The global space propulsion market size was US$ 8.9 billion in 2021. The global space propulsion market size is estimated to reach US$ 29.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.3% during the forecast period from 2022 to 2030.
The space propulsion system is used in spacecraft, capsule/cargo, and launch vehicles for station keeping, orbit insertion, lifting the launch vehicle into space, and attitude control. The space propulsion system consists of valves, fuel tanks, propellant assembly, thrusters, pressure regulator manifold subsystems, and regulators. There are many propulsion technologies used by various space agencies globally on a vast range of spacecraft and satellites. Satellite propulsion and spacecraft propulsion are accomplished through the help of rocket-inbuilt propulsion or system engines.
Factors Affecting Market Growth
The global space propulsion market is growing due to the increase in the necessity for low earth orbit-based services, the surge in the requirement for satellite data, the flow in space exploration missions, and the growth in activities related to space propulsion technologies.
The rise in demand for propulsion systems manufactured through 3D printing, advanced electric propulsion systems, and continuous expansion in nanomaterial-based space propulsion techniques are the major factors that provide lucrative opportunities for the growth of the global market during the forecast period.
The implementation of strict restrictions pertaining to space propulsion systems inhibits the growth of the market.
Impact Analysis of Covid-19
COVID-19 had an adverse impact on the space propulsion system market, which is expected to remain dominant for a few years. The outbreak prompted governments around the world to impose strict lockdowns and ban raw material items for import-export. This resulted in an unprecedented drop in the availability of critical raw materials for the manufacture of components and space propulsion systems, which led to the partial or complete closure of various operations. This has further resulted in a delay in the activities and capabilities of the system.
Asia Pacific accounted for a notable market share in 2021 and is anticipated to remain dominant during the forecast period. This is due to the rising flow of space exploration missions to many Asian countries, for example, India, South Korea, China, and Japan.
North America comes first in the market in revenue system followed by Europe, Asia-Pacific, and LAMEA. In 2020, the space propulsion system market share in North America dominated in the U.S. due to the boost in technological developments, and R&D activities. In addition, the rising adoption of innovative technologies in building advanced space propulsion systems by key players in the region drives the market growth.
Major companies leading the space propulsion market are:
Sierra Nevada Corporation
Mitsubishi Heavy Industries Ltd
Northrop Grumman Corporation
The global space propulsion market focuses on Type, Class of Orbit, End-User, and Region
Segmentation on the basis of Type
Segmentation on the basis of Class of Orbit
Medium Earth Orbit
Low Earth Orbit
Segmentation on the basis of End-User
Government and Military
Civil and Earth Observation
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America