Space Propulsion Market Outlook and Industry Forecast to 2025

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The report "Space Propulsion Market by Type
(Chemical Propulsion, Non-chemical Propulsion),
System Component (Thrusters, Propellant Feed
System, Nozzle), Platform (Satellite, Launch
Vehicle), Orbit, End User, Orbit, Support
Service, Region - Global Forecast to 2025", size
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 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. Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id118742255 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. Based on the system
component, the thrusters segment is projected to
lead the space propulsion market in 2020 By
system component, the thrusters segment is
projected to lead the space propulsion market
in 2020. The growth of this segment can be
attributed to the extensive use of propulsion
thrusters for the maneuvering and orbit control
of satellites. Chemical propulsion thrusters are
primarily used for attitude control
applications, whereas electric propulsion
thrusters are widely used to extend the
operational life of satellites and to reduce
launch and operation costs. The satellites
segment is estimated to be the largest and
fastest-growing platform segment By platform,
the satellite segment is estimated to be the
largest and fastest-growing segment in the space
propulsion market. The growth of this segment
can be attributed to rising small satellite
launches for commercial and government
applications. Large satellites, medium
satellites, CubeSats, and small satellites,
including nanosatellites, microsatellites, and
minisatellites, play an important role in Earth
observation, communication, and meteorology
applications. These satellites are capable of
monitoring cyclones, storms, El Niño, floods,
fires, volcanic activities, earthquakes,
landslides, oil slicks, environmental pollution,
and industrial and power plant disasters. Based
on end user, the government defense segment is
expected to lead the space propulsion market in
2020
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The government defense segment is expected to
lead the space propulsion market in 2020. The
growth of this segment can be attributed to
increasing space exploration missions and rising
space budgets. Defense organizations support the
use of various types of satellites, such as
remote sensing satellites, communication
satellites, and surveillance satellites, for
military operations and cyber operations.
Support operations usually involve the launch of
satellites with high-value payloads in space
through Expendable Launch Vehicles (ELVs). They
also ensure monitoring by facilitating the
friendly use of space for various operations,
such as surveillance, protection, and space
intelligence analysis. For instance, the US Air
Force regularly launches GPS and missile-defense
tracking satellites and operates two classified
X- 37B robotic space planes. The North America
space propulsion market is projected to register
the highest CAGR during the forecast period The
space propulsion market is projected to register
the highest CAGR in the North America n region
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. Moreover, advancements
in recyclable launch vehicles from NASA, the US
Department of Defense, and private players, such
as SpaceX, Blue Origin, and Rocket Lab USA, will
drive market growth. 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. Ask for Sample Report _at_
https//www.marketsandmarkets.com/requestsampleNew
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