Space Propulsion Systems Market Research Report By Type (Satellite, Launch Vehicle), By End-User (Commercial, Government Military) and By Region (North America, Europe, Asia-Pacific, Middle East Africa, Latin America) - Forecast to 2030

Global Space Propulsion Systems Market Overview

Space Propulsion Systems Market Size was valued at USD 4.9 billion in 2022. The space propulsion systems market industry is projected to grow from USD 6.14607 Billion in 2023 to USD 23.93349 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.43% during the forecast period (2023 - 2030). Novel space propulsion vehicles are rapidly emerging and diversifying. This is due to a track record of successful flights. The market for new aeroplanes remains active and dynamic. The most recent aircraft was created by studying the history of space travel. This has boosted safety while decreasing the time and expense of developing new products. Numerous improved technologies, as well as the utilization of composite materials in component manufacture, are the key market drivers enhancing the market growth.Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Propulsion Systems Market Trends

Market CAGR for space propulsion systems increased by the rising demand for LEO (Low Earth Orbit) Satellites. LEO satellites have various advantages, including cheaper launch costs, cost-effectiveness, and availability of satellite parts. As a result, significant companies have prioritized their development. LEO satellites transmit 1,000 times (30 dB) stronger than any GNSS signal. LEO satellites can receive signals from anywhere in the sky. Because LEO constellations comprise several satellites, they may provide 3-D location information and exact time. Examples include communication, research missions, logistics and geolocation, Earth observation, signal monitoring, etc. Space propulsion systems are in great demand due to the various benefits and characteristics of LEO spacecraft.

For instance, in October 2022, OneWeb successfully launched 36 additional LEO (Low Earth Orbit) satellites into its network from India. This launch mission from India expands global coverage while establishing connections in India and South Asia. In recent years, there has been an increase in space exploration missions and collaboration between government and commercial organizations.

Military and defense forces also rely on satellites for remote sensing technologies, communication systems, and GPS. Satellites provide more accurate and detailed information on enemies and targets, reducing collateral damage and civilian and military losses. Military satellites can circumvent such restrictions during wartime when the terrestrial communication link is frequently unavailable or unprotected. As the demand for such satellites or spacecraft for military objectives grows, so does space propulsion.

The space propulsion system market is expanding rapidly, owing to increased demand for Low-Earth orbit (LEO)-based services, increased space exploration missions, increased demand for satellite data, and increased R&D efforts connected to space propulsion technologies. Thus, driving the space propulsion systems market revenue.

Space Propulsion Systems Market Segment Insights

Space Propulsion Systems Type Insights

The Space Propulsion Systems Market segmentation based on type includes satellites and launch vehicles. The satellite sector is estimated to have the greatest market share throughout the projected period due to the high need for space propulsion capable of launching satellites for earth observation, interplanetary travel, and space-borne planetary observation. According to the World Meteorological Organization, it is predicted to boost the market due to increased satellite launches. Satellites are becoming more useful across end-user categories such as commercial, government, and defense for essential data and other satellite-based services.

The launch vehicles category is expected to increase significantly due to the rising demand for space propulsions for multiple scheduled satellite launches by commercial market participants and government space organizations. Because of the strong demand for space-based satellites, the introduction of space tourism, and the long life of space propulsion, the market is likely to develop in the future.

For instance, in June 2022, NASA and the European Space Agency (ESA) will collaborate to launch a pathfinder data relay satellite to enable missions to the moon's polar regions and far side. The ESA's satellite is anticipated to be launched on a commercial rocket launch system from the United States, expanding trans-Atlantic cooperation on the Artemis lunar mission.

Space Propulsion Systems End-user Insights

Based on end-user, the Space Propulsion Systems Market segmentation includes commercial, and government & military. Over the projected period, revenue growth in the government and military industries is predicted to be faster. A military satellite is a spacecraft launched into orbit to carry out military activities on Earth's surface, such as communications, navigation, and surveillance. The Indian armed forces would benefit greatly from early notice of military events and enemy troop deployments on the ground supplied by military satellites. Military satellites can be utilized to convey any intelligence information obtained on opposing troops by signal and electronic intelligence in the country's most remote and inaccessible places, such as Jammu and Kashmir and the North East, to the proper agency.

