(I-BusinessNews.Com, September 07, 2022 ) According to the latest research report "Space Propulsion Market by Type (Chemical Propulsion, Non-Chemical Propulsion), System Component (Thrusters, Propellant Feed System, Nozzle), Platform (Satellite, Launch Vehicle), Orbit, End User, Orbit, Support Service, Region - Global Forecast to 2026" published by MarketsandMarkets, the space propulsion market is projected to grow from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, at a CAGR of 22.1% from 2021 to 2026. Developed economies of North America and Europe are currently the leaders in the market, considering the strong presence of OEMs in these regions, while emerging economies, especially those from the Asia Pacific region, are projected to be the upcoming major markets for space propulsion systems. Conventionally, access to space has been extremely costly. But prices continue to fall with each passing decade as new technologies are created and the sector becomes more commercialized.
Key players operating in space propulsion market are Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), IHI Corporation (Japan), Space Exploration Technologies Corp. (SpaceX) (US), and Northrop Grumman Corporation (US).
Long-term market drivers for space propulsion remain strong, and, before the COVID-19 pandemic, the market had started to show signs of recovery from the major market price reset. Governments and businesses involved with space are reacting differently to the new situation. Some launches are moving forward, while some are not; some tests continue, and some are delayed; some companies still operate, and others have shuttered. Rockets continue to be launched; however, many launch providers are pushing future launches back. Rocket Lab, for example, has suspended launches for the time being. Consumer broadband saw growth in North America following the pandemic, with existing subscribers shifting to higher-value plans and overall growth in the subscriber base. Nonetheless, temporary supply chain issues have caused delays in new project rollouts in most market segments. Despite the short-term headwinds caused by the pandemic, underlying market drivers are expected to prevail, enabling long-term growth.
“The space propulsion market for thrusters segment is projected to have the highest market share based on system component”
By system component, the thrusters segment is projected to lead the space propulsion market during the forecast period. Thrusters are extensively used for maneuvering and orbit control of satellites.
“The space propulsion market for non-chemical propulsion segment is projected to have the highest market share based on propulsion type”
By propulsion type, the non-chemical propulsion segment is projected to lead the space propulsion market during the forecast period. The demand for low-cost and reusable space propulsion systems is fueling the growth of the non-chemical propulsion segment.
“The space propulsion market for LEO (Low earth Orbit) segment is projected to have the highest market share and highest CAGR based on orbit”
By orbit, the LEO (Low earth Orbit) segment is projected to lead the space propulsion market during the forecast period. The rising demand for communications and earth observation satellites fueling the growth of the Low Earth Orbit (LEO) segment.
“The space propulsion market for satellites segment is projected to have the highest CAGR based on platform”
By platform, the satellites segment is projected to lead the space propulsion market and have the highest CAGR during the forecast period due to the increasing small satellite launches for commercial and government applications and the adoption of advanced technology in small satellites and CubeSats.
“The space propulsion market for Government & Defense segment is projected to have the highest market share based on end use”
Based on end use segment, Government & Defense sub-segment would have the highest market share during the forecast period. The growth of this segment can be attributed to the increasing number of space exploration missions and the rising budgets for space exploration.
“North America is expected to hold the highest market share in 2021.”
North America is projected to hold the largest share of the space propulsion market during the forecast period. This is owing to the ever-rising small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent times.
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