Spacecraft Type Outlook (Revenue, USD Billion; 2018–2028)
Interplanetary Spacecraft & Probes
Propulsion Type Outlook (Revenue, USD Billion; 2018–2028)
Orbital Path Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Government & Defense
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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