Figure 1 Space Propulsion Systems Market, by Distribution channel, 2022 & 2030 (USD billion)Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Propulsion Systems Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American space propulsion systems market area will dominate this market. The increase is attributed to a big space budget, many commercial space organizations and market participants in this region, and a sizable space industry.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe space propulsion systems market, accounts for the second-largest market share due to the presence of manufacturers like as Thales Alenia Space, Safran S.A., Blue Origin LLC., Ariane Group GmbH, Cobham Mission Systems Wimborne Ltd., and others; the European market is projected to grow gradually. Further, the German space propulsion systems market held the largest market share, and the UK space propulsion systems market was the fastest-growing market in the European region

The Asia-Pacific Space Propulsion Systems Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to the growing Increasing Chinese, Indian, and Japanese space budgets, increased satellite launches for commercial, governmental, and defense uses, and high demand for satellites throughout Asia Pacific drive market expansion. Moreover, China’s space propulsion systems market held the largest market share, and the Indian space propulsion systems market was the fastest-growing market in the Asia-Pacific region.

Space Propulsion Systems Key Market Players & Competitive Insights

Leading market companies are extensively spending on R&D to extend their product lines, which will help the space propulsion systems market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The space propulsion systems industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global space propulsion systems industry to benefit clients and increase the market sector. In recent years, the space propulsion systems industry has offered some of the most significant medical advantages. Major players in the space propulsion systems market, including Safran S.A. (France), Space-X (US), IHI Corporation (Japan), Northrop Grumman Corporation (US), and others, are attempting to increase market demand by investing in research and development operations.

Safran S.A. is a leading manufacturer of space propulsion systems, which propel spacecraft and satellites into orbit and maneuver them while in space. Safran's space propulsion systems are used by various customers, including government space agencies, commercial satellite operators, and launch vehicle manufacturers. Safran is a prominent provider of space propulsion technologies that are assisting in the expansion and evolution of the global space industry, with a solid track record of innovation and performance. For instance, in January 2022, Safran Aircraft Engines will supply Thales Alenia Space with the first PPS5000 thrusters by the end of the first quarter of 2023, preparatory to the launch of the first Galileo satellites (by the end of 2024) to conduct commercial and military missions and offer public and defense location services.

IHI Corporation is a Japanese engineering and manufacturing company that operates in various industries, including aerospace, defense, power generation, and construction machinery. IHI Corporation is a Japanese engineering and manufacturing company involved in developing and producing a wide range of products, including space propulsion systems. For instance, in June 2022, The Basic Agreement on the Development of the Epsilon S Launch Vehicle (hereafter, "Epsilon S") and the Implementation of the Launch Service Business was reached between IHI Corporation and the Japan Aerospace Exploration Agency (hereinafter, "JAXA"). Based on the Basic Agreement, IHI developed Epsilon S in collaboration with JAXA and provides launch services using Epsilon S worldwide.

Key Companies in the space propulsion systems market include

• Safran S.A. (France)


• Space-X (US)


• IHI Corporation (Japan)


• Northrop Grumman Corporation (US).

Space Propulsion Systems Industry Developments

For instance,September 2022 Airbus has won satellite communications contracts with the Netherlands and Czech military ministries. The armed forces will employ the Airbus UHF (Ultra High Frequency) military communications hosted payload on two or three channels. It will be deployed as part of the EUTELSAT 36D communications satellite in 2024.

For instance,May 2022 Skyroot Aerospace, which created India's first space launch vehicle and propulsion system, announced the completion of a full-duration Vikram-1 rocket stage test-firing. Numerous such technologies in the pipeline worldwide are projected to significantly boost demand for space propulsion systems over the predicted period.

For instance,May 2021 SpaceX's sixth high-altitude flight test of a Starship prototype from Starbase in Texas, US, completed by Starship serial number 15 (SN15). Three Raptor engines propelled the SN15 through the climb, each shutting down before the vehicle reached apogee at about 10 km altitude. Before reorienting itself for reentry and controlled aerodynamic fall, it shifted fuel to the interior header tanks carrying landing propellant.

Space Propulsion Systems Market Segmentation

Space Propulsion Systems Type Outlook

• Satellite


• Launch Vehicle

Space Propulsion Systems End-user Outlook

• Commercial


• Government & Military

Space Propulsion Systems Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America