Global Space Propulsion Systems Market to Reach US$ 24.5 Billion by 2032, Accelerated by Increasing Demand for Satellite Deployments

As per the latest report by IMARC Group, titled "Space Propulsion Systems Market by Type (Chemical Propulsion, Non-Chemical Propulsion), Class of Orbit (Elliptical, GEO, LEO, MEO), End User (Civil and Earth Observation, Government and Military, Commercial), and Region 2024-2032," the global space propulsion systems market size reached US$ 10.0 Billion in 2023. Space propulsion systems involve engines or mechanisms used to propel spacecraft. They are constructed using a combination of complex engineering and innovative technologies that enable them to maneuver, change orbits, and travel through space. By expelling propellant at high velocities, these systems generate a thrust force that propels the spacecraft in the opposite direction. One commonly used space propulsion system type is the chemical rocket engine. These engines combust a mixture of fuel and oxidizer to produce a high-velocity exhaust stream, creating the necessary thrust. Moreover, they are highly efficient and are commonly used for station-keeping and long-duration space missions. The advantages of space propulsion systems are numerous, such as they allow spacecraft to overcome Earth's gravity and reach orbital velocities, enabling satellite deployment, crewed space missions, and scientific exploration. They also facilitate trajectory corrections, satellite repositioning, and interplanetary missions.

Global Space Propulsion Systems Market Trends:

 The global space propulsion systems market is influenced by the increasing demand for satellite deployments and fuels for space exploration missions, supported by the growing commercial space sector. Additionally, technological advancements in propulsion systems, such as electric propulsion and ion engines, and rising investments by government agencies and private entities in space programs and research initiatives are providing a significant impetus to the market growth. Furthermore, the growing focus on sustainable space exploration and the development of environmentally friendly propulsion systems are contributing to the market growth. Furthermore, the emergence of small satellite constellations and the increasing demand for on-orbit satellite servicing are propelling the market growth. Besides this, surging collaborations between space agencies, research organizations, and private companies and the increasing adoption of additive manufacturing techniques are creating a positive outlook for the market. In line with this, the development of novel propulsion technologies, such as nuclear propulsion and solar sail systems, and the rising need for efficient propulsion systems for interplanetary and deep space missions are favoring the market growth. Looking forward, the market value is projected to reach US$ 24.5 Billion by 2032, expanding at a CAGR of 10.53% during 2024-2032.

Market Summary: 

• By the type, the market is bifurcated into chemical and non-chemical propulsion. Currently, chemical propulsion represents the largest segment.
• Based on the class of orbit, the market is segmented into elliptical, GEO, LEO, and MEO. Among these, LEO accounts for the largest market share.
• By the end user, the market is classified into civil and earth observation, government and military, and commercial. At present, government and military hold majority of the market share.
• On the basis of the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, North America is leading the global market.
• The competitive landscape of the industry has also been examined with some of the key players being Accion Systems Inc., ArianeGroup, CU Aerospace L.L.C., IHI Corporation, Moog Inc., Northrop Grumman Corporation, OHB SE, Rafael Advanced Defense Systems Ltd., Safran S.A., Thales Group, VACCO Industries Inc. (ESCO Technologies Inc.), etc.

Report Scope:

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