Space Propulsion Market Projected to Reach $22.5 billion by 2026

The space propulsion market is projected to grow from $8.3 billion in 2021 to $22.5 billion by 2026, at a CAGR of 22.1 percent through the period, according to a new report from ResearchandMarkets.

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.

This report studies thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). 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.

Based on propulsion type, the report is categorized as chemical propulsion technologies, which include solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. 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.

By platform, the satellites segment is projected to lead the 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.

This research report covers the space propulsion market including chemical and non-chemical systems across government & defense and commercial end users. Based on end users, the Government & defense sub-segment are projected to 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.

By orbit, the LEO (Low earth Orbit) segment is projected to lead the market during the forecast period. The rising demand for communications and earth observation satellites fueling the growth of the Low Earth Orbit (LEO) segment.

Finally, North America is projected to hold the largest share of the space propulsion market during the forecast period. This is due to the ever-rising number of small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent years.

Key players in the space propulsion market are Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US).

(Source: ResearchandMarkets news release. Infographic provided)