Space Propulsion Market expected to reach $14.2 billion by 2025

1
The Global Space Propulsion Market is projected
to grow from USD 6.7 billion in 2020 to USD
14.2 billion by 2025, at a CAGR of 16.2 from
2020 to 2025. The market is driven by
various factors, such as an increase
in the number of space exploration missions,
demand for LEO- based services, and increasing
demand for advanced electric propulsion
systems. COVID-19 Impact on Global Space
Propulsion Market The space propulsion market
faced a slight decline from 2018 to 2019 due to a
decrease in the number of space launches.
COVID-19 has also affected the import and export
trading activities in the space industry.
However, the expected rise in space launches
from 2021 and beyond will drive the space
propulsion market. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id118742255 The rapid spread of COVID-19 in
Europe, the US Asia Pacific has led to a
significant drop in demand for space propulsion
system globally, with a corresponding reduction
in revenues for various suppliers and service
providers across all markets owing to late
delivery, manufacturing shutdown, the limited
staff at manufacturing facilities, and limited
availability of equipment. As per industry
experts, the global space propulsion demand is
anticipated to recover by 2022. The propellant
feed systems segment is estimated to account for
the second- largest market share in 2020 By
system component, the propellant feed systems
segment is estimated to account for the
second-largest revenue market share in 2020. The
growth of this segment can be attributed to the
need for proper flow of propellant delivered from
the tanks to the thrust chamber, where thrusters
maneuver and orbit control the satellites.
Propellant feed systems consist of propellant
tanks, regulators, valves, turbopumps, and
combustion chambers. Cobham Mission Systems (UK),
VACCO Industries (US), and RAM Company (US) are
some of the players providing propellant feed
systems. The government defense segment is
estimated to account for a larger market share
in 2020 By end user, the government defense
segment is estimated to account for a larger
market share, by value, than the commercial
segment in 2020. The growth of this segment can
be attributed to increasing space exploration
missions and rising space budgets. Defense
organizations support various types of
satellites, such as remote
2
sensing satellites, communication satellites, and
surveillance satellites, for military operations
and cyber operations. For instance, the US Air
Force regularly launches GPS and missile-defense
tracking satellites and operates two classified
X-37B robotic space planes. The non-chemical
propulsion segment is projected to witness a
higher CAGR during the forecast period Based on
the propulsion type, the non-chemical segment of
the space propulsion market is projected to
register a higher CAGR than the chemical segment
during the forecast period. The growth of the
non-chemical propulsion segment can be
attributed to the demand for velocity increments
in modern propulsion systems. The non-chemical
propulsion systems efficient use of fuel and
electrical power enables modern spacecraft to
travel farther, faster, and cheaper than any
other propulsion technology currently available.
Chemical propulsion systems have demonstrated
fuel efficiencies up to 35 percent, but ion
thrusters have demonstrated fuel efficiencies
over 90. The North America market is projected
to witness the highest CAGR from 2020 to 2025 By
region, the North America space propulsion market
is projected to witness the highest CAGR during
the forecast period. The growing demand for
commercial communication and imaging satellites,
increasing deployment of small satellites,
rising space exploration missions for
interplanetary observations, and demand for
resupply missions for International Space Station
(ISS) are key factors expected to drive the
market in North America. Overall, technological
breakthroughs and resourceful insights obtained
from past space missions have inspired new
players to invest in this niche market. Key
Market Players Safran S.A. (France), Aerojet
Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI
Corporation (Japan), and Northrop Grumman
Corporation (US) are some of the leading players
operating in the space propulsion market
report. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.asp?id118742255
About MarketsandMarkets MarketsandMarkets
provides quantified B2B research on 30,000 high
growth niche opportunities/threats which will
impact 70 to 80 of worldwide companies
revenues. Currently servicing 7500 customers
worldwide including 80 of global Fortune 1000
companies as clients. Almost 75,000 top officers
across eight industries worldwide approach
MarketsandMarkets for their painpoints around
revenues decisions. MarketsandMarketss flagship
competitive intelligence and market research
platform, "Knowledgestore" connects over 200,000
markets and entire value chains for deeper
understanding of the unmet insights along with
market sizing and forecasts of niche markets.
3
Contact Mr. Aashish Mehra MarketsandMarkets
INC. 630 Dundee Road Suite 430 Northbrook, IL
60062 USA 1-888-600-6441