Space Propulsion Market Report Forecasts Double-Digit Growth
The space propulsion market size is expected to reach $2.25 billion by 2030, according to a new study, at an expected CAGR of 15.5 percent.
The report from Research and Markets indicates that the wide variety of usage of satellites and spacecraft include satellite-based communication for military and commercial application, in-flight internet services, satellite imaging technology, satellite-based critical data acquisition, and exploration of space are expected to be the primary market drivers.
When land-based communication is unavailable during emergencies and natural catastrophes, satellite communications technology is frequently utilized. Emergency communication services can be provided in disaster zones using mobile satellite equipment. Due to the commercialization of the worldwide space industry and the entry of new market participants, the 21st century has transformed the market dynamics of the global space industry and the growth of the global market.
In the future, communication satellites will have more capabilities such as large aperture to handle more bandwidth and more power, and life spans could increase to 20-30 years. Other technical innovations and low-cost reusable launch vehicles will drive market growth. Electric propulsion is a next-generation propulsion system, and ion propulsion has led that market segment, according to the report. The development of electric propulsion has increased the number of space launches, and major market players are taking more interest in the prospects for space tourism.
Space Propulsion Market Report Highlights
Non-Chemical propulsion type leads the space propulsion market share during the forecast period with significant CAGR because of the low cost and increased safety of the aircraft.
Thrusters accounted for the highest revenue share accounting for their application in maneuvering and orbit control of satellites.
The high space budget, the large number of commercial space organizations and market participants in North America, and the sizeable space industry are all credited with the expansion.
The major players in the space propulsion market include Accion Systems, Aerojet Rocketdyne, IHI Corporation, Blue Origin, and Northrop Grumman.
(Source: Research and Markets news release. Infographic provided)