Space Propulsion Market to Register Higher Growth Driven by Rise of Small Satellites and Mega-Constellations

Space Propulsion Market Scope & Overview

As outlined in the SNS Insider report, the Space Propulsion Market is projected to experience a substantial expansion, increasing from approximately USD 9.76 billion in 2022 to around USD 43.87 billion by 2030. This growth is anticipated to occur at a CAGR of 20.67% spanning from 2023 to 2030.

Space propulsion systems play a pivotal role in modern space exploration, enabling us to reach distant celestial bodies, conduct scientific research, deploy satellites, and potentially open the door to human settlement beyond Earth. As technology continues to advance, researchers are continuously working on developing more efficient, powerful, and innovative propulsion systems to explore the cosmos in ways previously thought impossible.

Market Analysis

The Space Propulsion Market has been experiencing a rapid transformation driven by technological advancements, increased private sector involvement, and the growing demand for space exploration and satellite deployment. The surge in demand for small satellites and mega-constellations for applications such as communication, Earth observation, and remote sensing has created a need for efficient and cost-effective propulsion systems. These satellites require propulsion solutions that enable precise orbit adjustments, collision avoidance, and end-of-life deorbiting, driving innovation in compact and scalable propulsion technologies. Governments and private entities are showing renewed interest in lunar and Martian exploration. As we move beyond Earth’s orbit, the market is witnessing a demand for advanced propulsion systems that can efficiently navigate the vast distances to these celestial bodies, support landing and takeoff, and enable sample return missions.

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Major Key Players Included are:
• IHI Corporation
• Moog Inc
• Blue Origin
• Northrop Grumman Corporation
• Space Exploration Technologies Corp
• Accion Systems Inc
• Aerojet Rocketdyne Holdings Inc
• Honeywell International Inc
• Sierra Nevada Corporation
• Safran SA., and other players.

Impact of Recession

The impact of a recession on the Space Propulsion Market can be substantial, affecting innovation, funding, supply chains, and strategic priorities. While short-term setbacks are possible, the long-term implications will largely depend on how companies, governments, and the commercial sector navigate the challenges and opportunities presented by economic downturns. Adapting to the changing landscape and finding ways to maintain a focus on technological advancement will be crucial for the space propulsion industry to weather the storm and continue its journey of exploration.

Market Segmentation Analysis

Chemical propulsion segment has long been the backbone of space travel, propelling us beyond the Earth’s confines and enabling journeys to distant planets and celestial bodies. The enduring popularity of chemical propulsion can be attributed to its high thrust-to-weight ratio, which allows for rapid acceleration and quick trajectory changes. While chemical propulsion retains its prominence, thruster segment has emerged as game-changers in the Space Propulsion Market. These electric propulsion systems, known for their efficient use of propellant and high exhaust velocities, are driving a paradigm shift in space exploration.

Market Segmentation and Sub-Segmentation included are:

Space Propulsion Market, By Platform
• Satellites
o Cubesats
o Small Satellites
 – Nanosatellites
 – Microsatellites
 – Minisatellites
o Medium Satellites (500-2,500 Kg)
o Large Satellites (>2,500kg)
• Capsules\Cargos
o Crewed Spacecraft Or Human Space Flight
o Uncrewed Or Unmanned Spacecraft
• Interplanetary Spacecraft & Probes
• Rovers/Spacecraft Landers
• Launch Vehicles
o Small Launch Vehicles (<350,000 Kg)
o Medium To Heavy Launch Vehicles (>350,000 Kg)
o Reusable Launch Vehicles

Space Propulsion Market, By Propulsion Type
• Chemical Propulsion
o Solid
  – Homogeneous
  – Composites/ Heterogeneous
o Liquid
  – Monopropellant
  – Non-Green
  – Green
  – Bi-Propellent
  – Cryogenic
  – Hypergolic
o Hybrid
o Cold Gas
• Non-Chemical Propulsion
o Electric Or Ion Propulsion
  – Electrothermal
  – Argon
  – Hydrogen
  – Others
  – Electromagnetic
  – Ptfe
  – Electrostatic
  – Xenon
  – Krypton
o Solar Propulsion
  – Solar Sail Propulsion
  – Solar Electric Propulsion (Sep)
  – Solar Thermal Propulsion
• Tether Propulsion
• Nuclear Propulsion
• Laser Propulsion

Space Propulsion Market, By System Component
• Thrusters
o Chemical Thrusters
  – Cold & Warm Gas Thruster’s
  – Mono propellant Thruster’s
  – Bipropellant Thrusters
o Electric Or Ion Thruster
  – Gridded Electrostatic Ion Thrusters
  – Hall Effect Thrusters
  – Field-Emission Electric Propulsion
  – Pulsed Plasma Thruster (Ppt)
  – Magneto Plasma Dynamic (Mpd) Thruster
• Propellant Feed Systems
o Propellant Tanks
  – Monopropellant Tanks
  – Bipropellant Tanks
  – Oxidiser Tank
o Flow And Pressure Regulators
o Valves
o Turbopumps
o Combustion Chambers
• Rocket Motors
• Nozzles
• Propulsion Thermal Control
• Power Processing Units
• Others

Space Propulsion Market, By Orbit
• Low Earth Orbit (Leo)
• Medium Earth Orbit (Meo)
• Geostationary Earth Orbit (Geo)
• Beyond Geosynchronous Orbit

Space Propulsion Market, By End Use
• Commercial
• Satellite Operators And Owners
• Space Launch Service Providers
• Government & Defense
• Departments Of Defense
• National Space Agencies
• Others

Space Propulsion Market, By Support Systems
• Design, Engineering, Operation & Maintenance
• Hot Firing & Environmental Test Execution
• Fueling & Launch And Ground Support

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Regional Status & Analysis

North America, led by the United States, continues to play a pivotal role in shaping the Space Propulsion Market dynamics. The region boasts a long history of technological innovation and major contributions to space exploration. The Asia-Pacific region has rapidly emerged as a significant participant in the market. Countries like China, India, and Japan have made remarkable strides in space technology, with a strong focus on self-sufficiency and expanding their presence in space exploration.

Conclusion

The market stands on the brink of transformational change. As we unlock the potential of advanced electric propulsion, solar sails, nuclear propulsion, and other emerging technologies, the way we explore the cosmos will be forever altered. The convergence of government initiatives, private sector innovation, and international collaboration is poised to shape a future where humanity’s reach extends far beyond our home planet, ushering in an era of unprecedented space exploration and discovery.

Frequently Asked Questions

Q1] What is the projected outlook for Space Propulsion Market growth?

Ans- The global market to cross USD 9.76 billion in 2022 to around USD 43.87 billion by 2030 at a CAGR of 20.67% spanning from 2023 to 2030.

Q2] What are the major factors influencing the Space Propulsion Market?

Ans- The market is experiencing a paradigm shift, driven by a confluence of factors that include the rise of small satellites, commercial space activities, renewed exploration interests, on-orbit servicing, space tourism, and the concept of in-situ resource utilization.

Q3] Who are the leading players in the Space Propulsion Market?

Ans- IHI Corporation, Sierra Nevada Corporation, Moog Inc., Blue Origin, Accion Systems Inc., Aerojet Rocketdyne Holdings Inc., Honeywell International Inc., Safran SA.

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Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Space Propulsion Market, By Platform
9. Space Propulsion Market, By Propulsion Type
10. Space Propulsion Market, By System Component
11. Space Propulsion Market, By Orbit
12. Space Propulsion Market, By End Use
13. Space Propulsion Market, By Support Systems
14. Regional Analysis
15. Company Profiles
16. Competitive Landscape
17. Conclusion

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