Space Propulsion Systems Market Outlook
According to the report by Expert Market Research (EMR), the global space propulsion systems market size is projected to grow at a CAGR of 14.1% between 2024 and 2032. The market is driven by the combination of technological advancements, increasing space exploration missions, and a growing demand for satellite deployment and maintenance.
The majority of existing rocket engines rely on risky chemical reactions to heat and accelerate propellant in order to generate thrust. However, these reactive chemical propellants pose significant dangers as they are both carcinogenic and explosive. Moreover, their use is costly due to the rising fuel prices and the need to comply with regulations. Fortunately, modern solutions offer a much safer and more affordable alternative through significantly faster electric propulsion. These solutions are capable of utilising ordinary tap water as propellant, providing a cheaper, cleaner, and safer option.
As per the space propulsion systems market analysis, the primary driver of the market is the increasing demand for satellite deployment and maintenance. With the growing reliance on satellites for communication, navigation, and remote sensing applications, there is a need for efficient and reliable propulsion systems to place and maintain these satellites in orbit.
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Furthermore, technological advancements in space propulsion systems are also driving market growth. Innovations such as electric propulsion systems, which offer higher efficiency and longer operational life compared to traditional chemical propulsion systems, are gaining traction in the market. Additionally, the development of reusable launch vehicles is further boosting the space propulsion systems market demand.
Moreover, electric propulsion systems offer numerous advantages compared to chemical propulsion systems. These advantages encompass high performance with minimal complexity, the ability to achieve the highest specific impulse (>3000s) resulting in more than 30% reduction in launch mass, a narrow beam divergence, reduced mass of the power processing unit, a wide range of throttle options that can be adapted to the available electric power, a robust design ensuring operational stability across a broad range, unparalleled precision in spacecraft control, exceptional thrust stability, and rapid thrust response. Additionally, electric propulsion systems have the capability for continuous thrust over extended periods of several months or even years, making them highly reliable and safe, leading to the space propulsion systems market development.
North America is expected to dominate the market, owing to the presence of key players and government agencies such as NASA, SpaceX, and Blue Origin. The region is also witnessing a growing number of commercial space exploration initiatives, further driving the space propulsion systems market growth.
Moreover, Europe is also expected to witness significant growth in the market, driven by initiatives such as the European Space Agency’s (ESA) Ariane program and the development of advanced propulsion technologies.
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Space Propulsion Systems Market Segmentation
The market can be divided based on the type, class of orbit, end user, and region.
Market Breakup by Type
- Chemical Propulsion
- Non-Chemical Propulsion
Market Breakup by Class of Orbit
- Elliptical
- GEO
- LEO
- MEO
Market Breakup by End User
- Civil and Earth Observation
- Government and Military
- Commercial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global space propulsion systems market. Some of the major players explored in the report by Expert Market Research are as follows:
- Northrop Grumman Corporation
- Safran S.A.
- Moog Inc.
- Rafael Advanced Defense Systems Ltd.
- IHI Corporation
- OHB System AG
- VACCO Industries Inc.
- Accion Systems Inc.
- Ariane Group
- CU Aerospace, L.L.C
- Others
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