October 2022, A Global Space Propulsion Systems Market.
Market Forecast
Space Propulsion Systems Market Size is USD 23.93349 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.43% during the forecast period (2023 - 2030).
The market witnessed significant traction in recent years owing to various countries launching their own earth observatory satellites. Currently, space propulsion technology is in a nascent stage and various efforts by governments and private companies have been made to commercialize different propulsion technologies that are efficient and low cost. Technological breakthroughs such as EmDrive are expected to occur during the forecast period which is expected to change the landscape and dynamics of the space propulsion systems market.
Market USP
Various private companies and government agencies investing in research & development of space technologies.
Growth Opportunities in the Market
The government segment is expected to register the highest CAGR during the forecast period. Governments are actively launching satellites for earth observation and communication purposes. For instance, US-based Defense Advanced Research Projects Agency (DARPA) launched a small satellite through Rocket Lab, a commercial small satellite launch service provider. The satellite was launched to improve radio communication in the military.
Key Players