Space Propulsion Market worth $22.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 8, 2022 /PRNewswire/ -- According to the new research report, the "Space Propulsion Market by Type (Chemical Propulsion, Non-Chemical Propulsion), System Component (Thrusters, Propellant Feed System, Nozzle), Platform (Satellite, Launch Vehicle), Orbit, End User, Orbit, Support Service, Region - Global Forecast to 2026", published by MarketsandMarkets™, the Space Propulsion Market is projected to grow from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, at a CAGR of 22.1% from 2021 to 2026. Developed economies of North America and Europe are currently the leaders in the market, considering the strong presence of OEMs in these regions, while emerging economies, especially those from the Asia Pacific region, are projected to be the upcoming major markets for space propulsion systems. Conventionally, access to space has been extremely costly. But prices continue to fall with each passing decade as new technologies are created and the sector becomes more commercialized. SpaceX, for instance, has demonstrated the capability of reusable rockets. Other advances in the future may involve lighter materials, the use of inflatable modules, new fuel types, space planes, and/or more efficient engines.
Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=118742255
Long-term market drivers for space propulsion remain strong, and, before the COVID-19 pandemic, the market had started to show signs of recovery from the major market price reset. Governments and businesses involved with space are reacting differently to the new situation. Some launches are moving forward, while some are not; some tests continue, and some are delayed; some companies still operate, and others have shuttered. Rockets continue to be launched; however, many launch providers are pushing future launches back. Rocket Lab, for example, has suspended launches for the time being. Consumer broadband saw growth in North America following the pandemic, with existing subscribers shifting to higher-value plans and overall growth in the subscriber base. Nonetheless, temporary supply chain issues have caused delays in new project rollouts in most market segments. Despite the short-term headwinds caused by the pandemic, underlying market drivers are expected to prevail, enabling long-term growth.
The space propulsion market for thrusters segment is projected to have the highest market share based on system component
By system component, the thrusters segment is projected to lead the space propulsion market during the forecast period. Thrusters are extensively used for maneuvering and orbit control of satellites.
The space propulsion market for non-chemical propulsion segment is projected to have the highest market share based on propulsion type
By propulsion type, the non-chemical propulsion segment is projected to lead the space propulsion market during the forecast period. The demand for low-cost and reusable space propulsion systems is fueling the growth of the non-chemical propulsion segment.
The space propulsion market for LEO (Low earth Orbit) segment is projected to have the highest market share and highest CAGR based on orbit
By orbit, the LEO (Low earth Orbit) segment is projected to lead the space propulsion market during the forecast period. The rising demand for communications and earth observation satellites fueling the growth of the Low Earth Orbit (LEO) segment.
Browse in-depth TOC on "Space Propulsion Market"
361 – Tables
54 – Figures
348 – Pages
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=118742255
The space propulsion market for satellites segment is projected to have the highest CAGR based on platform
By platform, the satellites segment is projected to lead the space propulsion market and have the highest CAGR during the forecast period due to the increasing small satellite launches for commercial and government applications and the adoption of advanced technology in small satellites and CubeSats.
The space propulsion market for Government & Defense segment is projected to have the highest market share based on end use
Based on end use segment, Government & Defense sub-segment would have the highest market share during the forecast period. The growth of this segment can be attributed to the increasing number of space exploration missions and the rising budgets for space exploration.
North America is expected to hold the highest market share in 2021.
North America is projected to hold the largest share of the space propulsion market during the forecast period. This is owing to the ever-rising small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent times.
Key players of space propulsion market comprise Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) and few others. These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North America, European, Asia Pacific, Middle East & Africa and South America.
Related Reports:
Satellite Payloads Market by Type (Communication, Imagery, Software-defined Payload, Navigation), Satellite (CubeSat, Small Satellite, Medium Satellite, Large Satellite), Orbit, Application, End User, Frequency, and Region - Forecasts to 2026
Small Satellite Market by Satellite Mass (Small satellite, CubeSat), Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology), Subsystem, Orbit, End User, Frequency and Region - Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/space-propulsion-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/space-propulsion.asp
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article