Space propulsion market is anticipated to grow at a significant CAGR during the forecast period. An increase in the number of space exploration missions, increasing demand for superior electric powered propulsion systems, and increasing demand for LEO-based totally services are the major factors that are driving the growth of the space propulsion market during the forecast period. In the coming years, there will be an increase in public and private initiatives in space exploration with a converging global interest in moon exploration. Moon and Mars explorations are anticipated to account for maximum of the space missions to be launched by 2027, with lunar exploration becoming the focus of public as well as private stakeholders.
Space explorations offer tangible as well as intangible advantages for humanity for the long term. Research and exploration of the low Earth orbit assist in providing solutions for numerous global services, which includes communication, oceanography, astronomy, surveillance and global positioning. Thus, global expenditures have grown inside the past five years, driven by programs in leading countries and new nations making an investment in space exploration. The development of high-tech propulsion systems enabling enhanced space expeditions. Technological breakthroughs and insights from past space missions have inspired new players to spend in this market, due to the significant opportunities. These factors are expected to fuel the market growth during the forecast period.
The space propulsion market analysis includes some of the key market players such as Safran S.A., Aerojet Rocketdyne Holdings, Inc., SpaceX, IHI Corporation, and Northrop Grumman Corporation, among others. In order to maintain a strong position in the market, these market players are adopting various strategic moves, such as product launches, partnerships, collaborations, and mergers and acquisitions.
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Market Coverage
- The market number available for – 2023-2029
- Base year- 2021
- Forecast period- 2023-2029
- Segment Covered
- Regions Covered- Globally
- Competitive Landscape: Safran S.A., Aerojet Rocketdyne Holdings, Inc., SpaceX, IHI Corporation, and Northrop Grumman Corporation, among others.
Space Propulsion Market by Segment
Type
- Chemical Propulsion Systems
- Non- Chemical Propulsion Systems
Platform
- Satellite
- Launch Vehicle
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Space Propulsion Market by Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
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