Growing emphasis on decreasing costs associated with space missions is a significant factor driving the revenue growth of the global market
VANCOUVER, BC, CANADA, April 1, 2022 /EINPresswire.com/ — The global space propulsion systems market size is expected to reach 19.97 billion in 2028 and register a revenue CAGR of 14.6% in 2028, according to the latest analysis from Emergen Research. The growth in market revenue can be attributed to the growing emphasis on decreasing costs associated with space missions. The space propulsion system, especially the non-chemical propulsion, allows to reduce the mass of satellites and other spacecraft, which reduces the cost of launching a specific mission or the launch of more advanced and efficient spacecraft for a particular mass. Airbus Defense and Space has used electric space propulsion systems for orbital station sustaining purposes for more than a decade and is focused on building large satellites, deploying only electric space propulsion systems for the initial raise of the orbit. Space propulsion systems provide reliable solutions to keep total system cost low and reduce time to orbit.
Growing focus on decreasing costs associated with space missions is a significant factor driving the revenue growth of the global space propulsion systems market
Rising investment in space exploration and growing number of space exploration missions are driving the growth of the space propulsion market. For example, in 2019, the institution of the United States Air Force’s separate armed services branch, the Space Force, announced that the global space economy will generate between $1 trillion and $1.5 trillion by 2040. Also, increasing investment from China and Russia in space missions in the near future is expected to boost the demand for space propulsion systems.
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The major companies profiled in the market report are Space Exploration Technologies Corporation, Safran SA, Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., Thales Alenia Space, Moog Inc., IHI Corporation, OHB SE, Northrop Grumman Corporation, and Sierra Nevada Corporation.
Some highlights of the report
In October 2021, NASA announced the signing of contracts with MagniX USA Inc. of Redmond and GE Aviation (GE) of Cincinnati to support the Electric Powertrain Flight Demonstration (EPFD). It will mature electrified aircraft propulsion (EAP) technologies at a rapid pace through ground and flight demonstrations. NASA aims to introduce EAP technologies to US air fleets by 2035.
By spacecraft type, the rover segment is expected to register a very stable revenue CAGR during the forecast period. Rovers can examine more terrain, learn more about the performance of remote control robotic vehicles, and are able to automatically position themselves in areas where there is sunlight. For missions associated with researching past water activity on Mars through the examination of minerals and rocks, the rovers are particularly equipped with instruments/tools to examine a diverse collection of soils and rocks that may have clues to the planet’s past water activity.
Nuclear propulsion technology offers double propulsive efficiency and high thrust compared to chemical propellants. This system works by transferring heat from the reactor to a liquid propellant and turns it into gas. The gas then expands through a nozzle to provide thrust to propel the spacecraft. Unlike chemical propellants, a nuclear propulsion system can deploy propellants very efficiently, but the thrust is weak.
Among the end-use segments, the government and defense segment is expected to register a faster revenue growth rate during the forecast period. Satellites play an important role in the US military and are used to identify enemy sites and movements, track weather conditions, guide navigation systems, communicate in combat zones and execute precision strikes. The growing use of satellites in the defense sector should continue to drive revenue growth in this segment. The US Space Force, for example, acts as a conduit for space-related expertise and intelligence to reach the rest of the military. It ensures that battlefield commanders have access to real-time satellite reconnaissance.
The North America space propulsion market accounted for the largest revenue share in 2020, attributed to the ongoing space exploration missions executed by NASA, increasing investment by private players and government organizations in the space exploration and Earth observation activities, and the launching of satellites by the United States Department of Defense (DoD).
In June 2019, NASA, for example, selected six research and development projects for Phase II funding of its Small Business Innovation Research Program. NASA aims to develop innovative high-momentum space thrusters and other technologies.
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Emergen Research has segmented the global space propulsion systems market based on component, spacecraft type, propulsion type, orbital path, end use, and region:
Components Outlook (Revenue, USD Billion; 2018-2028)
Propellant supply systems
Propulsion thermal control
Power processing units
Spacecraft Type Outlook (Revenue, USD Billion; 2018-2028)
Interplanetary spacecraft and probes
Propulsion Type Outlook (Revenue, USD Billion; 2018-2028)
Orbital Path Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Government & Defense
Regional Outlook: (Revenue, USD Billion; 2018-2028)
North America (United States) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia-Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (rest of LATAM)
The study explores in detail the recent trend that is rapidly gaining momentum in the space propulsion system industry due to factors including but not limited to growing customer preference and sudden increase in capacity. of expense. The aspects attributed to gross margin, profit, supply chain management, and product value and their considerable impact on the development of the space propulsion system market during the forecast period 2020- 2027 are carefully examined during the search.
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Key questions addressed in the report:
What market size is the Global Space Propulsion System Market expected to reach during the forecast period?
Who are the major players operating in the global space propulsion systems market?
What factors are expected to hinder the growth of the global market throughout the forecast period?
What key factors are expected to drive the global space propulsion systems market during the forecast period?
Which application segment is expected to register the fastest revenue CAGR during the forecast period?
Which region is expected to register the fastest revenue CAGR between 2021 and 2028?
What are the main results of Porter’s five forces analysis and SWOT analysis?
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