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. SpaceX, for instance, has demonstrated the capability of reusable rockets.
Other advances in the future may involve lighter materials, the use of inflatable modules, new fuel types, space planes, and/or more efficient engines.
Based on component systems used in space propulsion systems, this report studies thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). 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.
Based on propulsion type, report is categorized as chemical propulsion technologies, which include solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. 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.
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.
Based on end use segment, this research report covers space propulsion market comprising chemical and non-chemical propulsions across government & defense and commercial end users. Based on end users, 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.
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.
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.
Key players of space propulsion market comprise Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) and few others.
These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East & Africa and South America.
Premium Insights
Increase in Space Exploration Missions to Drive Market
Satellites Segment Expected to Register Highest CAGR During Forecast Period
Thrusters Segment to Lead Space Prolusion Market from 2021 to 2026
Low Earth Orbit (Leo) Segment to Dominate During Forecast Period
Commercial Segment to Grow Faster During Forecast Period
Non-Chemical Propulsion to be Larger Segment During Forecast Period
North American Market to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
Increase in Number of Space Exploration Missions
Increasing Demand for Leo-Based Services
Increasing 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
Increasing Players in Space Launch Vehicles Market
Increasing Demand for Commercial-Off-The-Shelf Components for Cubesats
Restraints
Complex Government Frameworks and Stringent Policies
Lack of Dedicated Small Satellite Launch Vehicles
Opportunities
Increase in Research & Development in Space Propulsion Technologies
Technological Upgrade in Electric Propulsion to Reduce Cost and Improve Efficiency
Increased Government Investments in Space Technology
Technological Development in Plasma Thrusters
Increase in Use of Nuclear Technology in Propulsion Systems
Challenges
Concerns Over Space Debris
Emissions due to Space Missions
Failure of Satellite Launch Vehicles and Satellites
Average Selling Prices
Average Price of Space Propulsion Thrusters, 2020-2022 (USD)
Pricing Range of Satellites, 2020-2022 (USD Million)
Pricing Range for Satellite Subsystems, 2020-2022
Pricing Range for Cubesats (USD Million)
Pricing Range for Cubesat Subsystems
Cost Composition of Various Types of Spacecraft
Cost Comparison of Launch Vehicles, 2018-2022
Nasa's Space Transportation System and Components Costing
Cost Composition of Leo Payloads from 1981-2060 (Forecast)
Industry Trends
Technology Trends
Ultra Cold Storage Tanks for Liquid Hydrogen to Support Future Space Missions
Use of Micro Propulsion
Space Elevator Propulsion by Mechanical Waves
Low-Cost Electric Propulsion Thruster for Deep-Space Robotic Missions
Dedicated Launch Vehicles for Small Satellites
Use of Plasma Thrusters for Space Exploration
Nuclear Propulsion: Game-Changer for Space Exploration
