The global space propulsion market size was USD 6.23 billion in 2020. The market is expected to grow from USD 7.31 billion in 2021 to USD 19.74 billion in 2028, exhibiting a CAGR of 15.24% during the forecast period. Commercialization of the space industry, entry of new market players, and strong demand for the product from military applications are expected to bolster market growth. Fortune Business Insights™ provides this information in its report titled “Space Propulsion Market, 2021-2028.”
Space propulsion is a satellite that is used for space exploration projects. The entry of new payers and the commercialization of the space industry are expected to boost the production of the product. Furthermore, the changing utilities of satellites, such as spacecraft and interplanetary probes to Low Earth Orbits (LEO) and their constellations by governments, are expected to bolster product adoption. In addition, strong demand for the product from military applications is expected to boost the market growth in the upcoming years.
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Drivers and Restraints
Strong Demand for Satellite Constellations to Drive Market Growth
The rising focus of new entrants on LEO satellites construction is expected to surge satellite sales. The satellite’s cost-effectiveness, lower launch costs, and availability of off-the-shelf parts are expected to boost its global adoption. Furthermore, rising satellite imaging applications are expected to bolster market development. The rising demand for the product from homeland security and national security is expected to boost sales. The rising adoption of the product from the defense sector for data protection may foster the product’s demand. These factors may drive the space propulsion market growth.
However, emission concerns regarding space launches are expected to restrain the market growth in the coming years.
Platform, Propulsion Type, Component, End-user, and Region are Studied
By platform, the market is segmented into satellite, launch vehicles, rovers/landers, capsules/cargos, and interplanetary probes and spacecraft. As per propulsion type, it is classified into nuclear propulsion, solar propulsion, electric propulsion, chemical propulsion, and others. Based on component, it is categorized into rocket motors, nozzles, electric propulsion thrusters, thrusters, and others. On the basis of end-user, it is bifurcated into government & defense and commercial. Regionally, it is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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High Space Budgets to Boost Market Growth in North America
North America is expected to dominate the space propulsion market share due to high space budgets and rising number of space agencies. The market in North America stood at USD 2.35 billion in 2020 and is expected to gain a huge portion of the global market share. Furthermore, the procurement of advanced space propulsions is expected to bolster the product adoption. These factors may propel market growth.
In Asia Pacific, rising space budgets in India, Japan, South Korea, and China are expected to boost the product adoption. The rising demand for satellites and its adoption from defense, governmental, and commercial utilities is expected to boost the space propulsion industry growth.
In Europe, the presence of manufacturers such as Cobham Mission Systems Wimborne Ltd., Ariane Group GmbH, Blue Origin LLC., Safran S.A., Thales Alenia Space, and others may foster the product sales. In addition, growing military satellite programs and increasing space expenditures are expected to boost industry growth.
Prominent Companies Enter Contracts to Boost Space Exploration Activities
Prominent companies operating in the market enter into contracts to boost space exploration activities and boost market reach. For example, several market players and the U.S. Department of Energy, the consortium of NASA, undertook a 12-month contract worth USD 5 million in July 2021. This development may transform space explorations into a more efficient and faster process. Furthermore, the adoption of mergers, product launches, collaborations, acquisitions, and partnerships may enable players to boost their market position.
- September 2021: NASA developed a solar propulsion system for the Psyche Deep Spacecraft to reduce reliance on traditional chemical propulsion systems.
List of Key Players Profiled in the Report
- Space Exploration Technologies Corporation (SpaceX) (U.S.)
- Northrop Grumman Corporation (U.S.)
- Lockheed Martin Corporation (U.S.)
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