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The space propulsion market is projected to grow from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, at a CAGR of 22.1% from 2021 to 2026. Developed economies of North America and Europe are currently the leaders in the market, considering the strong presence of OEMs in these regions, while emerging economies, especially those from the Asia Pacific region, are projected to be the upcoming major markets for space propulsion systems. Conventionally, access to space has been extremely costly. But prices continue to fall with each passing decade as new technologies are created and the sector becomes more commercialized. SpaceX, for instance, has demonstrated the capability of reusable rockets. Other advances in the future may involve lighter materials, the use of inflatable modules, new fuel types, space planes, and/or more efficient engines.

This report categories space propulsion based on propulsion type as chemical propulsion technologies such as solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. Based components used in space propulsion systems, this report studies thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). Also covers space propulsion market comprising chemical and non-chemical propulsions across government & military and commercial end users. Based on orbit, the report is categorized into low Earth orbit (LEO), medium Earth orbit (MEO), geostationary or geosynchronous Earth orbit (GEO), and beyond geosynchronous orbit. Furthermore, by region, covers North America, Europe, Asia Pacific, South America and Middle East &Africa.

Based on component systems used in space propulsion systems, this report studies thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). By system component, the thrusters segment is projected to lead the space propulsion market during the forecast period. Thrusters are extensively used for maneuvering and orbit control of satellites.

Based on propulsion type, report is categorized as chemical propulsion technologies, which include solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. By propulsion type, the non-chemical propulsion segment is projected to lead the space propulsion market during the forecast period. The demand for low-cost and reusable space propulsion systems is fueling the growth of the non-chemical propulsion segment.

By platform, the satellites segment is projected to lead the space propulsion market  and have the highest CAGR during the forecast period due to the increasing small satellite launches for commercial and government applications and the adoption of advanced technology in small satellites and CubeSats

Based on end use segment, this research report covers space propulsion market comprising chemical and non-chemical propulsions across government & defense and commercial end users. Based on end users, Government & defense  sub-segment would have the highest market share during the forecast period. The growth of this segment can be attributed to the increasing number of space exploration missions and the rising budgets for space exploration. 

By orbit, the LEO (Low earth Orbit) segment is projected to lead the space propulsion market during the forecast period. The rising demand for communications and earth observation satellites fueling the growth of the Low Earth Orbit (LEO) segment.

North  America is projected to hold the largest share of the space propulsion market during the forecast period. This is owing to the ever-rising small satellite launches and the entry of private players like SpaceX, which have boosted the space industry in recent times.

The break-up of profile of primary participants in the space propulsion market:

• By Company Type: Tier 1 – 49%, Tier 2 – 37%, and Tier 3 – 14% 

• By Designation: C Level – 55%, Director Level – 27%, and Others – 18% 

• By Region: North America – 55%, Europe – 27%, Asia Pacific – 9%, RoW – 9%

Key players of space propulsion market comprise Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) and few others. These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East & Africa and South America.

Research Coverage:

This report categories space propulsion based on propulsion type as chemical propulsion technologies such as solid, liquid, hybrid, and cold gas propulsion and non-chemical propulsion technologies such as electric, solar, nuclear, and laser propulsions. Based components used in space propulsion systems, this report studies thrusters, propellant feed systems, rocket motors, nozzles, reactors, propulsion thermal control, and power processing units (PPU). Also covers space propulsion market comprising chemical and non-chemical propulsions across government & military and commercial end users. Based on orbit, the report is categorised  into low Earth orbit (LEO), medium Earth orbit (MEO), geostationary or geosynchronous Earth orbit (GEO), and beyond geosynchronous orbit. 

Furthermore, by region, this research covers North America, Europe, Asia Pacific, South America and Middle East &Africa , along with their key countries. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the space propulsion market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships associated with the space propulsion market.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall space propulsion market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Market Penetration: Comprehensive information on space propulsion offered by the top players in the market

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the space propulsion market

• Market Development: Comprehensive information about lucrative markets – the report analyzes the space propulsion market across varied regions

• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the space propulsion market

• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the space propulsion market