Space Propulsion System Market

Global Space Propulsion System Market is valued at USD 8.28 Billion in 2021 and is expected to reach USD 27.50 Billion by 2028 with a CAGR of 22.15% over the forecast period.

Global Space Propulsion System Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028- Increasing demand for LEO satellites, rising demand for satellites for satellite imaging applications, and rising number of space exploration missions are some of the major factors driving the growth of the Global Space Propulsion System Market.

Scope of Global Space Propulsion System Market Report-

The space propulsion system is an engine that facilitates the movement of spacecraft. This creates the thrust, which is needed to move the spacecraft into outer space. The engine can be used to change tactics or routes, as well as to accelerate spacecraft from Earth's orbit into deep space. These systems have been developed by scientists & aerospace engineers with the help of mathematical models and simulations. Spacecraft propulsion is any method used to propel spacecraft and artificial satellites. Space propulsion or in-space propulsion is only related to the propulsion system used in the vacuum of space and should not be confused with launch vehicles. Many methods have been developed, both practical and imaginative, each with its own disadvantages and advantages. Most satellites have simple reliable chemical thrusters (often monopropellant rockets) or jet rockets for orbital station-keeping, and some use the Momentum wheel for attitude control.

The Covid-19 pandemic has shown a negative impact on the growth of the global space propulsion system market. Due to the pandemic, many satellite launch providers have postponed future launches. The governmental and commercial player’s budget for space industry development or space launches were decreased due to divergence of the budget to counter the spread of the pandemic. Government imposed a lockdown has affected the availability of critical satellite and space launch vehicle components. Also, the worldwide lockdown has resulted in product instability due to limited production capacity. However, post Covid-19, the expected increase in space launches and production is expected during the forecast period.

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 8.28 Billion
Base year considered	2020
Forecast Period CAGR %:	22.15%
Market Size Expected in 2028:	USD 27.50 Billion
Tables, Charts & Figures:	175
Pages	200
Companies / Key Players	Airbus Se, Aerojet Rocketdyne Holdings, Inc., Avio, Busek Co. Inc., Blue Origin, Enpulsion, Bradford Space, Edb Fakel, Northrop Grumman Corporation, Exotrail, Dawn Aerospace, Rafael Advanced Defense Systems Ltd., Ram Aviation, Space and Defense, SpaceX, Northrop Grumman Corporation, IHI Corporation, and others.
Segments Covered	By Components, By Spacecraft Type, By Propulsion Type, By Orbital Path, By End-Use
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Global Space Propulsion System Market Segmentation:-

The global space propulsion system market is segmented on the basis of the components, spacecraft type, propulsion type, orbital path, end-use, and region & country level. On the basis of components, the global space propulsion system market is segmented into thrusters, nozzles, rocket motors, propulsion thermal control, propellant feed systems, power processing units, and others. By spacecraft type, the market is segmented into satellites, rovers, capsules, launch vehicles, interplanetary spacecraft & probes. By propulsion type, the global space propulsion system market is segmented into non-chemical propulsion and chemical propulsion. By orbital path, the market is segmented into LEO, GEO, MEO, and others. By end-use, the global space propulsion system market is segmented into commercial, government & defense.

By Components:

• Thrusters
• Nozzles
• Rocket Motors
• Propulsion Thermal Control
• Propellant Feed Systems
• Power Processing Units
• Others

By Spacecraft Type:

• Satellites
• Rovers
• Capsules
• Launch Vehicles
• Interplanetary Spacecraft & Probes

By Propulsion Type:

• Non-Chemical Propulsion
• Chemical Propulsion

By Orbital Path:

• LEO
• GEO
• MEO
• Others

By End-Use:

• Commercial
• Government & Defense

Key Players of Global Space Propulsion System Market Report-

Some major key players for the global space propulsion system market report cover prominent players like 

• Airbus Se
• Aerojet Rocketdyne Holdings, Inc.
• Avio
• Busek Co. Inc.
• Blue Origin
• Enpulsion
• Bradford Space,
• Edb Fakel,
• Northrop Grumman Corporation
• Exotrail
• Dawn Aerospace
• Rafael Advanced Defense Systems Ltd.
• Ram Aviation
• Space and Defense
• SpaceX
• Northrop Grumman Corporation
• IHI Corporation
• others.

Recent Developments

News- Astra Announced Electric Propulsion System Contract with LeoStella

On April 12^th, 2022; Astra Space, Inc. announced an agreement for Astra to give different Astra Spacecraft Engines to LeoStella satellites. Astra is supposed to start delivering the propulsion systems. LeoStella plans and fabricates operational satellites cost effectively and at scale. Astra's Spacecraft Engine has shown the way that it can help satellites in achieving and maintaining target orbits and mobility and is supposed to be coordinated onto a variety of LeoStella's satellites.

