ID: MRFR/A&D/6974-HCR | February 2021 | Region: Global | 100 pages
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.
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.
Growing investments by governments in space research
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.