Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "Space Propulsion Market Platform (Satellite, Launch Vehicle), Propulsion Type (Chemical Propulsion, Non-Chemical Propulsion), Component (Thrusters, Propellant Feed System, Nozzle), Orbit, End User, Orbit, Support Service Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The space propulsion market size is projected to grow from USD 10.6 billion in 2023 to USD 18.1 billion by 2028, at a CAGR of 11.3% during the forecast period.
Space propulsion systems play a crucial role in spacecraft, launch vehicles, capsules, and rovers by providing the necessary thrust for various operations such as orbit insertion, station keeping, launching vehicles into space, and attitude control, among others. These propulsion systems can be broadly categorized into two types: chemical propulsion and non-chemical propulsion.
Chemical propulsion technologies encompass a variety of methods, including solid, liquid, hybrid, and cold gas propulsion. On the other hand, non-chemical propulsion technologies utilize different principles, such as electric, solar, nuclear, and laser propulsion. The key components used in space propulsion systems are thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control systems, and power processing units (PPU).
The space propulsion market caters to both government & military and commercial end users. It encompasses the application of chemical and non-chemical propulsion technologies in space missions. The end users of space propulsion systems can be further classified into commercial entities and government & defense organizations.
Prominent companies in the space propulsion market are Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US), among others.
Low Earth Orbit (LEO) Segment: Rapidly growing segment of the space propulsion market by orbit during 2023-2028
Payloads in the low Earth orbit (LEO) are placed between 500 and 1,500 kilometers above the surface of the Earth. They are visible for 95 to 120 minutes as these satellites circulate in a lower orbit. There is a growing demand for space propulsion systems that enable CubeSats and small satellites to achieve attitude, orbit control, and orbital transfers.
The growth of the space sector has led to the greater use of advanced components such as electric thrusters, propellant tanks, and pressure regulators in the propulsion systems of spacecraft. NanoAvionics (US) provides high-performance and environment-friendly propulsion systems for CubeSats and small satellites.
Commercial Segment: Rapidly growing segment of the space propulsion market by the end user during 2023-2028
The commercial segment includes companies that use satellites for communication, Earth observation, imaging, and agricultural monitoring, among other applications. For instance, Pumpkin Space (US), a leading player in the nanosatellites market, uses small satellites for scientific experiments, such as testing new technologies like batteries with sleep mode capability (BM-2). Busek Co. Inc (US) is another company focused on developing new propulsion systems, such as pulsed plasma thrusters, green monopropellant thrusters, and electrothermal thrusters.
In 2021, SpaceX built and launched 1,869 operational Starlink satellites in 25 months, more than 1,750 of which are still in orbit and functional. And in 2022, Space X alone raised USD 2.2 billion and became the most valuable private company in the US.
Asia Pacific to account for the largest share in the space propulsion market in 2023
Investment in the space industry in Asia Pacific has increased continuously in recent years. This factor supports the growth of the space propulsion market in Asia Pacific.
Well-established and prominent manufacturers of these military systems in this region include Lockheed Martin Corporation (US), L3Harris Technologies Inc. (US), Northrop Grumman Corporation (US), Blue Origin, LLC (US), and others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 299 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.6 Billion |
| Forecasted Market Value (USD) by 2028 | $18.1 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Premium Insights
- Increase in Space Exploration Missions Worldwide
- Launch Vehicles to Hold Major Market Share in 2023
- Non-Chemical Segment to Record Highest CAGR Between 2023 and 2028
- Commercial Segment to Witness Strong Growth During Forecast Period
- Asia-Pacific to Secure Maximum Share in 2023
Use Cases
- Water Electrolysis Propulsion
- Solar Sail Technology
- Busek Bht-200 - High-Performance and Mature Propulsion System
- Propulsion Technology in Super Heavy-Lift Expendable Launch Vehicles
- Propulsion Technology for Cubesats
- Satellite Orbit Maneuvering
Market Dynamics
Drivers
- Increasing Number of Space Exploration Missions
- Increasing Demand for Leo-Based Services
- Focus on Reducing Mission Costs
- Demand for Advanced Electric Propulsion Systems
- Technological Advancements in Space Propulsion
- Significant Investments by Venture Capital Companies in Space Exploration Missions
- Increasing Use of Small Satellites in Various Applications
- Growing Number of Companies Offering Space Launch Vehicles
- Increasing Demand for Commercial-Off-The-Shelf Components for Cubesats
Restraints
- Complex Government Framework and Stringent Policies
- Lack of Dedicated Small Satellite Launch Vehicles
Opportunities
- Surge in R&D in Space Propulsion Technologies
- Technological Upgrades in Electric Propulsion to Improve Efficiency and Reduce Cost
- Government Investments in Space Technologies
- Advancements in Plasma Thruster Technology
- Rising Adoption of Nuclear Technology in Propulsion Systems
Challenges
- Concerns Over Increasing Space Debris
- Emissions due to Space Missions
- Risk of Satellite Launch Vehicle Failure
Industry Trends
Technology Trends
- Ultra Cold Storage Tanks for Liquid Hydrogen
- Micro Propulsion for Cubesats
- Space Elevator Propulsion Through Mechanical Waves
- Low-Cost Electric Propulsion Thrusters for Deep-Space Robotic Missions
- Dedicated Launch Vehicles for Small Satellites
- Plasma Thrusters for Space Exploration
- Nuclear Propulsion
- Use of Green Fuel in Spacecraft
- Improvements in Propellant Technology
- Hypersonic Inflatable Aerodynamic Decelerator (Hiad) Recovery Technology
- Reusable Launch Vehicles
Technology Analysis
- Dipole Drive for Space Propulsion
- Ion Propulsion
- Cubesat-Based New Propulsion Systems
- Nasa Solar Sail Mission
- Water as Fuel
- Iodine Electric Propulsion System
Impact of Megatrends
- Miniaturization in Space Technology
- Space 4.0
- Rideshare Program
Company Profiles
Key Players
- Safran Sa
- Ihi Corporation
- Space Exploration Technologies Corp.
- Northrop Grumman Corporation
- L3Harris Technologies, Inc.
- Aerojet Rocketdyne Holdings, Inc.
- Moog, Inc.
- Rafael Advanced Defense Systems Ltd.
- Ohb Se
- Lockheed Martin Corporation
- Npo Energomash
- Sierra Nevada Corporation
- Thales Group
- Eaton (Cobham Mission Systems)
- Vacco Industries
- Arianegroup GmbH
- Airbus Se
- Blue Origin
Other Players
- Thrustme
- Ursa Major Technologies
- Phase Four
- Exotrail
- Nuspace Pte. Ltd.
- Dawn Aerospace
- Ast Advanced Space Technologies GmbH
- Stanford Mu Corporation
- Manastu Space
- Virgin Orbit
For more information about this report visit https://www.researchandmarkets.com/r/qr3q6i
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