What Does The Space Propulsion Market Size Analysis Reveal?
The rapid growth of the space propulsion market size has been witnessed in recent years. The market size increased from $12.15 billion in 2024 to $14.42 billion in 2025, with a Compounded Annual Growth Rate (CAGR) of 18.7%. This exceptional growth has been largely driven by the high demand for leo satellites and satellite constellations, advent of space tourism, realization of benefits from leo satellites, increased demand for low-cost and efficient propulsion systems, and governmental investments in space programs.
The space propulsion market size is expected to continue its upward trajectory in the coming years, expanding to $27.12 billion in 2029 with a CAGR of 17.1%. This future growth can be attributed to rising demand for miniaturization in space systems, increasing space exploration programs, growing preference for electric propulsion, growing demand for satellite-based services, rising demand for space-based communication and several trends including increasing number of space launches, additive manufacturing (am) and advanced materials, artificial intelligence (ai) and machine learning (ml), autonomous spacecraft, and reusable launch vehicles.
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What Are The Key Drivers For The Space Propulsion Market?
Increased government investments in space technology have been playing a crucial role in driving the space propulsion market. For instance, in April 2024, the United Kingdom government allocated 79% of its funding for the 2022–23 financial year towards ESA programs, while 20% was directed towards national initiatives, such as the National Space Innovation Programme, which will run until 2027/28. As a result of agency funding, projected revenues are expected to increase to £1.2 billion, with private investment reaching £733 million. Thus, these increasing investments in space technology are key driving forces in the forward momentum of the space propulsion market.
What Are The Major Segments Within The Global Space Propulsion Market?
The space propulsion market report covers the following segments:
1) By Type: Chemical Propulsion, Non-chemical Propulsion
2) By Platform: Satellites, Capsules\Cargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles
3) By System Component: Chemical Propulsion Thrusters, Electric Propulsion Thrusters, Propellant Feed Systems, Rocket Motors, Nozzles, Propulsion Thermal Control, Power Processing Units
4) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO), Beyond Geosynchronous Orbit
5) By End User: Commercial, Government & Defense
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What Major Players Are Impacting The Space Propulsion Market?
Major players in the space propulsion market include OHB SE, Accion Systems Inc., The Boeing Company, Northrop Grumman Corporation, Maxar Technologies Inc., Thales Alenia Space, Airbus SE, VACCO Industries Inc., Moog Inc., Cobham Mission Systems Wimborne Limited., Safran S.A., NPO Splav, BAE Systems plc, Hanwha Group, Avibras Indústria Aeroespacial S.A., Blue Origin LLC, The Aerospace Corporation, Aerojet Rocketdyne Holdings Inc., Astrobotic Technology Inc., ArianeGroup, IHI Corporation, Mitsubishi Heavy Industries Ltd., Honeybee Robotics Ltd., Bluestaq LLC, Aurora Flight Sciences Corporation., Planet Labs Inc., Sierra Nevada Corporation, Avio SpA, and Beta Technologies Inc.
What Emerging Trends Are Being Observed In The Space Propulsion Market?
A crucial trend observed in the space propulsion market is substantial investment in research and development. For instance, in July 2023, The National Space Strategy in Action announcement highlighted a strong collaboration with the European Space Agency (ESA), which committed a record investment of £1.84 ($2.41) billion over the next five years.
Which Region Is Projected To Dominate The Space Propulsion Market?
North America was the largest and fastest-growing region in the space propulsion market in 2024. The report includes a detailed analysis of regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Space Propulsion Market Report 2025 Offer?
The Space Propulsion Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Space propulsion is a technology used to accelerate spacecraft and artificial satellites, most commonly through the use of a rocket engine. These systems work by ejecting mass (usually in the form of gas or plasma) at high speeds to create a reactive force that propels the spacecraft in the opposite direction, in line with Newton’s Third Law of Motion.
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