Space Propulsion System Market to Reach $32.8 Billion by 2031
The global space propulsion system market generated $8.9 billion in 2021, and is projected to reach $32.8 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.
The data is from a recently published report from Allied Market Research. A rise in demand for low earth orbit-based services, a surge in space exploration missions, and an increase in demand for satellite data have boosted the growth of the global space propulsion system market. However, issues regarding space debris and increases in emissions due to the number of space launches hinder the market growth. On the contrary, a surge in demand for advanced electric propulsion systems and nanomaterial-based space propulsion systems could open new opportunities in the future.
By type, the chemical propulsion segment held the largest share in 2021, accounting for nearly 90% of the global space propulsion system market, due to large usage of chemical propellants for launching satellites or other payloads into space. However, the non-chemical propulsion segment is projected to portray the highest CAGR of 16.1% during the forecast period, due to increased use of non-chemical propulsion technologies in space propulsion systems.
By end user, the commercial segment is estimated to register the highest CAGR of 14.6% from 2022 to 2031. Moreover, the segment held the largest share in 2021, contributing to more than three-fourths of the global space propulsion system market, due to the rise in the number of space programs to support commercial applications globally. The report analyzes the civil and earth observation and government and military segments as well.
By region, the market across North America accounted for more than half of the market in 2021, as the U.S. launched thousands of satellites annually. However, the global space propulsion system market across Asia-Pacific is anticipated to register the highest CAGR of 17.0% during the forecast period, due to increase in space programs across various nations such as China, India, South Korea, and Japan.
(Source: Allied Market Research news release. Image from file)