Space Propulsion System Market Forecast to Grow to $19.97 Billion by 2028
The global space propulsion system market size is expected to reach $19.97 billion at a revenue CAGR of 14.6% in 2028, according to research recently published by Emergen Research.
The growing use of LEO satellites for earth observation applications is a key factor driving revenue growth in the space propulsion system markt. LEOs are orbits lying below 1,250 miles ASL and offer excellent benefits for missions related to earth observation. Satellite-based observations enable frequent and systematic views uniformly over larger areas. Earth observation is beneficial for monitoring the environment, as well as climate and resource mapping worldwide. Satellites can operate for a long, sustained period using electric propulsion to offset the atmospheric drag through reduced propellant payload, as these operate in rarefied aerodynamics environments. Also, a space propulsion system can be deployed for deorbiting the satellite, leading to reduction of space debris.
Increasing deployment of commercial off-the-shelf (COTS) parts and components in small satellite construction plays a crucial role in driving market revenue growth. COTS includes usage of industrial grade electronics and various other elements for utilization in spacecraft construction. Various electronics such as radio technologies, imaging technologies, navigation, and GPS receivers integrated in mobile phones are being deployed into space designs. Incorporation of COTS parts/components will eliminate the need to alter those parts for functioning in small satellites and spacecraft with any repackaging. In addition, commercial-off-the-shelf components are cost-effective.
Currently, development of reusable rockets is a prevailing trend instrumental in driving market revenue growth, as these rockets are used as LEO elevators, which is helping to place an increasing number of small satellites in this orbit. In addition, private space exploration companies are focusing on development of space technologies. These companies are aiming to initiate manned landings on the surface of the moon and develop airplane-borne rocket launchers for launching small satellites to LEO at relatively lower cost.
The space propulsion system market in Asia Pacific is expected to register the fastest revenue growth rate over the forecast period. Increasing funding by countries such as India, Japan, and China in space missions is a key factor driving market revenue growth. In addition, presence of leading players such as IHI corporation in the region is contributing significantly to market growth.
(Source: Emergen Research news release. Image from file)