Space Propulsion Systems Market Research Report - Global Forecast till 2027

Global 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 2027

ID: MRFR/A&D/6974-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2019-2025 to 2020-2027. Cordially fill Sample form for updated data.

Market Scenario


Global Space Propulsion Systems Market is projected to reach USD 5.69 Billion by 2025, expanding at a CAGR of 14.8% between 2019 and 2025. Space propulsion is a method which is used to propel rockets carrying artificial satellites. Furthermore, space propulsion mainly refers to propulsion systems that are used in the vacuum of space. There are various space propulsion systems developed that includes chemical, electric and hybrid propulsion. Each of the propulsion techniques has its own advantages and disadvantages. Recent developments have enabled space propulsion technology to reach a wide range of customers across various industries. Space technology companies such as NASA gave contracts to space propulsion technologies including SSL, Blue Origin, and Aerojet Rocketdyne among others to develop efficient space propulsion systems.


 Market Synopsis


The Global Space Propulsion Systems Market has witnessed significant growth in recent years owing to an increase in demand for low-cost small satellites. The satellite propulsion type segment accounted for the largest share of around 44% of the global space propulsion systems market, which valued at nearly USD 2.57 billion in 2018. Satellite propulsion is an essential component of the space program that demands high investment of research & development to make efficient systems at low cost. Furthermore, technological developments in electronics and fuel technology have enabled the development of efficient space propulsion systems. Moreover, investments by various government in space research has further positive impact on space propulsion systems market


Traditional space propulsion systems use oxygen fuel as propellant. In recent years, extensive research is been carried out to develop commercial EmDrive propulsion systems. As of now, EmDrive is a theoretical concept which is expected to be commercially developed during the forecast period. The EmDrive works on the principle of converting electrical energy to microwaves and channeling these waves through a conical chamber. The commercialization of such technology would prove a breakthrough in the field of modern propulsion systems technology.


Market USP


Growing investments by governments in space research


Market Drivers



  • Demand for low-cost small satellites

  • Development of reusable space launch vehicles


Market Restraints



  • High cost of investment

  • High risk of failure


Segmentation


By Type



  • Satellite: The largest segment in this market. The satellite propulsion segment has witnessed significant growth owing to high investments by governments towards launching satellites for communication purposes.



  • Launch Vehicle: Key companies such as Space Exploration Technologies Corporation investing in the development of launch vehicles is expected to drive the segment growth.


By End-User



  • Commercial: space propulsion systems in commercial applications is expected to gain significant traction during the forecast period. The segment accounted for approximately USD 2.21 billion in 2018.



  • Government & Military: The use of satellites for communication in the military is expected to drive the space propulsion systems market in government & military segment.


By Region



  • North America: North America dominates the space propulsion systems market. This trend is projected to continue during the forecast period due to the presence of key players in the US and Canada.



  • Europe: Countries such as Russia is expected to drive the European space propulsion systems market.



  • Asia-Pacific: The market in this region is projected to expand at a high CAGR during the forecast period. Investments in space technologies is undertaken by countries such as China and India thereby, driving the regional market growth.



  • Middle East & Africa: Development of earth observation satellite by institutes such as Emirates Institution for Advanced Science and Technology in the region is expected to drive the market in the region.



  • Latin America: Presence of various space technology research and development (R&D) agencies and institutes in Latin America is expected to propel the Latin American market.


Key Players



  • Accion Systems Inc. (US)

  • Aerojet Rocketdyne (US)

  • Avio SpA (Italy)

  • Blue Origin (US)

  • IHI Corporation (Japan)

  • Moog Inc. (US)

  • Northrop Grumman Corporation (US)

  • OHB SE (Germany)

  • Safran (France)

  • Sierra Nevada Corporation (US)

  • Space Exploration Technologies Corporation (US)

  • Yuzhnoye SDO (Ukraine)



Frequently Asked Questions (FAQ) :


Avio SpA (Italy), Blue Origin (U.S.), Northrop Grumman Corporation (U.S.), Accion Systems Inc. (U.S.), Aerojet Rocketdyne (U.S.), IHI Corporation (Japan) and, Moog Inc. (U.S.).

The market is estimated to be expanding at a CAGR of 14.8% in the forecast period.

The region of North America is appraised to be the frontrunner in the global market.

The earning level of USD 5.69 Billion by 2025 is foreseen for the worldwide market.

The development of effective space propulsion systems is projected to stimulate the market.