October 2020, MRFR Press Release/- Market Research Future has published a Global Space Propulsion Systems Market.
Space Propulsion Systems Market Size Valued at USD 23.6 Billion, market Grow at a CAGR Of 25.43% by 2020 -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.
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.
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