Author: Vikas Kumar
23 December 2023
The North American region dominated the market in the historic year and is expected to continue the same in the forecast period. The major factors attributed to the growth of the market are as the region has highly developed nations such as the U.S., and Canada, and they have a high space budget. The U.S. government spends more heavily on space exploration than any other country in the world. The high investment done by the government every year has put the U.S. as a strong space industry. For instance, in March 2023, according to the article published by NASA from President 2024 Fiscal Budget stated that it will allow NASA to continue to expand by supporting USD 1.39 billion for research and development of new technologies that will advance the space exploration capabilities and create job opportunities through the growth of commercial space companies.
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Moreover, the region is the home of several commercial space agencies such as Aerojet Rocketdyne, Blue Origin, and SpaceX, and they have worked tremendously to develop and launch various spacecraft in recent years. For example, the SpaceX Falcon 9 rocket is the most powerful operational and reusable vehicle that cut down the cost of the launch of spacecraft. Moreover, Blue Origin founded by Jeff Bezos is developing a new launch vehicle called New Glenn, that uses a hydrogen-fueled engine that is more efficient than traditional engines. Moreover, the region has strong research and development organizations such as NASA in the U.S., and Canadian Space Agency in Canada perpetually developing new technologies in the field of space propulsion systems. Therefore, considering all these factors from the North American region is expected to dominate the space propulsion system market in the coming years.
Further, the North America Space Propulsion System Market is expected to grow at a strong CAGR of approximately 22.5% during the forecast period (2022-2030). North America is anticipated to emerge as the fastest-growing space propulsion system market primarily owing to the increased investment from private space agencies, and the increased government budget on Aerospace and defense. Meanwhile, China constitutes to be the largest market in the APAC region, accredited to upcoming space projects by the Chinese government to become the superpower in the space industry, while India is the second largest player.
FIG. 1 North America Space Propulsion System Market Revenue (2020-2030)- USD Mn
Based on propulsion type, the market is segmented into chemical propulsion, solar propulsion, plasma propulsion, electric propulsion, thermal fission propulsion, and others. The electric propulsion segment is expected to grow at the fastest rate during the forecast period owing to the soaring demand for a cost-effective launch as they require much less propellant to produce the same overall effect, i.e. a particular increase in spacecraft velocity. The propellant is ejected up to twenty times quicker than from classical thrusters and consequently, the same propelling force is obtained with twenty times much less propellant. Electric thrusters offer precise control over the amount of force applied to the spacecraft, allowing for accurate regulation of its position and orientation within its orbit, making the electric propulsion system the fastest-growing segment.
Based on the system, the market is segmented into thrusters, propellant feed systems, rocket motors, nozzles, propulsion thermal control, and power processing units. The thruster segment is expected to have the highest market share in 2021 as well as the forecast period owing to providing low-thrust acceleration orbit control of satellites. The thruster is primarily used for maneuvering spacecraft in the area as they help to adjust the plane’s trajectory, maintain its orientation, and trade its velocity. There is always a fear of collision with debris in space, thruster helps in avoiding collision with debris or other objects in space.
For a detailed analysis of the Global Space Propulsion System Market browse through – https://univdatos.com/report/space-propulsion-system-market/
Global Space Propulsion System Market Segmentation
Market Insight, by Propulsion Type
Market Insights, by System
Market Insights, by Platform
Market Insights, by Propulsion Type
Market Insight, by Region
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