Northbrook, IL 60062 -- (SBWire) -- 02/10/2023 --The space propulsion market is projected to grow from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, at a CAGR of 22.1% from 2021 to 2026.
Space propulsion systems are used to generate thrust in spacecraft, launch vehicles, capsules/cargos, and rovers/spacecraft landers for orbit insertion, station keeping, lifting launch vehicles into space, and attitude control, among others. These systems include chemical propulsion technologies such as solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. The components used in space propulsion systems include thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). The space propulsion market covers the use of chemical and non-chemical propulsions across government & military and commercial end users. By end user, the market is segmented into commercial and government & defense.
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The space propulsion market for thrusters segment is projected to have the highest market share based on system component
By system component, the thrusters segment is projected to lead the space propulsion market during the forecast period. Thrusters are extensively used for maneuvering and orbit control of satellites.
The space propulsion market for non-chemical propulsion segment is projected to have the highest market share based on propulsion type
By propulsion type, the non-chemical propulsion segment is projected to lead the space propulsion market during the forecast period. The demand for low-cost and reusable space propulsion systems is fueling the growth of the non-chemical propulsion segment.
The space propulsion market for LEO (Low Earth Orbit) segment is projected to have the highest market share and highest CAGR based on orbit
By orbit, the LEO (Low earth Orbit) segment is projected to lead the space propulsion market during the forecast period. The rising demand for communications and earth observation satellites fueling the growth of the Low Earth Orbit (LEO) segment.
The space propulsion market for satellites segment is projected to have the highest CAGR based on platform
By platform, the satellites segment is projected to lead the space propulsion market and have highest CAGR during the forecast period due to the increasing small satellite launches for commercial and government applications and the adoption of advanced technology in small satellites and CubeSats.
The space propulsion market for Government & Defense segment is projected to have the highest market share based on end use
Based on end use segment, Government & Defense sub-segment would have the highest market share during the forecast period. The growth of this segment can be attributed to the increasing number of space exploration missions and the rising budgets for space exploration.
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North America is expected to hold the highest market share in 2021
North America is projected to hold the largest share of the space propulsion market during the forecast period. This is owing to the ever-rising small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent times.
Key Market Players
Key players operating in space propulsion market are Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), IHI Corporation (Japan), Space Exploration Technologies Corp. (SpaceX) (US), and Northrop Grumman Corporation (US).
Space Propulsion Market Size, Share, Trends & Growth Analysis 2026