Space Propulsion Systems Market to Reach $32.8 Billion Globally by 2031 at a CAGR of 14.3%: Allied Market Research
Rising need for low earth orbit based services, rise in space exploration missions and increasing demand for satellite data are driving the global space propulsion systems market.
PORTLAND, Oregon., July 18, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Space Propulsion Systems Market by type (chemical propulsion, non-chemical propulsion), by orbit class (elliptical, GEO, LEO, MEO), by end user (civil and earth observation, governmental and military, commercial): analysis of global opportunities and forecasts of the industry, 2021- 2031“According to the report, the global space propulsion systems industry generated $8.9 billion in 2021, and should reach $32.8 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.
Drivers, constraints and opportunities
Rising demand for services in low Earth orbit, increasing space exploration missions and increasing demand for satellite data have spurred the growth of the global space propulsion system market. However, issues regarding space debris and increasing emissions due to the number of space launches are hampering the growth of the market. On the contrary, increasing demand for advanced electric propulsion systems and space propulsion systems based on nanomaterials would open up new opportunities in the future.
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- The Covid-19 outbreak has forced governments to impose strict containment regulations and ban the import-export of raw materials. This led to a sudden drop in the availability of raw materials for manufacturing space propulsion systems.
- The prolonged lockdown has disrupted the supply chain and caused delays in space propulsion system development activities.
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The chemical propulsion segment dominates the market
By type, the chemical propulsion segment held the lion’s share in 2021, accounting for almost 90% of the global space propulsion systems market, owing to the significant use of chemical propellants to launch satellites or other payloads useful in space. However, the non-chemical propulsion segment is expected to show the highest CAGR of 16.1% during the forecast period, owing to the increased use of non-chemical propulsion technologies in space propulsion systems.
Commercial Segment to Record Highest CAGR Till 2031
By end-user, the commercial segment is expected to register the highest CAGR of 14.6% from 2022 to 2031. Moreover, the segment held the lion’s share in 2021, contributing more than three quarters of the global propulsion systems market space, due to the increase in the number of space programs to support commercial applications on a global scale. The report also analyzes civilian and ground observation as well as the government and military segment.
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North America held the lion’s share
By region, the market across North America held the largest share in 2021, accounting for more than half of the market, as the United States launches thousands of satellites each year. However, the global market for space propulsion systems through Asia Pacific is expected to register the highest CAGR of 17.0% during the forecast period, owing to the increase in space programs in various countries such as China, India, South Koreaand Japan.
Main market players
- Action Systems
- Ariane Group
- IHI Company
- Moog Inc.
- Mitsubishi Heavy Industries, Ltd.
- Northrop Grumman Company
- HBOT SE
- Sierra Nevada Company
- Thales Group
- Vacco Industries
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