(I-BusinessNews.Com, May 29, 2021 ) The Global Space Propulsion Market is projected to grow from USD 6.7 billion in 2020 to USD 14.2 billion by 2025, at a CAGR of 16.2% from 2020 to 2025. The market is driven by various factors, such as an increase in the number of space exploration missions, demand for LEO-based services, and increasing demand for advanced electric propulsion systems.
COVID-19 Impact on Global Space Propulsion Market
The space propulsion market faced a slight decline from 2018 to 2019 due to a decrease in the number of space launches. COVID-19 has also affected the import and export trading activities in the space industry. However, the expected rise in space launches from 2021 and beyond will drive the space propulsion market.
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The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for space propulsion system globally, with a corresponding reduction in revenues for various suppliers and service providers across all markets owing to late delivery, manufacturing shutdown, the limited staff at manufacturing facilities, and limited availability of equipment. As per industry experts, the global space propulsion demand is anticipated to recover by 2022.
The propellant feed systems segment is estimated to account for the second-largest market share in 2020
By system component, the propellant feed systems segment is estimated to account for the second-largest revenue market share in 2020. The growth of this segment can be attributed to the need for proper flow of propellant delivered from the tanks to the thrust chamber, where thrusters maneuver and orbit control the satellites. Propellant feed systems consist of propellant tanks, regulators, valves, turbopumps, and combustion chambers. Cobham Mission Systems (UK), VACCO Industries (US), and RAM Company (US) are some of the players providing propellant feed systems.
The government & defense segment is estimated to account for a larger market share in 2020
By end user, the government & defense segment is estimated to account for a larger market share, by value, than the commercial segment in 2020. The growth of this segment can be attributed to increasing space exploration missions and rising space budgets. Defense organizations support various types of satellites, such as remote sensing satellites, communication satellites, and surveillance satellites, for military operations and cyber operations. For instance, the US Air Force regularly launches GPS and missile-defense tracking satellites and operates two classified X-37B robotic space planes.
The non-chemical propulsion segment is projected to witness a higher CAGR during the forecast period
Based on the propulsion type, the non-chemical segment of the space propulsion market is projected to register a higher CAGR than the chemical segment during the forecast period. The growth of the non-chemical propulsion segment can be attributed to the demand for velocity increments in modern propulsion systems. The non-chemical propulsion system’s efficient use of fuel and electrical power enables modern spacecraft to travel farther, faster, and cheaper than any other propulsion technology currently available. Chemical propulsion systems have demonstrated fuel efficiencies up to 35 percent, but ion thrusters have demonstrated fuel efficiencies over 90%.
The North America market is projected to witness the highest CAGR from 2020 to 2025
By region, the North America space propulsion market is projected to witness the highest CAGR during the forecast period. The growing demand for commercial communication and imaging satellites, increasing deployment of small satellites, rising space exploration missions for interplanetary observations, and demand for resupply missions for International Space Station (ISS) are key factors expected to drive the market in North America. Overall, technological breakthroughs and resourceful insights obtained from past space missions have inspired new players to invest in this niche market.
Key Market Players
Safran S.A. (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) are some of the leading players operating in the space propulsion market report.
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