Space-Based Fuel Management System Market to Reach $45.12 Billion by 2032

The space-based fuel management system market is estimated to reach $45.12 billion in 2032 at a growth rate of 1.58% during the forecast period 2022-2032. According to a new report from Research and Markets, the technology companies participating in the market have witnessed the demand from the growing commercial industry. The ecosystem of the market comprises system manufacturers, original equipment manufacturers (OEMs), and end users.

In 1957, when the Sputnik-1 satellite was launched, it implemented a fuel regulator, which failed and resulted in excess fuel consumption. Since then, till 2022, propulsion system technologies and fuel management systems have come a long way in being cost-effective and efficient. Companies like Northrop Grumman and Lockheed Martin have shown their capabilities in the propulsion system and fuel management system department.

Space-Based Fuel Management System Market Drivers

Currently, many space agencies and commercial companies across the globe have been focusing on developing low Earth orbit (LEO) satellite constellations. This would drive the market for space-based fuel management systems. Moreover, rising research and development activities to develop cost-efficient propulsion technologies are other factors contributing to the growth of the LEO-focused space-based fuel management system market. For instance, in June 2022, ThrustMe signed a contract with European Space Agency (ESA) to provide an NPT30-I2-1.5U electric propulsion system for the GOMX-5 mission under ESA general support technology program (GSTP).

The increasing number of smaller telecom satellites in low Earth orbit (LEO) with the upcoming mega-constellation has placed a high demand for the production of space-based fuel management systems during the forecast period. Additionally, there is a rise in research and development activities for building cost-effective fuel management systems for satellites.

The satellite application type segment is expected to dominate the market during the forecast period 2022-2032. The component segment is expected to be led by the plumbing and tubing segment during the forecast period.

(Source: Research and Markets news release. Images provided)