Space Propulsion Market Size Worth $22,536.23 Million By 2030 | CAGR: 15.5%

The global space propulsion market size is expected to reach USD 22,536.23 million by 2030, according to a new study by Polaris Market Research. The report “space propulsion Market Share, Size, Trends, Industry Analysis Report, By Type (Chemical Propulsion, Non-Chemical); By System Component; By Platform; By End-use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The wide variety of usage of satellites and spacecraft include satellite-based communication for military and commercial application, in-flight internet services, satellite imaging technology, satellite-based critical data acquisition, and exploration of space. When land-based communication is unavailable during emergencies and natural catastrophes, satellite communications technology is frequently utilized. Emergency communication services can be provided in disaster zones using mobile satellite equipment. Due to the commercialization of the worldwide space industry and the entry of new market participants, the 21st century has transformed the market dynamics of the global space industry and the growth of the global market.

For instance, Accion System will launch 2 TILE 2 space propulsion systems. It will fly on an Astro Digital micro-satellite, on June 2021 SpaceX, a rideshare flight. Tenzing, a ride-sharing satellite owned by Astro Digital, is home to numerous payloads.

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In the future, communication satellites will have more capabilities such as large aperture to handle more bandwidth and more power. Their life span would increase to 20-30 years. Other technical innovations and low-cost reused launch vehicles will drive market growth. Electrical propulsion is a next-generation propulsion system and in that ion, propulsion has increased the market of the space industry. The development of electrical propulsion has increased the number of space launches and the idea of space tourism has come into the limelight by major market players.

For instance, IHI Aerospace announced in Aug. 2022, that OHB Sweden will receive 1N thrusters from them. The commercial satellite will be able to navigate because of the thrusters.

Space Propulsion Market Report Highlights

• Non- Chemical propulsion type leads the market share during the forecast period with significant CAGR because of the low cost and increased safety of the aircraft.
• Thrusters accounted for the highest revenue share accounting for their application in maneuvering and orbit control of satellites.
• The high space budget, the large number of commercial space organizations and market participants in North America, and the sizeable space industry are all credited with the expansion.
• The global market players include Accion Systems, Aerojet Rocketdyne, IHI Corporation, Blue Origin, and Northrop Grumman.

Polaris Market Research has segmented the space propulsion market report based on type, system, platform, end-use, and region:

Space Propulsion, Type Outlook (Revenue - USD Million, 2018 - 2030)

• Chemical Propulsion
• Non-Chemical

Space Propulsion, System Outlook (Revenue - USD Million, 2018 - 2030)

• Thrusters
• Propellant Feed System
• Rocket Motors
• Nozzles
• Propulsion Thermal Control
• Power processing units

Space Propulsion, Platform Outlook (Revenue - USD Million, 2018 - 2030)

• Satellites
• Capsules or Cargo
• Interplanetary Spacecraft and Probes
• Rovers and Spacecraft Lander
• Launch Vehicles

Space Propulsion, End-Use Outlook (Revenue - USD Million, 2018 - 2030)

• Commercial
• Satellites Operators and Owners
• Space Launch Service Provider
• Government of Defense
• Departments of Defense
• National Space Agencies
• Others

Space Propulsion, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa