Categories: Aerospace & Defence

Space Propulsion Systems Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Space Propulsion Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Space Propulsion Systems Global Market Report 2024, The space propulsion systems market size has grown rapidly in recent years. It will grow from $9.66 billion in 2023 to $11.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to space exploration initiatives, demand for efficiency and performance, innovation in electric propulsion, rise in satellite deployment, focus on reusability.

The space propulsion systems market size is expected to see rapid growth in the next few years. It will grow to $19.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to demand for electric propulsion, government funding and investments, interest in deep space exploration, commercial space industry expansion, rise in satellite constellations. Major trends in the forecast period include integration of artificial intelligence (ai), interest in nuclear propulsion, development of solar sail propulsion, exploration beyond low earth orbit (leo), rise of small satellite market.

The growing space exploration missions is expected to propel the growth of the space propulsion systems market in the coming future. Space exploration is the continuing finding and investigation of astronomical entities in outer space using constantly expanding and growing space technologies. The growing space exploration missions are expanding the space propulsion systems market as they are used to provide the required thrust for rockets and other spacecraft to reach space. For instance, according to the Space Foundation, a US-based nonprofit advocacy group for the international space ecology, 72 rockets and 1,022 identifiable satellites were launched between January 2022 and June 2022. Compared to the initial five decades of the Space Age, more spacecraft have been launched and placed in orbit in the first six months of 2022. Therefore, growing space exploration missions are driving the space propulsion systems market.

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The space propulsion systems market covered in this report is segmented –

1) By Component: Thrusters, Rocket Motors, Propellant Feed Systems, Propulsion Thermal Control, Nozzles, Power Processing Units, Other Components

2) By Spacecraft Type: Satellites, Rovers, Capsules, Launch Vehicles, Interplanetary Spacecraft And Probes

3) By Application: Space Simulation, Rocket Launch, Other Applications

4) By End User: Civil And Earth Observation, Government And Military, Commercial

The advancements in electric propulsion technologies are key trends gaining popularity in the space propulsion systems market. Major companies operating in the space propulsion systems market are focused on developing innovative electric propulsion technologies to strengthen their position in the market. For instance, in June 2022, Astra, a US-based space vehicle company, launched Astra Spacecraft Engine with Krypton/Xenon propulsion system. The Astra Spacecraft Engine (ASE) is an electric propulsion system for constellations using a Hall-effect thruster propulsion system that has been flight-tested. It builds on the previous 50 years of Hall thruster research in a new design with significant advances. Its characteristics are it works with krypton and xenon propellants.

The space propulsion systems market report table of contents includes: