The Global Space Propulsion Systems Market is accounted for $5.73 billion in 2018 and is expected to reach $20.25 billion by 2027 growing at a CAGR of 15.1% during the forecast period. Demand for low-cost small satellites and development of reusable space launch vehicles are the major factors driving the market growth. However, High cost involved in the development of space propulsion system may hinder the growth of the market.
Spacecraft propulsion is any method used to accelerate spacecraft and artificial satellites. Space propulsion or in-space propulsion exclusively deals with propulsion systems used in the vacuum of space and should not be confused with launch vehicles. Several methods, both pragmatic and hypothetical, have been developed each having its own drawbacks and advantages. Most satellites have simple reliable chemical thrusters (often monopropellant rockets) or resist jet rockets for orbital station-keeping and some use momentum wheels for attitude control.
Based on Type, the Launch Vehicle segment is projected to lead the propulsion systems market during the forecast period due to increasing air travel and growing need for global connectivity. Ever-increasing need for lightweight aircraft engines that offer high fuel efficiency and durability to withstand severe climatic conditions, provide optimum thrust output, and require less maintenance schedules with short turnaround time is expected to fuel the growth of the aircraft segment of the market.
By geography, North America is going to have a lucrative growth during the forecast period. Economic growth, expansion of the commercial & military aviation, and increase in the number of space expeditions are factors driving the growth of the North America propulsion systems market. Moreover, growth of the North America propulsion systems market can mainly be attributed to the rising number of military modernization programs, which emphasize on increased procurement of manned and unmanned aircraft, helicopters, and ground vehicles.
Some of the key players in Space Propulsion Systems market include Accion Systems Inc, Aerojet Rocketdyne, Avio SpA, Blue Origin, IHI Corporation, Moog Inc, Northrop Grumman Corporation, OHB SE, Safran, Sierra Nevada Corporation, Space Exploration Technologies Corp and Yuzhnoye SDO.
- Launch Vehicle
- Space Simulation
- Rocket Launch
- Other Applications
End Users Covered:
- Government & Military
- North America
- ·Rest of Europe
- Asia Pacific
- ·New Zealand
- ·Rest of Asia Pacific
- South America
- ·Rest of South America
- Middle East & Africa
- ·Saudi Arabia
- ·South Africa
- ·Rest of Middle East & Africa
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