Space-Qualified Propellant Tank Market to Reach $3.07 billion by 2031
The global space-qualified propellant tank market is projected to reach $3.07 billion in terms of revenue by 2031, at a CAGR of 4.83%, according to a market intelligence study by BIS Research.
"The market for space-qualified propellant tanks is expected to reach new heights due to the rapid escalation of the production and launch of satellites in the market owing to the low-cost associated with their launch and development."
Nilopal Ojha, Lead Analyst, BIS Research.
Propellant tanks are used in satellites and launch vehicles for storing liquid fuels. Additionally, a cryogenic rocket propellant tank (cryo-tank) is used for storing fuel or oxidizer of rocket stages. The upcoming space heavy lift launch vehicles demand extremely excessive propellant mass fractions to obtain the designed performance set by the existing metallic tanks. This is driving companies to develop lightweight propellant tanks.
Currently, many space agencies and commercial companies across the globe have been focusing on developing satellite constellations. This is expected to drive the market for the propellant tank system.
"The market for space-qualified propellant tanks is expected to reach new heights due to the rapid escalation of the production and launch of satellites in the market owing to the low-cost associated with their launch and development," said Nilopal Ojha, Lead Analyst, BIS Research. "As a result, key stakeholders are constantly looking to exploit next-generation propellant tanks in adherence with the existing and forthcoming industry standards for various end-user applications. Furthermore, xenon tanks are the required technology for next-generation space infrastructure. Hence, the market is expected to grow significantly during the forecast period 2021-2031."
Some of the key players operating in the space-qualified propellant tank market include Airbus S.A.S, Adam Works, Ariane Group, CU Aerospace, Northrop Grumman Corporation, Nammo AS, OHB SE, Peak Technology, and Stelia Aerospace North America Inc.
BIS Research strategic market analyses emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
(Source: BIS Research news release)