(I-BusinessNews.Com, July 27, 2021 ) According to the latest market research report “Space Propulsion Market by Type (Chemical Propulsion, Non-chemical Propulsion), System Component (Thrusters, Propellant Feed System, Nozzle), Platform (Satellite, Launch Vehicle), Orbit, End User, Orbit, Support Service, Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Space Propulsion Market size 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 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.
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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.
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.
Browse in-depth TOC on “Space Propulsion Market”
170 – Tables
47 – Figures
258 – Pages
Key Market Players
Some of the major market players include Safran S.A. (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These market players have their business spread across regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Based on the system component, the thrusters segment is projected to lead the space propulsion market in 2020
By system component, the thrusters segment is projected to lead the space propulsion market in 2020. The growth of this segment can be attributed to the extensive use of propulsion thrusters for the maneuvering and orbit control of satellites. Chemical propulsion thrusters are primarily used for attitude control applications, whereas electric propulsion thrusters are widely used to extend the operational life of satellites and to reduce launch and operation costs.
The satellites segment is estimated to be the largest and fastest-growing platform segment
By platform, the satellite segment is estimated to be the largest and fastest-growing segment in the space propulsion market. The growth of this segment can be attributed to rising small satellite launches for commercial and government applications. Large satellites, medium satellites, CubeSats, and small satellites, including nanosatellites, microsatellites, and minisatellites, play an important role in Earth observation, communication, and meteorology applications. These satellites are capable of monitoring cyclones, storms, El Niño, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and industrial and power plant disasters.
Based on end user, the government & defense segment is expected to lead the space propulsion market in 2020
The government & defense segment is expected to lead the space propulsion market in 2020. The growth of this segment can be attributed to increasing space exploration missions and rising space budgets. Defense organizations support the use of various types of satellites, such as remote sensing satellites, communication satellites, and surveillance satellites, for military operations and cyber operations. Support operations usually involve the launch of satellites with high-value payloads in space through Expendable Launch Vehicles (ELVs). They also ensure monitoring by facilitating the friendly use of space for various operations, such as surveillance, protection, and space intelligence analysis. For instance, the US Air Force regularly launches GPS and missile-defense tracking satellites and operates two classified X-37B robotic space planes.
The North America space propulsion market is projected to register the highest CAGR during the forecast period
The space propulsion market is projected to register the highest CAGR in the North America n region 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. Moreover, advancements in recyclable launch vehicles from NASA, the US Department of Defense, and private players, such as SpaceX, Blue Origin, and Rocket Lab USA, will drive market growth. The successful execution of high-tech propulsion systems used to take payloads into space has increased the number of space expeditions.
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