Southampton Astronautics Expertise Accelerates Launched a Revolutionary Space Propulsion System

On October 14^th, 2021; State-of-the-art tests at the University of Southampton had advanced the improvement of an innovative satellite propulsion system. English startup Magdrive is propelling the electric plasma innovation to empower another generation of spacecraft that could make the interplanetary travel found in Star Trek a reality. The Magdrive framework guarantees significantly further developed thrust contrasted with other electric propulsion systems, while offering high efficiencies that chemical propulsion systems lack need. This takes into account broadened little satellite lifetimes and for new mission types like rendezvousing with larger satellites, constellation management, satellite refueling and deorbiting for satellites of all sizes.

Increasing Demand for LEO Satellites, Rising Demand for Satellites for Satellite Imaging Applications, and Growth in Space Exploration Missions are Some of the Major Factors Driving the Market Growth

One of the major factors driving the growth of the space propulsion system market is the increasing demand for LEO satellites. The new market players in the space business underline the development of LEO satellite because of its cost-effectivity, accessibility of off-the-rack satellite parts, and lower launch cost because of low satellite launch mass. The utility of LEO satellites or the satellite constellation for earth perception applications, military surveillance and communications, and satellite-based internet providers yields critical advantages because of its nearness to the earth's surface. Its utility uniform satellite-based inclusion is additionally valuable to deliver basic information and monitoring climate and resources. Likewise, these satellites are used for the satellite deorbiting process. These improvements are expected to drive the market growth. For instance, as per the news published on May 26^th, 2022; Momentus Inc. launched its most memorable showing trip of the Vigoride orbital transfer vehicle to low-earth orbit on board the SpaceX Transporter-5 mission.

In addition, the rising demand for satellites for satellite imaging applications is also boosting the growth of the space propulsion system market. The increased demand for satellites for satellite imaging applications is expected to drive market development during the gauge time frame. The increase in national safety threats and country security concerns has moved governments worldwide to use satellite imaging systems. The industries, defense agencies, and governments are putting resources into satellite-based imaging for different applications like planning regular assets, weather conditions determining, and basic information for military and homeland security applications. The demand of satellite imaging can likewise be increase in geospatial information, dynamic human impressions like urbanization impacts, multispectral satellite image data for oil and gas, mining, and geographic data frameworks Satellite imaging additionally takes care of utilizations like designing and development, disaster reaction, conservation and research, and media and entertainment. For instance; as per the news published on April 17^th, 2022; SpaceX launched a spy satellite for the United States National Reconnaissance Office (NRO) and landed the returning rocket back on Earth (April 17), acing a spaceflight twofer on Easter. ­­

Moreover, the growth in space exploration missions is another factor to boost the space propulsion system market due to significant investment by government agencies of various nations as well as the private sector. However, the high cost associated with space propulsion systems may hamper the growth of the global space propulsion system market. In spite of that, increasing research & development in-space propulsion technologies can offer an opportunity for the further growth of the market.

North America Holds a Major Share in the Global Space Propulsion System Market

Geographically, North America is holding a major share in the global space propulsion system market within the forecast period due to the increasing number of space investigation missions, rising small satellite launches, and presence of key players in this region. Rising space investigation missions for interplanetary retention and re-supply missions for the International Space Station (ISS) are some of the major factors driving the market growth in this region. For instance; according to NASA Science solar system exploration, on June 6^th, 2019; more than 250 robotic spacecraft missions and 24 humans have ventured into space. In addition, increasing number of small satellite launches and access to private players like SpaceX, are also supplementing the market growth. For instance; as per the news published, on January 13^th, 2022; SpaceX launched 105 small satellites in a low-cost ""rideshare"" mission in the United States.

The Asia Pacific is expected to show significant growth in the global space propulsion system market due to the increasing demand for space propulsion systems and rising technological advancements in this field in this region. For instance; as per the news published, on October 14^th, 2021; Southampton astronautics expertise accelerates the launch of a revolutionary space propulsion system. British startup Magdrive advances in electric plasma technology to enable new generation spacecraft.

Key Benefits of Global Space Propulsion Systems Market Report:-

• Global Space Propulsion Systems Market report covers in-depth historical and forecast analysis
• Global Space Propulsion Systems Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country levels.
• Global Space Propulsion Systems Market report helps to identify opportunities in the marketplace.
• Global Space Propulsion Systems Marke report covers an extensive analysis of emerging trends and the competitive landscape.