Space Propulsion System Market: Current Analysis and Forecast (2022-2030)
Emphasis on Propulsion Type ((Chemical Propulsion, Solar Propulsion, Plasma Propulsion, Thermal Fission Propulsion, Others (Ion Drive, Continuous Fusion, Others)), System (Thruster, Propellant Feed System, Rocket Motors, Nozzles, Propulsion Thermal Control, and Power processing units), Platform (Satellite, Launch Vehicles, Rovers/Landers, Capsules/Cargo, Interplanetary Spacecraft and Probes), End User (Commercial, and Government & Defense); and Region/Country
The Space Propulsion System Market was valued at USD 7,800 million in 2021 & is expected to grow at a CAGR of 22.0% from 2022-2030. Due to the growing demand for LEO-based services. LEO satellites refer to low-earth orbit satellites that are relatively close to the Earth’s surface. LEO satellites are usually placed at an altitude of less than 1000 km but could be as low as 160 km above Earth – which is low compared to other orbits. The LEO satellites are primarily used in various sectors such as telecommunications, agriculture, and defense for imaging, as being near the surface allows them to take images of higher resolution. Moreover, these satellites are primarily used for the International Space Station (ISS), as it is easier for astronauts to travel to and from it at a shorter distance. Additionally, the LEO satellites have a major role in the telecommunication sector as more countries are adopting 5G technology for better internet and voice connectivity purpose, and LEO satellites are fueling the demand for it. For instance, in March 2023, the Bharti Group, an Indian-based conglomerate dealing in the telecommunication sector named Airtel India, launched another batch of 36 satellites from ISRO’s space center in Sriharikota. The company takes OneWeb’s low-earth orbit (LEO), satellite count, to 618, positioning it to start global satellite broadband services by end-2023.
Therefore, the growing demand for LEO-based services drives the space propulsion system market.
Some of the major players operating in the market include Safran; Aerojet Rocketdyne Holdings, Inc.; Space Exploration Technologies Corporation; Northrop Grumman Corporation; IHI Corporation; Blue Origin LLC; Moong Inc.; Mitsubishi Heavy Industries, Ltd.; Thales Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst propulsion types, the electric propulsion segment held the fastest growing in 2021”
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 the fastest growing segment in 2021 and 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.
“Amongst system, the thruster held the majority share of the market in 2021”
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.
“North America dominated the space propulsion system market in 2021”
The North America region has dominated the market in 2021 and is projected to be the dominating in the forecast period as the region has the highest number of space agencies, a high space budget, and the development of cutting-edge technology. 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.
Space Propulsion System Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global space propulsion system market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Space Propulsion System Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global space propulsion system market were the three major steps undertaken to create and analyze the adoption of space propulsion system in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global space propulsion system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the space propulsion system market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the space propulsion system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service type, type, distance, propulsion type, and platform mode. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the space propulsion system market. Further, we conducted factor analysis using dependent and independent variables such as service type, type, distance, propulsion type, and platform mode of the space propulsion system market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the space propulsion system market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global space propulsion system market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the space propulsion system market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global space propulsion system market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global space propulsion system market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the service type, type, distance, propulsion type, and platform mode in the global space propulsion system market.
The main objective of the Global Space Propulsion System Market Study
The current & future market trends of the global space propulsion system market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the space propulsion system market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the propulsion type, system, platform, and end-user
- Define and analysis of the regulatory framework for the space propulsion system industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the space propulsion system market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the space propulsion system market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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