Global Space Propulsion Systems Market is projected to reach USD 5.69 Billion by 2025, expanding at a CAGR of 14.8% between 2019 and 2025. Space propulsion is a method which is used to propel rockets carrying artificial satellites. Furthermore, space propulsion mainly refers to propulsion systems that are used in the vacuum of space.
There are various space propulsion systems developed that includes chemical, electric and hybrid propulsion. Each of the propulsion techniques has its own advantages and disadvantages. Recent developments have enabled space propulsion technology to reach a wide range of customers across various industries. Space technology companies such as NASA gave contracts to space propulsion technologies including SSL, Blue Origin, and Aerojet Rocketdyne among others to develop efficient space propulsion systems.
Global Space Propulsion Systems Market.
The Global Space Propulsion Systems Market is projected to be valued at USD 5.69 Billion by 2025, expanding at a CAGR of 14.8% between 2019 and 2025. The market witnessed significant traction in recent years owing to various countries launching their own earth observatory satellites. Currently, space propulsion technology is in a nascent stage and various efforts by governments and private companies have been made to commercialize different propulsion technologies that are efficient and low cost. Technological breakthroughs such as EmDrive are expected to occur during the forecast period which is expected to change the landscape and dynamics of the space propulsion systems market.
Various private companies and government agencies investing in research & development of space technologies.
Growth Opportunities in the Market
Dominance of satellite propulsion systems in the market: The satellite propulsion systems segment dominated the global space propulsion systems market in 2018 and this trend is expected to continue during the forecast period. Moreover, the development of all-electric satellites is expected to drive the segmental growth during the forecast period. Thus, it is expected to replace traditional chemical-based propulsion systems. The satellite propulsion systems accounted for more than 51% share of the space propulsion systems market.
The government expected to actively invest in space technologies: The government segment is expected to register the highest CAGR during the forecast period. Governments are actively launching satellites for earth observation and communication purposes. For instance, US-based Defense Advanced Research Projects Agency (DARPA) launched a small satellite through Rocket Lab, a commercial small satellite launch service provider. The satellite was launched to improve radio communication in the military.
Accion Systems Inc. (US)
Aerojet Rocketdyne (US)
Avio SpA (Italy)
Blue Origin (US)
IHI Corporation (Japan)
Moog Inc. (US)
Northrop Grumman Corporation (US)
OHB SE (Germany)
Sierra Nevada Corporation (US)
Space Exploration Technologies Corporation (US)
Yuzhnoye SDO (Ukraine)
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