Space Propulsion Systems Market Set to Soar Past USD 35.60 Million by 2030
The global Space Propulsion Systems market size is expected to reach USD 35.60 million by 2030 and exhibit a CAGR of 21.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing space exploration missions, satellite deployment demand, government space programs, commercial space ventures, technological advancements, international collaboration, environmental sustainability goals, space tourism, rising global demand for telecommunications, and defense and security applications are fueling the market’s growth.
Westford, USA, Feb. 15, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Space Propulsion Systems market, increased interest in reusable propulsion systems, electric propulsion technology, smaller and more versatile propulsion units, green and sustainable fuels, the growth of private launch companies, space debris mitigation solutions, 3D printing for propulsion components, advancements in nuclear propulsion research, in-space refueling and servicing, and the development of interplanetary propulsion systems are the trends that aid in the market’s growth.
Browse in-depth TOC on “Space Propulsion Systems Market”
- Pages – 157
- Tables – 90
- Figures – 76
A space propulsion system is a device that propels a spacecraft through space. It works by generating thrust, which is a force that pushes the spacecraft in a certain direction. There are many different types of space propulsion systems, each with its own advantages and disadvantages.
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Prominent Players in Space Propulsion Systems Market
- SpaceX
- Safran S.A.
- Northrop Grumman Corporation
- IHI Corporation
- Aerojet Rocketdyne
- ArianeGroup
- Mitsubishi Heavy Industries
- Boeing
- Airbus
- Rolls-Royce
- General Electric
- Pratt & Whitney
- United Launch Alliance
- Virgin Galactic
- Blue Origin
- Rocket Lab
- Relativity Space
- Firefly Aerospace
- Astra
- AAC Clyde Space
- Gilmour Space
- Dawn Aerospace
- Launcher
Electric Propulsion Demand to Grow Substantially in the Forecast Period
Packaged foods dominate the global online market as they are known for their superior efficiency and performance compared to traditional chemical propulsion. They offer higher specific impulses, enabling spacecraft to achieve greater velocities and travel longer distances with less fuel.
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Earth Orbit and Geostationary Orbit is the Leading Application Segment
In terms of application, the earth orbit and geostationary orbit is the leading segment as they are common locations for satellite constellations used for various applications, including telecommunications, Earth observation, weather monitoring, and global positioning. These constellations require propulsion systems for orbit maintenance and adjustments, creating a consistent demand for space propulsion.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region is a hub for commercial space ventures, including satellite deployment, launches services, and space tourism. These companies actively use and invest in space propulsion systems, contributing to the market’s growth.
A recent report thoroughly analyzes the major players operating within the Space Propulsion Systems market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Space Propulsion Systems.
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Key Developments in Space Propulsion Systems Market
- In March 2023, Aerojet Rocketdyne was awarded a contract by NASA to develop a new type of electric propulsion system for use in deep space exploration missions.
- In April 2023, Safran announced the development of a new type of hybrid propulsion system that combines the advantages of chemical and electric propulsion systems.
Key Questions Answered in Space Propulsion Systems Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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