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(EMAILWIRE.COM, October 01, 2024 ) The global space propulsion market is estimated to be USD 10.6 billion in 2023 and is projected to reach USD 18.1 billion by 2028, at a CAGR of 11.3% during the forecast period. The driving factor for the space propulsion market is the rising demand for advanced electric propulsion systems, significant investments by venture capital companies in space exploration missions, and the growing utilization of small satellites in various commercial and military applications.
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Based on Satellite Platform, medium satellite segments are expected to grow at a significant CAGR during the forecast period.
Based on the Satellite platform, the market for space propulsion has been segmented into CubeSats, small satellites, medium satellites, and large satellites. Among these, the small satellites and medium satellites segment witness strong growth during the forecast period.
Medium satellites have a wet mass (including fuel) of between 500 kg and 2,500 kg. The operational and manufacturing costs of medium satellites are higher than those of small satellites. These satellites are used for applications such as climate & environment monitoring, Earth observation & meteorology, scientific research & exploration, and surveillance & security.
Based on non-chemical propulsion type, the electric segment dominates the market during the forecast period.
Based on non-chemical propulsion type, the space propulsion market is segmented into electric or ion propulsion, solar propulsion, tether propulsion, nuclear propulsion, and laser propulsion.
Electric or ion propulsion typically uses much lesser propellant than chemical satellites and launch vehicles. It also has a higher exhaust speed (operates at a higher specific impulse) than chemical satellites and launch vehicles. Due to limited electric power, the thrust is much weaker compared to chemical satellites, but electric propulsion can provide a small thrust for a longer duration of time. Electric propulsion can achieve high speeds over long periods and thus can work better than chemical launch vehicles for some deep-space missions.
Based on region, the Asia Pacific anticipated to lead market during the forecast period.
The Asia Pacific is estimated to dominate the market during the forecast period. The Asia Pacific Regional Space Agency Forum (APRSAF) enhances space activities through human resources development, capacity building, and the development of science-technology capabilities in the region. Space agencies, governmental bodies, international organizations, private companies, universities, and research institutes from over 40 countries and regions take part in APRSAF, the largest space-related conference held annually in the Asia Pacific region, leading to various growth strategies, technological advancements, research & development activities, innovation in small and cube satellites, and the development of reusable launch vehicles in terms of design, function, and integration, which are expected to trigger the growth of the space propulsion market in the near future.
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Major players operating in the space propulsion market include Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
About MarketsandMarkets
MarketsandMarkets has been recognized as one of Americas best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=118742255
Based on Satellite Platform, medium satellite segments are expected to grow at a significant CAGR during the forecast period.
Based on the Satellite platform, the market for space propulsion has been segmented into CubeSats, small satellites, medium satellites, and large satellites. Among these, the small satellites and medium satellites segment witness strong growth during the forecast period.
Medium satellites have a wet mass (including fuel) of between 500 kg and 2,500 kg. The operational and manufacturing costs of medium satellites are higher than those of small satellites. These satellites are used for applications such as climate & environment monitoring, Earth observation & meteorology, scientific research & exploration, and surveillance & security.
Based on non-chemical propulsion type, the electric segment dominates the market during the forecast period.
Based on non-chemical propulsion type, the space propulsion market is segmented into electric or ion propulsion, solar propulsion, tether propulsion, nuclear propulsion, and laser propulsion.
Electric or ion propulsion typically uses much lesser propellant than chemical satellites and launch vehicles. It also has a higher exhaust speed (operates at a higher specific impulse) than chemical satellites and launch vehicles. Due to limited electric power, the thrust is much weaker compared to chemical satellites, but electric propulsion can provide a small thrust for a longer duration of time. Electric propulsion can achieve high speeds over long periods and thus can work better than chemical launch vehicles for some deep-space missions.
Based on region, the Asia Pacific anticipated to lead market during the forecast period.
The Asia Pacific is estimated to dominate the market during the forecast period. The Asia Pacific Regional Space Agency Forum (APRSAF) enhances space activities through human resources development, capacity building, and the development of science-technology capabilities in the region. Space agencies, governmental bodies, international organizations, private companies, universities, and research institutes from over 40 countries and regions take part in APRSAF, the largest space-related conference held annually in the Asia Pacific region, leading to various growth strategies, technological advancements, research & development activities, innovation in small and cube satellites, and the development of reusable launch vehicles in terms of design, function, and integration, which are expected to trigger the growth of the space propulsion market in the near future.
Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=118742255
Major players operating in the space propulsion market include Safran S.A. (France), SpaceX (US), L3Harris Technologies Inc. (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US). These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
About MarketsandMarkets
MarketsandMarkets has been recognized as one of Americas best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
